Toxic money friends must exist in everybody’s life. The ones whose lives they inhibit, may become hurt through financial matters. Toxic money friends may negatively affect, criticise or attack your finances to mentally bring you down. This can cause many financial disruptions throughout your life.

Types of Toxic Money Friends

The range of toxic money friends can be categorised into the money manipulators, unsolicited advisors, shamers, show-offs, know-it-alls, booster-uppers, moralists and cheapskates. These people can cause you to make bad financial decisions. You can even end up getting into the most unfavourable situations. Once you are in a bad situation, they blame, criticise and guilt trip you into the worst situations. Once you have reached the worst situations, they will forget you and move onto ruining another person’s life.

The money manipulators manipulate you into spending for them. They ask you to lend them money or exclusive things (for example, designer clothes) which they will never return to you. On top of that, they will never let you ask for it back without making you feel like you are committing a crime against them. To them, you have no right to ask for a return of any of your own possessions. Do not forget that your generosity is only one sided. If you are in financial trouble and you need some money, they will never be there to pay you back as a gratitude for the support you gave them in the past.

The unsolicited advisors are the overconfident financial experts who are there to advise you especially when you do not need it. They enjoy a sense of superiority every time they get to do so.

The shamers are those individuals that are there to make your bad financial situations worse with their verbal words. They are an expert in solely blaming you for your terrible situation no matter how spontaneous your situation was. They frantically attempt to ease their insecurities of unpredictable financial situations by blaming you for being inattentive or inexperienced instead of blaming the work of your bad luck.

The show-offs are financial bullies. They always influence you to spend money on the most extravagant products and services. They make you feel inferior if you speak of choosing a simpler, cost effective option. Whenever you plan to do activities with them, always expect to end up spending three times greater than your budget for the sake of protecting your ego and reputation.

The know-it-alls, as their name suggests, are individuals who consider themselves most financially keen. They believe that unlike you, they were born with all the financial knowledge in the world. They never needed to learn from any mistakes. These people will always overcloud your financial decisions.

The booster-uppers are specialists in exaggerations. No matter how successful your financial decisions might be, these people will always make you feel like you have failed. They love to brag about their financially wise decisions all the time whether it is exaggerated or entirely false.

The moralists are the monetarily old-fashioned folks. They refuse to modernise their modes of spending money. They deny the use of debit or credit cards and loans. Credit scores have absolutely zero value in their lives. They only use cash in hand when purchasing goods and services.

The cheapskates are incredibly hard for anyone to deal with. They are so excessively conscious about unnecessary expenditures that they end up with a bland life. These people are absolutely the worst to have in the house and the workplace.

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How to Recognise the Toxic Money Friends

The toxic money friends are never your true friends. You must learn to recognise them by some of their specific actions. These people will be invisible in your life unless they need something from you. They will not call or text you unless they need to use you. If you are reluctant about helping them, they will attempt to emotionally blackmail you. Moreover, at the times of your need, they will hardly reply to your texts or receive your calls.

In fact, they won’t even remember anything you might have shared with them because they don’t care about you enough to pay attention to what you say or do. You can easily identify the toxic money friends by observing that they only pretend to like some people because they gain something in return from them. These categories of people often love talking against others discretely for self-satisfaction.

How to Handle the Toxic Money Friends

You can handle the toxic money friends with gradual, effectual strategies so that you can kick them out of your life effortlessly. As Robert Tew advised, “Don’t let negative and toxic people rent space in your head. Raise the rent and kick them out!” If they are distant from your life, then you can just avoid them to the point that they no longer get a kick from ruining you. Do not attempt to get into arguments with them in order to set them straight.

If these people are close to you, then attempt to talk it out with them. There is a high chance that they are doing this unwillingly. If the talk does not seem to be successful, interact with them the least you can. Your precious time must not be wasted on these categories of people.

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).