Friday, May 25, 2012

How to Get Rich - Beware of Friends

Have you ever heard someone say that their friend is giving them good investment advice ?

Or how about "my financial adviser is a good friend of mine" !

I have heard this term so many times I can't remember !

What is a Friend

A lot of people you meet use the term "friend" very loosely. Some seem to think that everyone they meet is somehow a friend. This is just not so, especially in business.

A recent story in my local media illustrates this point. An elderly lady who had a substantial sum of cash to invest ( over 3 million to be exact) became "friends" with a financial adviser whom she trusted to invest it for her future. To her horror, she soon  realized that he had stolen her cash. He had never invested it as promised and the cash had just disappeared.

This adviser will be spending the next ten years behind bars, but this poor woman will be ruined for life. All of her life savings are gone for good. Meanwhile in ten years, this adviser will be free to spend her money from wherever he managed to hide it.

All this woman could say to the media was, "but he was my friend,. I trusted him". Wow, what a sad story of friendship gone terribly wrong.

True Friendship

A true friend would never steal from you. A true friend would never even think to hurt you. A true friend would help you in any way possible without any expectation of reward.

True friendships normally build over time and a trust must develop through mutually shared experiences that reveal one's character. People you just meet are not true friends. This takes time and the building of a trusting relationship.

Define Your Friends

You must determine who you could trust with your life savings. Everyone else are not true friends, at least not yet. A true friendship must develop over time and positive experiences. Be careful of who you call a friend.. Do not use the word "friend" too loosely, as many do.

True friendships are a blessing and should be cherished. However, they are fewer and farther between than many would like to admit. Be careful.

As always, I welcome your comments and suggestions for future topics.

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