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A close friend and I were exchanging notes on our respective financial situations when we realized that almost everyone in our immediate circle of friends has a similar financial mindset. We listed some of the common financial principles found amongst this group and these include (in no particular order):
- Cash first; no credit — as far as possible.
- Acceptance of our financial reality.
- No symbols/pretensions of “social status.”
- Save for a rainy day.
- Loans only as a last resort.
- Make financial mistakes; learn from them.
- Family and friendship first; money next.
I could go on with this list, but the more important takeaway is the undeniable fact that “the company you keep affects your financial situation and thinking to a great extent.”
What has your experience been?
Tip Tuesdays is my initiative to share practical personal finance tips — every Tuesday. I’d be delighted if you could share a tip or two from your own experiences. Drop a comment to submit your tip. And, as always, do spread the word if you find this useful.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.