This advice will help you both financially and emotionally.
There is nothing better for the human spirit than developing lasting
friendships.
As you are doing it, you won’t even realize you are helping
yourself in the personal money management area.
Most good financial advice I’ve received has come from
friends and associates. The advice is not only good but also free. Quid pro quo—
I’m sure I’ve also helped others through the years.
Start with your friends from high school and college.
Over
time, it’s difficult to keep in touch with all of them. However, try to keep up
with as many as possible. I didn’t have the advantage of e-mail, texting, and
Internet social networking as your generation does. Take advantage of this
asset. Make it a point to keep in touch regularly.
Remember birthdays. Remember
anniversaries. It’s amazing how many friends you will cultivate over the
years.
Friends from high school and college become insurance
salesmen, CFOs, accountants, real estate investors, realtors, consultants, and
financial writers. Even those who don’t get involved in financial careers will have personal money management experiences that
you can learn from.
The same can be said about individuals you meet at work.
When
you begin your career, spend time developing friendships with your associates
(at all levels of your organization).
Don’t limit yourself to the people in your
department. Expand into other areas.
Definitely get to know people in the
accounting department.
If you have the opportunity, introduce yourself to your
CFO. My CFO became my accountant (and one of my best friends).
All this said, do not have a friend as your investment
advisor.
The downside far outweighs the upside. A good friend will
understand.
It’s OK to get advice from your friends. People love giving
advice. And people love helping other people. Ask questions, and you will get
answers (either opinions or facts).
Just make sure to make your own personal
money management decisions.
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