Money: Financial, Economic News and Money Saving Ideas

5 Financial Lessons You Can Learn From Broke Friends

Written by - Reviewed by Glozine Team

Published: Oct 3, 2014 | Last Updated: Jan 16, 2016

True friends are there through the ups and downs in life. They are with you through some of your best moments in life. You can talk to them about some of your personal turmoil in life.

But there are times when one of your friends hit rock bottom financially. As a real friend, you should be there to help him or her out. Besides helping out, you could also learn a thing or two from your friend who is struggling with money matters.

  1. Don’t Envy. You see your friends have new things, go to vacations, and even buy a new car. You want to catch up with them so you buy things you don’t need with the money you don’t have. Avoid spending because of peer pressure.broke freinds 1
  2. Save Early. It is simply common sense. The earlier you save, the bigger your net worth will be when the time comes. If you put your money earlier on an account that gives you a modest amount of interest, you will have a good return.broke friends 2
  3. Be serious in Your Job. There are factors that make people lose their jobs, like not having enough openings in the market. But there are others who didn’t take their jobs seriously. They party more than they work and their performance is mediocre. Don’t be that person.broke freinds 3
  4. Student Debt. College can be very expensive, and you might have to pay for it long after you graduate. Give much consideration when deciding to get higher education for yourself or for your children. Think of all the options and choose the best one that won’t have you buried in piles of debt.broke friends 4
  5. Marriage. Don’t treat marriage as just another step in life. School. Graduate. Marry. It’s not that simple. You should think about it properly. How much do you really love each other? Are you psychologically ready? And are you financially ready?broke friends 5

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