The Relationship Between Friendship And Finances

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family and friends money

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The people with whom we surround ourselves often influence our behaviors more than we know. Of course, you’re your own person and your friends are their own people. But, when you are friends with someone, on some subconscious level, you trust that some of the choices they make would also be good for you. It can also be hard to admit that you don’t agree with all of the ways they do things. So, perhaps you don’t acknowledge that, and you make little allowances in your head – small excuses if you will – for some of their behaviors that don’t quite seem right.

Once you start to do that, you may even allow yourself to do some of those things without even realizing it. Eating habits. Dating habits. Spending habits. These are all areas of one’s life that a friend can heavily impact. They’re also some of the most important parts of our lives. Eating affects our health. Dating affects our long-term happiness. Spending affects our finances and future stability. So it is important to be around friends who help improve these things. We interviewed Rianka R. Dorsainvil, CFP, Co-CEO at 2050 Wealth Partners, about how friendships can impact finances, and how to nurture a healthy relationship between the two.

Rianka Dorsainvil

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The YOLO friend

A friend who regularly blows money can be a lot of fun, but it’s important to be aware of how they could be influencing your spending. “If you have a friend that has the YOLO spirit about everything and all the time, that’s probably not somebody you want to share your financial goals with,” says Dorsainvil.

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