- Keep business and personal relationships separate. When I was working, I maintained only business relationships with co-workers. I learned this principle from one of my early bosses and reapplied it. This principle ensured that I only had to consider one relationship for any interactions and avoided having one relationship influence a decision in the other relationship.
- Privacy. I don't want to know the specific financial situations of my friends and family, e.g. how much they make, amount of charitable contributions, taxes paid, etc. These types of information would not likely be shared in the normal course of a personal relationship.
- Financial dependency. I don't want to depend on friends and family for wage or commission income, especially if it could negatively impact the personal relationship.
For more on The Practice of Personal Finance, check back every Wednesday for a new segment.
This is not financial advice. Please consult a professional advisor.
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