We tend to mimic behaviors of people with whom we spend time. Did your parents ever reminded you, “You’re known by the company you keep”? I have a friend who recently shared with me his dad would always send him off with, “Remember who you are and what you stand for.” I love that. If you’re hanging out with people who spontaneously spend, or try to keep up with the Joneses, it’s likely that you’ll spend more money. Hang out with people who are frugal, or plan (have a budget) for their big expense. By doing this, you’ll most likely fit into that behavior, at least when you’re around them. 101-ways-to-build-wealth
A study at University of Southern California found along the same lines, the more inward-looking a neighborhood, the higher the likely hood a resident will buy the same car as their neighbor, or outshine the neighbor’s car purchase.
Re-think the attitude, “One more drink on the Titanic.” (The ship’s going down, so what’s one more expense?) Consider spending time with, perhaps volunteering for those less fortunate. A study at University of New South Wales, Australia found for every extra dollar earned by the people around you, you’ll put .09 cents less into savings. It’s not about dumping the richer friends, it’s about being conscious, and as William Shakespeare put it, “To thy own self be true.”
Another study, University of Pennsylvania professor Martin Seligman, showed that happier employees earn more money. The happier employees aren’t working 24/7. They’re spending time with family and friends. If you’re not fitting into this family/friend love fest, ask yourself if you like your neighbors? Can you meet new friends? It’s about having a supportive network, not necessarily similar genes.