Having someone in your corner, cheering you on—whether you want to eat fewer cookies, snag a new job or curb your shopping habit—can make all the difference. And you don’t need a financial advisor or life coach to do the work with you. As these three stories show, your best resource in helping ensure you hit your big goals could be your best friend (or friends).
"We're two best friends helping each other hit our investment goals."
Lanny, 30, and Bert, 28, accountants in Cleveland, Ohio
Accountants and longtime best friends Bert and Lanny bring financial accountability to a whole new level. The pair, who document their journey on their blog, has helped each other hit some big milestones—like majorly growing their investment portfolios.
"Before I teamed up with Lanny, I had a $10,000 portfolio producing less than $100 in annual dividend income," says Bert. "Now, I have a $210,000 stock portfolio made up of both dividend-paying stocks and index funds that produces over $6,200 in dividend income annually."
For those who aren't familiar, dividends are payouts certain companies give to investors on top of regular returns. Back in 2012, Lanny turned Bert onto a game-changing strategy: reinvesting those dividends (i.e. using the dividend money to invest more and maximize your gains). Teaming up has stoked their motivation. "Whenever Bert, say, hits a dividend income milestone, it pushes me to [invest more and] do the same," he says. "He pushes me to be better."
The friendship benefits go beyond investing, too. With his friend’s encouragement, Lanny felt inspired to hit other money goals, like paying off his auto loan almost two years early. They're also proud side hustlers who've even drummed up side money together, like simultaneously selling unwanted stuff for profit.
The duo holds each other accountable whenever they hang out, which is frequently, usually grabbing a pizza and catching up on the challenges and successes of the day. Running their blog also builds in responsibility—you can't not practice what you preach, right?
Click on the arrows below to keep reading.
May 14, 2018
May 14, 2018
Page 1 of 2 >>