Luxury Cars. Mansions. Extravagant Trips. These images are plastered all over social media with the hashtag #squadgoals, but what does that even mean?
According to Urban Dictionary, #squadgoals are defined as “an inspirational term for what you’d like your group of friends to be or accomplish.”
Based on many of the pictures labeled #squadgoals on social media, should the goal of your squad be to achieve wealth? If so, how are you getting there? Even better yet, how are you getting there together?
Check out these 3 reasons to share your money goals with your squad:
Celebrate Your Success
Celebrations typically happen on birthdays and anniversaries. They may even happen when you get a new job or an anticipated raise. Celebrations should also happen when you reach your money goals.
- For example, your squad can celebrate your success of fully funding your IRA.
- Or, when you are able to raise your credit score.
- Or even, when you are pre-approved for a home loan.
I remember going through the steps of buying my first home. I told my squad all about it. They were encouraging and supportive of me. Now another friend is going through the similar process. I am able to celebrate with her through each of the steps.
Hold You Accountable
When you share your money goals with your squad they can hold you accountable for accomplishing them. I know you have been dying to go to Dubai for Christmas and Paris for Valentines Day but is that really in your budget? Or that Movado watch that you have been eyeing at Nordstroms?
Your squad most likely has similar goals but they can help you say no. Or even better, then can help you say not yet.
Ironically, this just happened yesterday with my squad. One friend was mentioned she bought a Movado watch for her boyfriend in honor of the anniversary. Although everyone was happy that they were approaching another anniversary, we were also able to remind her of her financial goals. The Movado watch may be nice but it isn’t the best long-term investment.
Push You To The Next Level
Lastly, but most importantly, when you share your money goals with your squad they can help you reach the next level. It is tough when you have big goals of paying off debt, saving more money, investing, and/or starting your own business.
Your friends will send you opportunities to achieve your dreams. They will also stay up with you if you need to have a late night study session. Most importantly, they will provide the support you need to take your money goals to the next level.
I recently started offering personal financial coaching services. I wanted to offer the services for a while but my friends truly helped me to put myself out there and have even referred clients to me.
Speaking of personal financial coach services, if you are needing help with your budgeting, saving, or paying off debt goals schedule a free 15-minute consultation with me here. We’ll discuss your goals and how I can help.
Now, I am not saying you need to immediately text all your friends and tell them your credit score or your salary. That all depends on your comfortability level. However, those are things that I don’t personally share. I’m also not saying that it is time to announce your money goals to all of your Facebook friends. Not everyone on your Facebook list is going to be supportive of your goals. What I am saying is, if you have money goals, it is time to stop hiding them. If your close friends aren’t supporting you reach those goals, then who will?
If your squad doesn’t support you, then it may be time to find a new squad.
For example, I have had a trip planned out of the country for months. I waited until the last minute to purchase the plane ticket. When I finally went to purchase the plane tickets they were double what they should be. Of course, I tried all of my travel hacking tricks but nothing worked.
Immediately I spoke to my best friend about the dilemma. Although she knows how bad I wanted to go on the trip, she was able to hold me accountable to my long term goals. Instead of spending an exorbitant amount of money on the flight, she suggested that I further invest into my dreams.
Ultimately, it is my decision whether I take the trip or not but it awesome to have a supportive friend in my corner. I decided not to go on the trip and, instead, I registered for a conference that would help me grow professionally.
My goal is for all of my friends to achieve financial freedom. If you are reading this, then I want you to achieve financial freedom as well.
Financial freedom means:
- Getting Out of Debt (especially high-interest debt)
- Fully Funding your Emergency Fund
- Having an Excellent Credit Score
- Investing for Retirement
- Living Life Feeling More than Satisfied
Do you share you money goals with your squad? If so, how does it help? If not, what money goal(s) will you now share with your squad?
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