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 â€” 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.
Sakkath friends circle…
My thoughts also match the above…
Maybe due to which we have become friends through your blog…