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How To Benefit Off Your Financially Fit Friends
But if you have financially successful friends, they are an additional key you can leverage for your financial success.
Why not learn from them and apply the knowledge they’ve obtained to your own life?
10 Questions To Ask Your Financially Fit Friends
1. What are you investing in?
We all have unique investment strategies. And sometimes, this can lead us into siloes, and we end up missing out on extraordinary investment opportunities.
If your friend is investing in XRP or REITs or multifamily units or art or private lending or start-ups, well, it doesn’t mean you have to invest in any of these, but at least you can understand why they’re doing it, how they’re doing it, and how it’s panning out and benefitting their bottom line.
2. How many credit cards do you have?
This is an odd question, but I like to ask this one to understand consumer credit card usage better. How people manage credit can tell you a lot about their financial situation.
What does their credit utilization look like?
Which credit cards are best for business users?
Do they pay their monthly balance off monthly?
What’s the lowest interest rate they’ve ever received?
What kind of benefits are they receiving from their credit cards that you’re unaware of?
I’ve learned about lucrative benefits and hacks you can leverage from different credit cards by simply bringing up the credit card conversation.
3. How LONG is your emergency fund?
The average person doesn’t have an emergency fund, but you’re financially fit person does. And they usually have an emergency fund that lasts for years if needed.
What types of accounts do you utilize for your emergency fund?
What is the ideal length you’d like your emergency fund to cover? Why did you choose this length of time?
Do you ever consider spending your emergency funds? How do you avoid dipping into it when you’re cash-flush?
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4. Can we do some knowledge sharing and conduct a financial review?
One of my friends is exceptionally financially fit. Yet, he wants to do a financial review with me. I was baffled but also humbled. He reminded me that you’re never too good in a financial position to seek advice and suggestions or acquire new learnings or perspectives.
If you don’t mind putting your business out there, sit down with a trustworthy friend and get some financial perspective. You might find an opportunity to learn invaluable information.
5. How did you acquire x amount of wealth?
This question never gets old. People acquire wealth a little differently every time.
Learn people’s methods, drives, sacrifices, ideas, and perspectives on wealth accumulation to experiment with or adjust some of your own philosophies.
6. What is the most important financial lesson you’ve learned?
A powerful question. And the more people you can ask, the more enlightenment you’ll receive.
7. What is driving you to increase your wealth?
I’ve come across people who have arbitrary numbers or are on a never-ending journey of acquiring wealth but need a clear purpose or vision of what they’ll do with it. They simply want to earn to earn.
But then you’ll come across people who know what enough looks like. Furthermore, they know exactly how much they need and want and are willing to not destroy themselves in the process of getting it.
How many of you prioritize earning money over living?
How many of you prioritize reaching a certain amount of wealth to enjoy life and experience satisfaction?
Ultimately, the more money you earn, the more enticing it becomes to continue earning more. But if there is no clear purpose for the wealth, you’re moving purposelessly and wasting time.
8. What finance books, podcasts, conferences, or other learning materials have significantly impacted your financial outcomes?
Some of the best educational resources I regularly consume come from others. Find out what, where, and how financially successful people are acquiring their knowledge. And then knowledge share with them. There’s information you have that they don’t, and vice versa.
9. Who has been the most impactful financial mentor in your life and why?
Everyone has different people that come into their life to help them along the way. Mentors could also come from educational resources created by people you’ve never met.
Understanding the mentor selection of financially fit people and how their mentors have positively benefited their outcomes is not information you want to pass up!
10. If you could only give one piece of financial advice to others, what would it be?
Summary
The 10 Questions To Ask Your Financially Fit Friends
1. What are you investing in?
2. How many credit cards do you have?
3. How LONG is your emergency fund?
4. Can we do some knowledge sharing and conduct a financial review?
5. How did you acquire x amount of wealth?
6. What is the most important financial lesson you’ve learned?
7. What is driving you to increase your wealth?
8. What finance books, podcasts, conferences, or other learning materials have significantly impacted your financial outcomes?
9. Who has been the most impactful financial mentor in your life and why?
10. If you could only give one piece of financial advice to others, what would it be?
Expand Your Network If You Don’t Have Financially Fit Friends
If you don’t have any financially fit people in your current network, consider branching out and seeking others to which you can ask these questions and some of your own questions.
Keep Asking Questions – Even If It Seems “Invasive”
Money is a taboo subject and can be an invasive topic for many.
Some friends will be more transparent than others. You can learn something from everyone, even if they don’t go into specific detail.
Cheers and
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.