How friendships affects personal finance

[Carpon]

Friendship has so much impact on the lives of people and the kind of friends you keep in one way or the other will be the ones to determine how you would be and act. In Personal Financing, there are many of such effects and they are seen in such ways as;

✓ The level of orientation your friends have on money management will certainly rub on you. For example if your friends are poor money managers, then that will be the same attitude you will display towards money management.

✓ If your friends are such that are squanderers and they make little or no plans for the future by saving, investing and other things like this, you will also be positioned in that way and you won't be bothered about making future plans.

✓ The kind of friends you keep will greatly determine what you'll be. The famous saying show me your friend and I'll tell you who you are is still valid and applies in this condition. Stay around people with good financial orientation for the safety of your finances.

 

[Alhamdu]

Indeed friendship is a very great determinant of how someone will behave and just as you have said, the saying which goes thus; show me your friend and I will tell you who you are surely remains valid.

I have been in a situation where my friends were clubbers and we spend on such things even when I was not really happy about it. But I was doing it because my friends are into it.

 

[cmoneyspinner]

Friendships affecting personal finance? When Oprah Winfrey hit the big times, she gave her friend one million dollars. Just for being a friend. I've never heard of anybody else doing that. I wish!! As long as friend know they can trust each other, there is no problem helping each other out financially. Trust is the key.

 

[Etini]

People are different though. The people in your inner circle indeed have a way of influencing you. The poster is right. You should make sure that the friend who can influence you has the same values as you especially as it has to do with financial management. It is not a conscious thing. It happens bit by bit and before you know it, you become influenced.

On the flip side, it is not every financial step your friend makes that you should also make. You should learn to have your own identity. I did poultry and it rubbed off on my friend she joined the poultry business and failed woefully. In our quest to make friends, we should put forward our financial goal and see if it correlates with the kind of friendship we are building. Our finances are too precious for us to allow unguardedness from others to come and ruin them.

 

[saoussen5765]

Some people are just borrowing money every day and doesn't never pay back a loan or just pay a small percentage then neglect the rest, you will be then in hard money situation and when you require back your loan you could lose friendship, this is how it affects bad personal finance but people are different and this is small minority compared to others. But take care from new friends requiring loans.