Look around at your circle, your crew, your BFFs, you road dogs, your homies, your day ones. Are they right people to pour into your life and you into theirs in positive ways? Or is the relationship conditional and requires you to constantly be at a some type of deficit because you are sacrificing to be in that circle? Maybe it’s time to do some assessing of those you call friends. Are they keeping you broke? Is it a ”misery loves company” situation? Are they using you? Don’t let your friends keep you broke financially….or emotionally.
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I am a financial coach that focuses on improving personal finance behavior. I do not sell investment products or manage investments.
Let’s spend a few minutes today talking About how your friends may be impacting Your wallet [Music] What’s up everyone thank you for Stopping by the achieve financial Coaching channel where we believe in Breaking the chains of debt and talking About all things related to personal Finance i am kenny simon i am your Personal finance coach and today i want To talk about your friends not in a bad Way or in a gossipy way but just in a Way to give you some food for thought Have you ever thought about the fact That you may do uh too many things to Keep up with what your friends are doing Just things like that i want to give you Some food for thought today to think About how your friends really may be Impacting your finances and it may be in Ways that you don’t necessarily Recognize so i have five quick ways i Think that friends impact your wallet in A negative way then i have about four Things i want to talk about in terms of How you can fix that let’s get started With today’s video but before we do that Please like the video subscribe to the Channel drop a comment and share this With some friends let’s get started okay I want to start today’s video off with Two quotes you know sometimes i like to Do quotes to start these videos just to
Give you a as i like to say a lot food For thought i’m not minimizing the Importance of friends by the way in this Video i just think that as we get older We do need to start thinking about the Company we keep and we need to choose Our friends wisely so two quotes one is By jim rohn who’s an author entrepreneur And speaker and one of the first folks i Ever read about that talked about this Concept of the people you hang with and He says you are the average of the five People you spend the most time with the Next quote is by oprah winfrey and oprah Says Lots of people want to ride with you in The limo but what you want is someone Who will ride the bus with you when the Limo breaks down Definitely good food for thought when You’re thinking about the people that You call your friends okay so i want to Break today’s Chat down into sort of two sections so On the left side i’ll put some things That you are doing with your friends That will keep you broke and then on the Right side of the screen i’ll put some Things that you can do and talk about Some things you can do to sort of stay On track with not only your finances but These things will help you stay on track With your life in general so let’s jump Right in
The first thing that will keep you broke Is Poor money habits can look fun So listen your friends may be Irresponsible with money and that may Rub off on you if you compare yourselves To them it may look like they’re doing Well with all of their things and that Makes you feel some type of way right When you see like their pictures of Trips or cars or these great places They’re eating out on social media seems Fun right at the time and when you join Them it seems like you’re living it up At the time until you have to pay for it Okay the next thing is you eat out A lot so think about it you eat out Several days a week you eat lunch and Dinner out and maybe even breakfast or You maybe even stop for drinks you know Every now and then for a happy hour You’d be surprised at how much you spend Over the course of a year on unnecessary Meals dinners and things like that trust Me you should check it out The next thing is you feel obligated to Buy gifts you almost feel guilty if you Don’t so every birthday Wedding baby shower or holiday for your Circle requires lavish gifts or dinners Right because it’s leo season it’s my Birthday month like all these different Things you hear where people really want To celebrate another trip around the sun
You know or big uh moments you don’t Necessarily have to be breaking the bank To buy them gifts and if they’re your Real friends sometimes your presence is Good it’s a good enough gift i think People are shallow when they have these Things and they make people feel Obligated to buy them gifts you don’t Owe anybody anything but to be an honest And good friend alright the next thing Is travel This is the big one There are way too many girls and guys Trips going on with people who don’t Have the money right um right now in Atlanta you know we got the atlanta Braves playing in the world series and Everybody’s spending a thousand dollars On baseball tickets and i’m sitting in My house with the front row seat Watching all the action too i get it It’s not the same as being there but i’m Not giving up a grand to go sit in cold Weather to watch baseball right so Listen everyone may not have the the Same financial situation but you know You go ahead and you swipe that card Anyway to go even though you know your Situation’s tight you have fomo right You have this fear of missing out but i Think you should really evaluate how Much you travel and plan your travel a Little bit better and pay for it so that When you get there you can really enjoy
It and you’re not worried about how You’re going to pay for it later The next thing is social pressure to do What everyone else is doing so it’s Highly likely that your friends don’t Have your best interest or your Situation in mind when they’re thinking About doing what they want to do so they Encourage you to do whatever they do They encourage you to drive how they Drive they encourage you to live how They live and buy a house because they Bought a house and surely you can afford It right i was listening to a radio Station the other day uh when i was Driving and There was a woman that called in asking For advice she really called in asking For advice on how do their group of Friends tell one of their friends that She needs to level up because the way She drives and what she dresses was Embarrassing to them because she drove Something like an oldsmobile and he was These were pretty young women like early To mid 20s right and they were like it’s Embarrassing to go out with her listen Don’t yield to social pressure your Friends may be broke or they may be a Trust fund baby with millions you may Not know their specific situation but You know yours your financial mindset And situations may be completely Different so why would you think or you
Know that you should or could live the Same lifestyle as someone else don’t try To keep up with the joneses okay Now how do we fix these things i have Four quick things on how we fix it the First thing i think you need to do is Have boundaries and let your friends Know i saw a t-shirt that said be you They will adjust and this is so true Don’t let anyone push you into spending Or doing anything you don’t want to do I’m a much older man these days until This day i haven’t done certain things That people have tried to push me to do Since i was a kid like you know smoking A little bit and drinking a little bit To this day i don’t do any one of those Things right so have your own boundaries People will respect you for it in the End second thing is set your own Standards these should be based on your Personal preferences not what your Friends are doing you should be based on Things that you like and what you can Responsibly afford um and you know Places you can reasonably go and pay for Don’t live your life based on what you See people doing on social media social Media is terrible that way you cannot Base your life on the highlights people Put on social media they don’t put all The down times they just put the Highlights and how they’re living it up Right live within your own means
It’s ridiculously important Speaking of living within your means the Third thing is to live on a budget Budgeting requires discipline and Patience i know i talk about budgets a Lot but it’s because it’s important no Matter how little or how much money you Have you need to have one live on a Budget Use the discipline and patience that it Takes to do that these two skills pay Dividends in your life beyond just money Okay And then the fourth thing if all else Fails get a new circle i talk to my kids About it all the time like if you get a Handful of very good friends over your Life Um you’ve done well right most people Are just associates but if all else Fails man get a new circle people that Genuinely care about you will not put You in a situation that will cause you Financial stress or any other type of Stress for that matter people who are Responsible and they have qualities that Reflect positive values right don’t get Comfortable with people who aren’t going Anywhere or doing anything positive it’s Not going to lead you anywhere great so I hope after going through that Information you just have a little bit Of information that you know to give you Some food for thought as i always like
To say right just things that i want to Present to you you take the information In and then you make your own own Decisions you’re an adult you get to do That but there are just some ways when We talk about the areas of personal Finance that i believe we don’t really Think about in terms of what may be Impacting our ability to not afford some Of the things that we really need you Know we’re trying to create experiences We’re all trying to enjoy life Especially these last couple of years Things have been a little bit tough but It’s still not an excuse to go broke Trying to keep up with what your friends Are doing and if your friends are really Your friends they’ll take some of your Personal situation into consideration Before making those decisions if you Have a friend who says they’re your Close friend and they put pressure on You to fly across the globe to go Somewhere and they know you’re broke i Don’t think that’s a good friend i think That’s a selfish friend so you need to Reevaluate some of those relationships To see who really has your best Interests at heart who’s really thinking About holistically who you are as a Person if they call yourself if they Call themselves your friend right so i Would re-evaluate all things that are Impacting my personal finance and
Unfortunately that may include you sort Of stepping away from a few folks who Really don’t care about your personal Finances they don’t care how broke you Are they don’t care how much you’re Struggling as long as they get to have a Good time with you whenever you all Decide to do whatever you decide to do Remember this you can achieve much Greater things than where you are today If you’re willing to put in the work Conceive it believe it and achieve it I’ll see you on the next video