Friends & Spending Influence

Friendships need to be cared for like any other precious resource in life. A recent article in USA Today provided a good argument for the fostering and care of friendships. The author cites the importance of ongoing friendships in that they can positively impact life and health: Smarter friends make us smarter; more social friends make us more outgoing; healthy friends make us more health conscious. Who they are becomes part of us. The article left me …
Why do we spend money? Why do we buy things we don’t need or items that are outside of what we can afford? What advice should we heed if we’re trying to improve our ability to walk out of a store with only what we intended to buy? Some argue that gender, ethnic group membership or socio-economic status alone can explain differences in shopping and spending. Like with other areas of research (including affluent …
Take two children from seemingly similar advantaged, affluent backgrounds – perhaps parents with similarly prestigious jobs, the same type of family structure, high SAT scores, same GPAs, even the same interests and career plans. Why, in the future, would one end up with a significantly higher income than the other? It may be self-concept, or more specifically, core self-evaluations (CSEs): a set of psychological characteristics that include a belief in one’s worth and one’s …
Will you be teaching children or students what it takes to build wealth this year? What will you teach them or encourage them to do? Think back to your time growing up. You probably can point to an event or a set of experiences that greatly influenced how you manage finances today. Recollections such as these were discussed extensively in the The Millionaire Next Door and The Millionaire Mind. Successful, financially independent Americans recounted childhood or early work …

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