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Do Your Friends Keep You Broke?

September 25, 2007

Posted by Roshawn Watson under Uncategorized

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By: Roshawn Watson

Your Friends DO Matter. A popular adage is birds of a feather flock together, but what is often missed is that they will end up at the same destination. To find real life examples, you need to go no further than young Hollywood or perhaps even closer. Do not just focus on having friends: obtain the RIGHT friends by studying their destinations.

Friends Matter to YOUR Finances Too. I was shocked to learn that your income will often mirror that of your five closest friends. I had to ask myself who is in my inner circle. Learn from billionaire J Paul Getty. He said that if he were down to his last five dollars, you wouldn’t find him in some cheap restaurant trying to eat all he could. He would rather be in a nice hotel lobby drinking coffee with visionaries and leaders. His rationale was that the people he wanted to be a part of his future were at the hotel not the restaurant. Believe him. WHERE you are matters MORE than WHAT you are! Your environment is just as important to your success as what you know.

How Do Friends Keep You Broke? Shopping, dinners, drinks, trips, and clubbing are all fun but cost money. Still, where friends can do you their biggest service or disservice is how they can contribute to your mindset about money. How can two walk together unless they agree (Amos 3:3)? Either you or your friends will agree on money or your different perspectives may be divisive to your relationship. No wonder why so many people avoid discussing money openly: it can cost you a friendship if you are not mindful. It is not money but your philosophy about money that will often have the biggest impact of your finances. This philosophy is influenced (if not shaped) by your environment, including your friends. Some may view money as the most easily renewed resource and are spendthrifts. Alternatively, others may view money as a necessary tool to achieve their dreams. The difference between these two perspectives will have on one’s life is profound and the subject of next week’s post: The Financial Question That Everyone Should Ask Their Friends (shameless plug 😉

http://www.youtube.com/get_player

Genuine Connections vs. Business Transactions: It seems decidedly cold to choose friends based on their wealth. A friendship based on money is empty at best. People are not business transactions. Some of my friends are multi-millionaires whereas my other friends are poor. As stated before, I care about their philosophy not their pocketbook. I am not suggesting that every meaningful person in your life has to share your perspective about money. All you really need is a few people in your inner circle to keep you motivated towards your financial dreams.

Final Thoughts: Consider the relationships in your life and answer whether each individual adds to or subtracts from you. Both types of friendships are ok; just do not end up with a negative deficit (pun intended).

roshawn watson