How friends can impact your wealth-building journey Loop Jamaica

The content originally appeared on: News Americas Now

Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News

Have you ever stopped for a moment to take a good look at your tribe, your social circles, and those whom you are surrounded by on a regular basis to see how they influence your life?

Let’s take it even further, do you ever consider the impact of what you watch, listen to, read or engage?

What if I told you that your circles, physically and virtually, can impact your wealth journey?

We can easily adapt to our environment, so we quickly absorb the habits and characteristics of those we are around without even recognising them.

There is a particular quote: “show me your friends, and I will tell you who you are”.

Grandparents would also often say, “watch the company you keep,” to help their grandkids to choose their friends wisely and help them stay out of trouble, but as adults who aspire toward financial goals, it’s a good principle to adhere to as well.

If you constantly have money problems, often find yourself in debt, or can’t seem to figure out where your money goes when you get paid, then one of the questions you should ask yourself is, who influences my relationship with money?

Have you ever tried to eat healthily, but every time you go out with your friends (co-workers, family etc.) they purchase junk food? You know it’s in your best interest to choose a healthier option, but instead, you ignore the salad, tell yourself that you’ll get it next time, and you indulge in junk food because that’s what everyone else is doing, right?

The same happens with your finances, when you hang around persons who are impulse shoppers, live paycheck to paycheck, and have no interest in saving or investing, you may end up developing bad money habits as well.

For example, have you thought about paying off debt, but all your friends have adopted the “YOLO” mentality, so you follow suit, then that’s an indication you need to change your circle.

Or maybe you’ve wanted to start a side hustle, to earn additional income, but your tribe thinks it’s a waste of time, then you need to reconsider your circle.

Do you try to bring up the subject of wealth building but your friends believe it’s “wishful thinking” in these times, then you certainly need to evaluate your circle.

Now, you don’t have to go and cut off all connections with your current friends, but you will have to make some relationship adjustments. One of our clients, who we will call Sandra, could not figure out why year after year she could not reach her financial goals.

Saving out of her salary at the time was a big challenge, and she got to a point where she believed it was just not possible.

After meeting with Sandra we suggested that she track the spending patterns of her wants and also make note of when she spent, why she spent (the influence behind the spending), and how much was being spent.

By doing so, she could determine who and what was influencing her finances, leading her to make some friendship adjustments, and was later able to take control of her money and achieve her financial goals.

As we recommended to Sandra, here’s how you can build a net worth network and surround yourself with persons who can help you on your wealth journey.

Figure out who or what is influencing your financesIdentify people who are where you want to be and study their wealth journeyRead personal finance and personal development booksAttend financial networking eventsListen to podcasts and subscribe to Youtube Channels about personal financeFind a group of like-minded people who are on the wealth-building journey Work with a wealth coach

The sooner you pay attention to who/what influences your finances, the sooner you can start building wealth.

Keisha Bailey is an experienced investment strategist who teaches people how to earn passive income, create wealth, reclaim time and reach financial freedom by investing. She works with investors to create highly profitable portfolios so that they can build wealth faster. If you are looking to learn how to level up your money, she can be reached at [email protected]