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This advice will help you both financially and emotionally. There is nothing better for the human
spirit than developing lasting friendships. As you are doing it, you won’t even realize you are helping
yourself in the personal money management area.
Most good financial advice I’ve received has come from friends and associates. The advice is not
only good but also free. Quid pro quo— I’m sure I’ve also helped others through the years.
Start with your friends from high school and college. Over time, it’s difficult to keep in touch with all
of them. However, try to keep up with as many as possible. I didn’t have the advantage of e-mail,
texting, and Internet social networking as your generation does. Take advantage of this asset. Make it
a point to keep in touch regularly. Remember birthdays. Remember anniversaries. It’s amazing how
many friends you will cultivate over the years.
Friends from high school and college become insurance salesmen, CFOs, accountants, real estate
investors, realtors, consultants, and financial writers. Even those who don’t get involved in financial
careers will have personal money management experiences that you can learn from.
The same can be said about individuals you meet at work. When you begin your career, spend time
developing friendships with your associates (at all levels of your organization). Don’t limit yourself
to the people in your department. Expand into other areas. Definitely get to know people in the
accounting department. If you have the opportunity, introduce yourself to your CFO. My CFO became
my accountant (and one of my best friends).
All this said, do not have a friend as your investment advisor. The downside far outweighs the
upside. A good friend will understand.
It’s OK to get advice from your friends. People love giving advice. And people love helping other
people. Ask questions, and you will get answers (either opinions or facts). Just make sure to make
your own personal money management decisions.

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