My friend spend money like a Billionaire

Question

I'm 21 years old and I came here in America about a year and a half ago. I'm currently working in a clothing store here in Houston. I have a friend and a co worker as well. He is 26 years old living with his parents, didn't go to college anad barely speak English. He's been here in America for 15 years, from El Salvador. I talk to him regarding his spending attitudes because he spend money for his clothes like there is no tommorow. He is addicted to Signature brand clothes which is ridiculously expensive. I keep telling him to improve his financial literacy and learn how to manage money. I also tell him to read books about investing or Improve his English speaking skills so he can expand his knowledge and increase his job marketability. But he is not listening and continue spending like that and believes that he is expensive. He also like to party as well. All his salary and earnings just go down the drain plus he is debt from credit cards. I'm just worried what the future will be like for him, if he never learn. what do you think guys?

Answer 1

I think you're absolutely right to worry.  But in the end, it's his decision, and his future.  Just continue to make the financially smart decisions yourself, and maybe at some point in the future he'll start to suspect you had it right all along.

Answer 2

It sounds to me like you learned in a year in a half what he was unable to learn in fifteen years. It won't be very long and he will find that he no longer can make his payments. When this happens, and it will then he will no  longer have the money to spend like water. The fancy clothing will go away and the night life will go as well. When some loan/credit card company wants their money and he doesn't have it, they will file in court and ask the court to garnish his wages. At that point he may not even have enough to live on