The Power of Positive Influences on Personal Finance

Posted by admin on August 2, 2007 in Misc.

My very first semester of University was a real struggle. My grades were mediocre and I had yet to figure out the right formula to succeed in University. My best course was Religion 101 most likely because I was praying a lot. However, my grades began to turn-around in the second semester and I did well enough in undergrad to be accepted to grad school. To this day, I still believe that some of that success goes back to the fact I ate lunch every day with a whole lot of whiz kids who turned out to be vice-presidents of investment banks and partners at international accounting firms. Who wants to look bad in that company? I worked really hard to improve my grades partially to avoid (literally) looking stupid next to my friends and peers.

As an extension of this thought, I tend to think an over-looked fact in personal finance is the potential that positive influences can have on your life and money. If you ever had the pleasure of meeting a self-made person financially (however, you define self-made), you understand the inspiration and effect that it can have on you and how you think about money. As I have gotten older, I have also begun to have conversations with my parents about money which is sometimes really difficult if it involves issues such as whether there is sufficient life insurance. Having said that, my parents have always been wonderful savers and prudent investors and it is always interesting to glean nuggets of financial advice from my parents when you thought they could teach you no more. I have found as I have gotten older, I do tend to gravitate towards personalities that have similar attitudes about money and personal finance and away from those who opposite viewpoints (as a side-note, as a kid, I was a terrible saver due, hindsight being 20/20, to the fact I had a lot of free-spending friends). Even if those people are much more advanced than I am and it may take years to get to their level, it tends to raise my awareness about doing the right thing with my money.

If there is a moral to this post, it is that we often concentrate on product, investment strategies and money-related professional advisors to reach our goals. But how many of us actually think about who we surround ourselves with and the effect it has on our personal finances? It is hard to be a saver when all your friends are spenders. It is difficult to spend time planning your financial future when your friends would rather party. It is hard to teach your kids financial discipline when you and your spouse can’t do it yourselves. Certainly, the personal financial blogging world gives some outlet to be surrounded by the DIY investor crowd (who, judging from the blogs I read, are astute investors) but blogging remains anonymous and anonymity is a barrier to the type of personal, face-to-face interaction people need to connect fundamentally on a human level.

I believe that forming an investment club is one way to make the connection and be surrounded by positive influences. If anyone belongs to one or belonged to one, feel free to share your experiences. However, as we all relax this long weekend, it may be helpful to think about surrounding yourself with positive influences as a life-fulfilling and personal finance strategy.

4 Comments on The Power of Positive Influences on Personal Finance

By agape777 on August 5, 2007 at 8:48 pm

this post triggered my thinking about what is the nature of wealth attractors as it exists in peoples ability to cultivate a certain approach to life.

but what is money? is it potential to make something happen – is it energy from the sun (or the interchanges from photosynthesis) through the web of relationships that suddenly become a number in our bank accounts due to our ability to affect those around us through “channels” or conversations?

there is a certain Zen about this which perhaps we can discuss more.

By TKOWKD77 on August 6, 2007 at 8:16 pm

There’s an old polish saying which loosely translated goes a little something like this “You become like the people you are with, therefore surrounding your self with greatness and it will become you”. I’ve experienced this to be so true on many different levels. Hanging out with my obese friends made me fatter, my fit friends made me stronger and leaner, my pot-head friends made me feel relaxed but lazy I’ve learned to recognize this, somewhat in hindsight though. Ever since I started reading the Canadian Finance Blogs, I’ve become more aware of budgeting, investments and financial strategy as means to a secure future for my family.

Cheers to Thicken My Wallet, all other meaningful contributors and Canadian Financial Bloggers, God bless.

By admin on August 6, 2007 at 9:24 pm

Thanks for the great comment!

By Riscario Insider on August 8, 2007 at 12:44 am

Brian Tracy said it’s better to soar with the eagles than cluck with the turkeys. I strive to be around the kind of people I’d like to become. Monkey see, monkey do, monkey be.

It’s also valuable to spend a little time around people you don’t want to be like, as you can learn from them too.

Why most personal finance bloggers insist on remaining anonymous remains a mystery and a barrier to human connection. It’s not as if most amateur bloggers are disclosing top secrets or need to be part of a witness protection program. Even a real-sounding fake name with a fake photo would be better