Money Psychology

How to Build Friendships With Wealthy People

September 1, 2023

Do you want to be more successful? A Harvard University study found that one factor associated with upward mobility is being friends with richer people.

That's right, your social network plays a big role in your economic success. This is because rich friends can provide access to better jobs, financial resources, growth opportunities, and social networks.

If you want to be wealthy, you might want to start building friendships with successful people you can learn from and those who can provide opportunities to help you reach your full potential. Two quotes from billionaires Bill Gates and Warren Buffet can put this into perspective.

Bill Gates says, "Some friends do bring out the best in you, so it’s good to invest in those friendships."

Warren Buffet says, "You will move in the direction of the people that you associate with, it’s important to associate with people that are better than yourself."

With that in mind, how do you find rich friends and build friendships with them? This article will break down the process into six steps.

Read Also: 5 Types of Friends We All Need

Attend Networking Events

Wealthy individuals often attend networking events to expand their own networks. By being present at these events, you can gain access to their social circles, creating opportunities for meaningful interactions for yourself.

In a networking event, everyone is there to meet new people and make connections. This levels the playing field, making it easier to approach anyone without feeling intimidated.

But this doesn't mean you should go about attending any networking event. Rather, you need to niche down and find industry-specific events. Doing this will help you encounter individuals who share common interests or goals, making initiating conversations and building genuine connections easier.

For instance, if you are looking for people to fund your business, you should consider startup and entrepreneurial gatherings. These events typically offer fertile ground for networking with successful entrepreneurs and investors.

Once you've identified the right networking events, it's essential to approach wealthy individuals with confidence and engage in conversations that leave a lasting impression. When conversing, listen actively, ask open-ended questions, and be ready to share your expertise and insights on the subject of discussion. If you are looking for investors, prepare your elevator pitch.

Be Valuable

Wealthy individuals often have a set of expectations when it comes to their friendships. After all, all friendships, regardless of financial status, are based on give-and-take, and they aren't an exception. To earn their friendship, you will need to offer them value.

Wealthy individuals are often surrounded by people who want something from them. They expect value because they've likely encountered countless individuals who are self-centered. Being valuable sets you apart and demonstrates your genuine interest. This value can come in various forms, such as emotional support, intellectual stimulation, or business acumen.

To be valuable means to be an asset in someone's life, contributing positively to their goals, interests, or well-being. You will need to offer them something meaningful, whether it's knowledge, skills, or experiences. People are more likely to invest time and effort in relationships that offer mutual benefits. You create a foundation for a two-way exchange by being valuable, and they'll likely reciprocate.

Don’t Fake Your Lifestyle or Try Too Hard to Impress Them

Building friendships with wealthy individuals can open up a world of personal and professional opportunities. However, it's important to approach these relationships with authenticity and integrity. One mistake people often make when cultivating friendships is faking their lifestyle and trying too hard.

This behaviour often stems from a desire for acceptance, access, and status. Many believe that mirroring the materialistic trappings of the wealthy will make them more appealing or relatable. This may involve pretending to own expensive possessions, exaggerating achievements, or showcasing a glamorous lifestyle.

However, this approach is problematic for several reasons.

It creates a facade that can be difficult to maintain in the long run.
Pretending to be someone you are not can erode the trust often needed to build authentic friendships.
You risk exposure that can lead to embarrassment and damage your reputation.
Trying to keep up with the rich will hurt your finances in the long term.

While seeking out friendships, the most important step is to be true to yourself. Authenticity is attractive, and people are more likely to connect with you when they see the real you. Therefore, always strive to be genuine and show genuine interest in others in order to cultivate meaningful connections.

Have Your Own Set of Accomplishments

Meaningful connections are often built on shared values, interests, and accomplishments rather than financial status. Having your own accomplishments shows that you share a common drive for success and personal growth. They also highlight your capacity to contribute positively to the friendship by offering value.

Wealthy individuals often value friends who have succeeded in their careers or entrepreneurial endeavors. Demonstrating expertise, leadership, and a strong work ethic can be appealing to them.

Therefore, to make yourself more appealing to them, showcase your accomplishments with humility, share your journey, offer your expertise, and display your intellectual curiosity and dedication to continue evolving.

Wealthy individuals are more likely to form friendships with those they respect. Demonstrating your own achievements conveys that you are a capable, driven, and accomplished individual, earning their respect in return.

Be Willing to Learn

One of the most valuable traits you can possess is the willingness to learn. This trait transcends age, background, and circumstances and plays a pivotal role in personal growth and achieving success. When you approach friendships with a desire to learn, you will likely be more open-minded and genuinely interested in gaining knowledge.

Demonstrating a willingness to learn shows respect for the experiences and achievements of the wealthy individual. It acknowledges that their insights and perspectives are valuable, which can create opportunities for mentorship for you, ensuring long-term guidance and support.

Friendships built on the foundation of learning and mutual respect are more likely to stand the test of time. On the other hand, when you start the relationship acting smart and more informed, this may yield short-term gains since it's not sustainable.

Don’t Be Too Needy

Building friendships with wealthy individuals can be rewarding, but it's essential to approach these relationships with tact and sensitivity. One common mistake to avoid is being too needy, i.e., displaying excessive dependence on wealthy friends for financial or social support.

Needy individuals may constantly seek financial assistance, demand attention and validation, or expect their affluent friends to solve all their problems. This behavior can be draining and uncomfortable for those on the receiving end.

When you are needy, the wealthy person will worry that you are only interested in them for what they can offer, which can lead to feelings of being used. This can strain relationships, leading to resentment and eventual distancing. Additionally, it can erode the respect your wealthy friends have for you. It may make them question your independence and self-reliance.

Wealthy people don't want to be surrounded by friends they consider baggage. Therefore, work on developing your own independence and self-reliance. Be proactive in solving your problems and meeting your needs.

You should also understand and respect the boundaries of your wealthy friends. Don't push them for financial assistance or attention when it's not appropriate. This will ensure mutual respect and foster genuine connections.

WRAPPING UP

Friendships with wealthy individuals, like any other, come with their own set of expectations and challenges. To avoid disappointments, develop realistic expectations and understand the dynamics of such friendships to help maintain healthy, balanced, and lasting connections.

Building meaningful relationships takes time. Therefore, don't rush the process or expect immediate benefits but rather be patient and allow the friendship to develop naturally. Finally, don't neglect your personal growth and development. Wealthy individuals are more likely to respect and connect with individuals who have their aspirations and ambitions.

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Farah Nurow is an experienced Content Writer who enjoys writing creative and educative articles meant to provoke readers' thoughts. He loves sunny weather and thick books. You can connect with him on LinkedIn.