4 reasons your friends have more money than you

Your friends are about the same age as you, they share your passions and interests, and your careers are on a similar path – so where’s all their money coming from? Their Insta is full of them looking fabulous at gourmet dinners and on holidays, but if you scratch the surface things aren’t always as they seem. 

Key learnings covered in this topic

  1. Getting on top of your debt
  2. Making smart financial decisions to get ahead 
  3. The power of saving secretly 
  4. Financial advice available to you

Here’s a few things that might get you thinking about the reality of it all, so you can better prepare for your financial future: 

“Isn’t the balance due just a suggestion?”

Your debt tolerance can be very different to others in your social circle. Some people live their lives on credit—they don’t fully pay their credit card balances, they regularly use after-pay, and take out loans to pay for luxury holidays. Owing money is everyday life for them so it may seem like they’re splashing their cash, but really, they might be splashing their debt. 

“I want it all and I want it now”

It can make it hard if you have friends that always live for today. They don’t have an emergency fund, they’re not saving for a home, and they’re not putting a bit extra in their super. When you don’t save for a rainy day, there’s way more money pouring into fun things.     

“Let me put in a call to the Bank of Mum and Dad”

Some people’s lives are bankrolled by their family. It mightn’t seem fair but it’s just life. This means they have help with things like saving the full deposit for a home, getting help with their bills if they’re in a tight spot or they may even get regular cash handouts. If you don’t have this sort of support, then you’ll need to make smart money decisions and educate yourself on how to get ahead financially. 

“I thought everyone had a secret squirrel fund”

Saving a little bit from each pay cheque has been embedded in some people since their first job at Macca’s. They might not talk about it but they’re hitting all their savings goals. This kind of money ethos can make it look like they splurge but really, it’s something they worked hard for. 

Want more money in your future?

If you need some help building your nest egg, please give us a call. As part of your membership,* you can chat to a financial planner who can help you understand tax effective ways to build your super savings, what your risk appetite is and the best investment option to suit your age and circumstances. We can’t wait to hear from you so book a call-back today.

Information correct as at 18 October 2023.

*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.