Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.
Episode 2376:
Building a strong network of financially-minded friends can greatly enhance your journey to financial independence. Cynthia Meyer emphasizes the value of forming a supportive, judgment-free group that offers encouragement, confidence, accountability, and opportunities for growth, as shared experiences and collective wisdom can help you stick to your financial goals and navigate challenges more effectively.
Read along with the original article(s) here: https://www.financialfinesse.com/2016/01/11/can-your-friends-help-you-become-financially-independent/
Quotes to ponder:
"Much like starting a new diet or fitness program has a higher chance for success if you do it with a friend, engaging your friends in financial habit changes could greatly increase the likelihood you’ll stick to it."
"Encouragement, confidence, accountability, and opportunity - these are the four pillars that a group dedicated to financial independence can offer."
"Take it from the late Vince Lombardi: confidence is contagious!"
Episode references:
What Your Financial Advisor Isn’t Telling You: https://www.amazon.com/What-Your-Financial-Advisor-Telling-ebook/dp/B00QPI6TQU
Better Than Before: https://www.amazon.com/Better-Than-Before-Habits-Procrastinate/dp/0385348630
Learn more about your ad choices. Visit megaphone.fm/adchoices
[00:00:00] Ugh, dieser komplexe Finanzierungstalk ist ganz schön anstrengend. Ob ich mein Depot jemals angelegt krieg?
[00:00:06] Aber du hast doch schon ein Depot.
[00:00:08] Äh, nee.
[00:00:09] Doch, du hast das Vodafone Gigadepot.
[00:00:11] Ach stimmt! Und da hab ich ja selbst in der Hand, wie groß mein Depot ist.
[00:00:15] Jetzt mit dem Vodafone Gigadepot und verbrauchtes Datenvolumen in den nächsten Monat mitnehmen. Go on im zuverlässigen 5G-Netz von Vodafone. Vodafone. Together we can.
[00:00:26] Greg Audino Hello everybody. I'm your host Greg Audino and welcome back to another weekly bonus episode of ORD where I actually share previously aired audio from another show on our network and see more of what we have to offer here at OLD. So without further ado, here is a post from Optimal Finance Daily brought to you by our host over there, Diana, as we optimize your life.
[00:00:51] Can your friends help you become financially independent? By Cynthia Meyer of FinancialFinesse.com.
[00:00:59] Can your friends help you become financially independent? Yes, if you choose the right friends.
[00:01:06] My fellow planner, Kelly Long, recently wrote a thought-provoking post about how financial frenemies can sabotage your financial wellness.
[00:01:16] She wrote, quote,
[00:01:17] Much like starting a new diet or fitness program, it has a much higher chance for success if you do it with a friend.
[00:01:29] End quote.
[00:01:31] I couldn't agree more. Two decades ago, when I was in the midst of my own financial transformation, I was successful in large part due to the support and encouragement of my friends.
[00:01:44] Together with other self-employed companions, we formed an informal group dedicated to providing support and encouragement for tackling our individual financial challenges.
[00:01:56] Each of us had a different challenges.
[00:01:58] Paying down debt, dealing with employer responsibilities, saving for a home, retirement or college, managing financial paperwork, navigating money and relationships, or learning about investing.
[00:02:11] Sometimes we all got together as a group and sometimes we got together informally in pairs.
[00:02:17] Because we had diverse challenges, we were all able to gain inspiration from each other's strengths.
[00:02:24] The group formed expressly for the purpose of achieving financial goals offered us motivation and structure.
[00:02:31] For me, the support of those friends was a critical lifeline at a time when I felt overwhelmed.
[00:02:37] Now, forming a financial independence day group is even easier.
[00:02:43] With the publication of our CEO's new book, What Your Financial Advisor Isn't Telling You, The 10 Essential Truths You Need to Know About Your Money,
[00:02:53] Financial Finesse has launched a new interactive website offering financial wellness tools and resources to accompany the book.
[00:03:00] We hope users will form their own financial independence day communities using the book and the website resources as a guide for group discussion.
[00:03:10] Our suggestion? Meet at regular intervals to discuss one book chapter at a time.
[00:03:16] Groups should be judgment-free zones, confidential and focused on financial education and support, not financial advice or sales.
[00:03:23] For those readers who form financial independence day groups, we also have a private Facebook group to share discussion topics and ideas.
[00:03:33] What does forming a financial independence group offer you?
[00:03:37] Number one, encouragement.
[00:03:40] Having the support of a group of like-minded seekers of financial balance is like having a personal cheerleading squad.
[00:03:47] Group members can provide the extra boost needed to tackle the tricky tasks.
[00:03:52] Choose people to join your group who are positive, encouraging and trustworthy and who really want to learn.
[00:04:00] If you need to make a stressful phone call to your credit card company to negotiate an interest rate, they've got your back.
[00:04:07] If you can't decipher the FAFSA financial aid form, there's someone who's done it before.
[00:04:12] If you just got a raise after a successful negotiation,
[00:04:16] who better to celebrate with than folks who know how hard it was to ask for one?
[00:04:20] Number two, confidence.
[00:04:24] Take it from the late Vince Lombardi.
[00:04:26] Confidence is contagious.
[00:04:28] The structure of the group learning experience creates confidence,
[00:04:33] especially if you encourage a judgment-free zone for meetings.
[00:04:36] First, everyone in your group might not have the same challenges or questions.
[00:04:41] Use that to your advantage.
[00:04:42] Those who have been there, done that can share their guidance with those who are just getting started on a financial goal,
[00:04:49] while the novices may have a fresh perspective or ask thought-provoking questions.
[00:04:55] Second, by working through the puzzle pieces to financial independence in bite-sized chunks,
[00:05:01] you create a pattern of success.
[00:05:03] As group members build up small wins, overall confidence grows.
[00:05:08] That's what happened in my group.
[00:05:09] Number three, accountability.
[00:05:13] Many of us are more successful when we have to meet the expectations of others.
[00:05:19] Gretchen Rubin, author of the recent bestseller about changing habits better than before,
[00:05:24] calls this the obliger tendency of meeting expectations.
[00:05:29] Obligers try hard not to let other people down, but might let themselves down.
[00:05:34] If that describes you, a group structure is particularly helpful in creating the kind of external accountability
[00:05:41] that aligns your goals with what you need to stay focused on them for the long term.
[00:05:47] I'm like that, which is why the group accountability works so well for me.
[00:05:51] Even when I didn't feel like working on sorting receipts for taxes,
[00:05:55] knowing that I had to meet a friend to tackle financial projects together kept me on track.
[00:06:00] And number four, opportunity.
[00:06:04] In the middle of every difficulty lies opportunity, said Albert Einstein.
[00:06:10] You may feel frustrated by your financial life.
[00:06:13] Maybe you don't feel in balance or you aren't on track to achieve your financial goals.
[00:06:18] Perhaps you find financial terms and jargon frustrating and complex.
[00:06:23] It could be you have good money habits, but you don't know if you're doing all you could be doing.
[00:06:29] If you're hearing this post all the way to the end, consider this an invitation to get started.
[00:06:35] No matter where you are, forming a Financial Independence Day group
[00:06:40] is an opportunity to take your financial game to the next level.
[00:06:48] You just listened to the post titled,
[00:06:51] Can Your Friends Help You Become Financially Independent?
[00:06:54] by Cynthia Meyer of FinancialFinesse.com
[00:06:58] There's an anonymous quote I love that says,
[00:07:02] If you look at your inner circle and you're not inspired,
[00:07:05] then you don't have a circle, you have a cage.
[00:07:08] The idea of community is powerful for any type of goal, especially for financial goals.
[00:07:15] This is a big reason why I identify as part of the FIRE movement.
[00:07:18] Since I started going to different meetups and events rooted in FIRE,
[00:07:23] I noticed over time that my entire circle of influence
[00:07:27] are now people who are pursuing financial independence.
[00:07:30] As I scroll through my social media feeds,
[00:07:33] most of what I see are people discussing topics surrounding personal finance,
[00:07:39] sharing tips, asking for advice, or celebrating milestones.
[00:07:42] I find myself surrounded by people doing incredible things with their finances.
[00:07:48] And this has really helped me expand my understanding of what's possible.
[00:07:53] While my finances are still my responsibility,
[00:07:56] I can't help but wonder sometimes if they've improved somewhat by osmosis.
[00:08:02] It's also a big reason why I created the Economy Conference.
[00:08:06] It is clear to me that FIRE is better with friends.
[00:08:09] And the pursuit attracts really creative, ambitious, and intelligent people.
[00:08:15] I'm a pretty social person,
[00:08:17] so the idea of reaching FIRE and retiring early
[00:08:20] without people to hang out with wasn't all that appealing.
[00:08:23] If you're interested in getting to know more people in the community,
[00:08:27] I'd encourage you to find a local Choose FIRE meetup,
[00:08:31] attend a Camp FIRE event,
[00:08:33] or join us at the Economy Conference.
[00:08:36] And that should do it for today.
[00:08:38] Have a happy rest of your day,
[00:08:40] and I'll see you on the Thursday show tomorrow,
[00:08:42] where your optimal life awaits.