Want to Increase Your Wealth? Try This

Alpha image people dining

Hey it’s Leslie Harris, and I read an interesting article a few days ago. If you want to increase your wealth, hang out with people who are wealthier than you are.

According to new research from the National Bureau of Economic Research or NBER, when people who are not wealthy hang out with people who are, they’re more likely to save money and invest in the stock market. But how do we do that? Read on.

The researchers were quoted, “Friendships across socioeconomic classes could improve lifetime wealth accumulation and help break cycles of poverty for individuals with low socioeconomic status.”

The researchers looked at information from the IRS, as well as Facebook. They also took into consideration factors such as education, race and financial literacy, and found that when communities have a higher level of economic connectedness, low income individuals are more likely to invest and save. But when we only associate with people who have similar wealth, we tend to perpetuate the habits we all have.

I think there’s another component to what the researchers found. Just being around people who think differently than we do, can have an effect on how we think. It’s more psychological. If you and the people you associate with are always worried about money, you’re going to have a different experience than someone who believes that they have some control over it. So where does one find these people?

Believe it or not, full service chain restaurants like Olive Garden, Applebees and Chili’s are where the researchers found the biggest mix of diverse incomes.

Now, I don’t think you’re going to forge any friendships by just showing up at these restaurants. However, you could invite a group of people of different economic backgrounds to dine together at one of these places. Try to strengthen your relationships with people who are wealthier than you, but also with those who are less financially stable. Wouldn’t it be great if we could all help each other?

Thoughts? Leave them in the Facebook comment section.