I refused to tell him for weeks until he mentioned he was in a tough situation, negotiating a package with a potential new employer and sought my advice as someone several years his senior.
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When I did, he quieted down, walked to the next hole and smacked his driver down the pipe. As weeks turned into months, I realized he no longer pinged me to play golf.
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Peter turned cold and I later found out that the reason why he never took the new job was because he countered them so high based on what he heard from me that they pulled the offer. Peter blames me for not getting the job and not making the money he feels he deserves to make.
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I have no control over what the potential suitor was willing to pay so why is it my fault? He asked me to be his mentor when he first graduated from how to make not a decent amount of money, and his competitive drive drove him overboard.
He compares everything from cars to property with everybody. As an example, he purchased a two year old Aston Martin Vanquish around his 30th birthday.
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All he had to do was buy a two year old Honda Civic and it would blow away what I was driving and most of our circle since we take the bus! It was an absolute mistake revealing my income to him.
Toby Walters is a financial writer, investor, and lifelong learner. He has a passion for analyzing economic and financial data and sharing it with others. Don't worry that you're not a math whiz; great math skills aren't really necessary - you just need to know basic addition and subtraction. Life is much easier when you have good financial skills.
In fact, perhaps this is why I so often wear baseball caps, so I can be left alone to do my own thing. We could have come up with a strategy for negotiation, and use my figure as a realistic anchoring point for further talks with his potential new employer.
Reimburse the occasional failure and set up some type of safety net fund or charity fund to help.
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Practice Stealth Wealth! If you must share info given the other party has bared their soul, talk in percentages and temper them while you are at it.
Look around at the most financially successful people out there.
They are secure with themselves and understand the upsides of keeping their finances private. In addition to better money oversight, run your investments through their award-winning Investment Checkup tool to see exactly how much you are paying in fees.
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