Will your circle of friends be your financial ball and chain?

by Mike on May 26, 2013

friends for success

Over time and as we get older our circle of friends change and so do our interests and hobby’s, but do we ever consider if we are doing ourselves financial harm with the people we surround ourselves with? Are the people you hang around with someone of equal drive, ambition and success or are they simply idling their time away as life goes past.  I had an inspirational moment the other day after arriving back from my holidays when I begun to consider whether my choices in the people I surround myself with are right for me and my financial success.

Which group is which?

I know everyone has different groups of friends and can relate in one way or another to my topic if you just pause for a moment to consider who you surround yourself with;

  • The group of friends you still talk to after you finished High School but you don’t really have too much in common any more. surround ourselves with
  • Those college / university graduates who had more in common with you as you all studied together but who come from different backgrounds, upbringings and social standings.
  • The small number of people from your last job who you call occasionally to talk about “who is doing what with whom” or “whats happening in the place” but your not really spending too much time with.
  • Current work associates you sort of know and like but are not inside your inner circle of friends, but you share a drink with on Friday nights after work.
  • That small small group of people who are your intimate friends (or mates as we call them in Australia) on who you can call when your in trouble and who share the best and worst events of your life.

Lets face it we all evolve grow and mature at different rates over a different period of time. Not all of your friends are always going to suit your needs all of the time but do you consciously consider the impact they can have on your finances? Sure you will cull your Facebook friends but how often will you cull the ones who could be doing you financial harm in life?


Taken the time to consider the people we surround ourselves with?

A number of my mentors have mentioned in the past that surrounding yourself with friends and associates you would consider your superiors is a great motivational tool for increasing your desire to improve your life, finances and social standing. By the same token if you surround yourself with people coasting through life what affect will this have upon your desire to improve yourself and your finances. To give you an example;

  1. A friend of yours named Joe is still working for the same company you left (to move on and upwards) six years ago. You still catch the football and have a few drinks together fairly often. He doesn’t travel too much as he isn’t really earning enough to spare the money to go far and isn’t very interested in travel (unlike yourself). He lives in the same rented apartment he has for the last ten years and is pretty content in his life the way it is. When you guys catch up he mocks you about your new job and its responsibilities as its all just “Too much hard work for me… why bother trying so hard..why don’t you take it easy”. Nothing Joe does really makes you envious or jealous and you feel quite comfortable catching up with him as you normally feel your his superior or better.
  2. You have a new friend named Sam who earns quite a bit more than you and is a couple of levels senior in your new organization. He travels quite a bit and has a brand new home in a great area that your quite jealous of, along with that shiny new car and pretty much any toys he really wants. Sam’s attitude is one of work hard play hard and achieving good results is part of his work ethic. With him you feel a little uncomfortable as you feel sometimes your not quite as “well off” and that perhaps he has more going for him than you do.

Alright I know I exaggerated but your getting my point right? With Sam your more likely to strive harder and to try and achieve more in order to try and keep up. With Joe your more likely to slow down your own efforts to match his lifestyle and position in life. I personally (like any human) am guilty of slacking off but I KNOW when I am hanging around someone better off then me I am always feeling like I should work harder, accomplish more and earn more.


 Will it benefit you to surround yourself with successful people?

surround yourself with successful peopleI am not saying here you need to drop every friend you have who isn’t successful. Like any of my posts about financial mindset or taking risks in business its more about opening your mind not keeping it closed. Consider the affect of all of the people we surround ourselves with on our chances of success.

Are some people bringing you down or encouraging you up?

Are some people so negative that you could never include them in a your of “Friends for Success”.
Most importantly of all who inspires you to “Be Like them”?  Will they make a better associate than those who your just coasting along with?

More importantly find new friends who INSPIRE you. That you can talk business with, be entrepreneurial and talk about opportunities and risks vs rewards. In other words friend who wont hold you back from your own journey because their not interested in their own.


If you enjoyed my writing today don’t forget to share with your friends with the share bar on your left! Feel free to leave a comment about your friends and experiences.



***Photo thanks to LyndaSanchez, Lyndi&jason & sugree***

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