Our social circles can have a significant impact on our spending. Bianca Miller-Cole and Dr Byron-Cole share their tips
Fear of missing out or fomo can have a powerful grip, warn financial experts Bianca Miller-Cole and Dr Byron-Cole One sunny afternoon in Dubai while attending yet another blingy social event with some friends, I couldn’t help but notice the dazzling Hermès Kelly bags dangling from the arms of some of my peers.
As the days passed the WhatsApp group chat buzzed with excitement as his friends discussed their plans, shared images of the destination, and detailed the extravagant activities they had booked. Dr. Cole couldn’t help but feel 5. Gift-Giving Pressure: Birthdays, holidays and other special occasions often come with expectations of gift giving. The pressure to match your friends’ gift-giving can lead to financial stress.Conversations about money with friends can be uncomfortable but they are necessary for maintaining financial health and harmony in relationships. Here are some tips for approaching these discussions:
3. Avoid Blame: Frame the conversation as a way to improve your financial well-being, not as an accusation. Use “I” statements to express your feelings and concerns without blaming anyone. He recalled thinking, “I knew better, of course. I’ve spent years advising others on responsible financial planning and investment. But here I was, caught in the Fomo trap.”
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