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The Investor's Advocate: Frienemies

 

Evaluating Friendships to Improve Your Financial Situation


Are your finances struggling due to your exposure to toxic relationships? And if so, what, if anything, can be done about it? These questions are addressed in a posting called "Are Toxic Relationships Keeping You From Your Financial Goals? (http://www.howtoinvestblog.net/2016/11/are-toxic-relationships-keeping-you.html ) by Anthony Rhodes, the owner of wealth management firm The Planning Perspective (www.theplanningperspective.com). It's an addition to his popular How To Invest blog  (www.howtoinvestblog.net).

"Sometimes it's difficult to honestly confront the correlation which exists between our finances and our friendships." he began. "Financially helping out others in their time of need is one of the traditional components of an established friendship." he explained. "But it's also important to make sure that those individuals are worthy of that friendship, and furthermore, worthy of that assistance." he added.

The post takes a look at a financial profile classification called a "Caretaker", and explains why individuals who are classified by this categorization are unable to notice toxic relationships.

"Our firm has identified six distinct financial classifications which we feel contributes to poor monetary habits." Mr. Rhodes continued. "Of them all, the Caretaker's condition is particularly difficult, because it's predicated on a distorted view of what friendships are supposed to be based on." he added. "But by understanding the basis of how this persona originates, those who fall within this grouping are able to arrive at a point of recognition, and the post provides them with the framework for doing so." he closed.

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