3 Important Money Questions You Shouldn’t Be Afraid To Ask

Everyone has questions about money they're too embarrassed to ask, and it's a shame that it's seen as such a social taboo. When you don't feel like you can speak openly about understanding how to manage your money, how are you to ever learn?

Being financially literate is incredibly important, allowing us more say and control over our financial futures. Once you get over the scary part of not knowing what you don't know, doesn't that sound like something you'd want?

Here are three questions you've probably been too embarrassed to ask anyone but desperately want answers.

Before you convince yourself that you've dug yourself too deep a hole, set aside some time to do a deep dive into the numbers and figure out if paying off your debt is feasible. 

Seeing such a huge number staring back at you can be tough, but without making a plan, even $5,000 can seem impossible to pay off.

Of course, you'll need to bring in enough money to get out of debt, and you might need to cut unnecessary expenses, but you may just need to find the right approach to paying off debt. 

Sticking with a debt-repayment strategy, such as the debt snowball or debt avalanche method, is a solid first step.

If you've taken an honest look at your finances and truly don't think you'll ever be able to pay it off, you may want to look up a reputable credit counseling agency or a bankruptcy attorney to determine your next move.

Your credit score is defined by how much debt you have, how many credit cards you have, whether you pay your bills on time, how many unpaid bills you have, and other factors. Because your credit score is often the gatekeeper to obtaining things like credit cards, loans, and some utility bills, it's a pretty important piece of information.

FICO is the most commonly used credit score (ranging from 300 to 850) used whenever you want to buy a house, get a loan, buy a car, rent an apartment, open additional credit scores, and more. 

It's not the only credit score, though. There's also the VantageScore, which was launched as an alternative to the FICO Score and is another major scoring model, and a handful of other smaller, lesser-known scoring models.

Your credit score stays with you throughout your adult financial life, so it's super important to keep track of it and maintain a strong score. You can check your credit score at any time without any effect on your credit through Credit Karma or Credit Sesame. 

You can also receive a free copy of your full credit report every 12 months from each major credit reporting company — TransUnion, Equifax, and Experian — by visiting AnnualCreditReport.com.

Investing can seem intimidating, but essentially, it's putting your money into some type of venture — could be a company, commodity, or even real estate — to see it grow. And, contrary to what many people think, you don't need a lot of money to do it.

Exactly how you invest might vary depending on your age, with younger people having more time to invest the majority of their money in riskier assets like stocks, but it's never too late to get started. 

With today's technology and the plethora of investment options available, getting started with investing couldn't be easier. 

You don't know what you don't know. That doesn't have to be something to be ashamed about. Being too embarrassed to ask important questions will only hold you back longer. 

Instead, seek out the knowledge necessary to get ahead. Continue asking questions, continuing to learn, and working towards the financial future you want.