We all know the effects of peer pressure. Having to learn social dynamics on the playground was a rite of passage in my neighborhood. What we learned then, in our hubris as adults, convinced ourselves that peer pressure no longer works on us.
Paual Lazarsfeld is a sociologist from Columbia University. He identified how highly connected people in a peer group could absorb a commerical on the radio or television and then run it by their friends for approval.
Their approval or disapproval was a significant factor in their dismissing or buying a given product. This research lead to the buzz-marketing of the 90's. Nowadays, we can find it on the Internet - we associate this with something that has gone 'viral'.
Justin Bieber ring a bell?
The same dynamic affects a social group's spending and saving habits. We do everything from "keeping up with the Jones's" to jumping onto the next hot stock tip you overheard near the watercooler at the office.
There are healthy advantages to maintaining status quo if your social group encourages or even competes with financial success.
For the purpose of reinforcing your financial goals, look to your own social circle and ask if their influence brings you wealth or misery. Do they impart good advice or do they always come along for dinner and conveniently forget to stop at the ATM on the way when the bill comes around? Does your friend recommend a good financial advisor or financial coach, like Matt Sapaula - or does that friend jealously guard that person's identity?
If you don't have positive influences in your social group, create one. The new friendships you create along the way will undoubtedly enrich your life socially and hopefully, financially.
Never underestimate the people with whom you associate.
Want to talk more about being rich in relationships and how it translates to your pocketbook? Give me a call at (312) 493-2054 or email me at email@example.com.
Tags: advice, financial advice, Financial Coach, friendships, good advice, good financial advice, healthy competition, Mastermind, mastermind groups, peergroups, positive influence, positive influences, status quo, wealth, wealthy friendships