Somewhere in syndication lives a very memorable episode of "Friends" where Ross plans his birthday celebration at a fancy restaurant, and Rachel, Joey and Phoebe confess that they don't earn enough money for such elegant dinners. The wealthier of the group offer to pay for the not-so-wealthy to come along, and then the dreaded "charity case" emotions arise. Leave it to "Friends" to make such a delicate circumstance so comical. Of course, if the "Friends" clan had discussed their salaries in the first place, this sticky situation would have been avoided altogether.

An article in The New York Times (reg. required) reports that professionals under the age of 35 openly discuss finances the same way they chat about last night's episode of "The Office." Though many have no idea how much their parents make, they can rattle off the salaries of their entire circle of friends. Then again, if a quick Google search can reveal any career salary, what's the use in being modest about it?

Close friends have always had a holds-no-barriers policy, but this hasn't extended to finances until recently. With the struggling economy and challenging housing market, discussing money candidly can bring a "we're all in this together" reassurance. Pursestrings are inevitably tightening, whether you make 40 or 80 grand, so seeking solace with your friends is comforting.

Professionally, comparing salaries can be a smart move. The realization that you are making comparatively less than your equally-qualified pals can give you a necessary push back into the job market. This knowledge can also be beneficial when negotiating raises and bonuses. In NYT, one software developer profited from knowing what his skills were worth:

"People started leaving firms to go to other companies, and they were getting 15, 20, 25 percent raises," recalled Mr. Wang, who can name what his 30 or so closest friends earn "within a bandwidth of $5,000." "I thought, why not go out and see what my true market rate is? I found out that there were two companies both willing to pay 18 percent more, so I left."

And then there is the "Friends" complex. Call it the modern day version of "Keeping up with the Joneses." If your spending habits pale in comparison to your friends because your budget doesn't allow weekly shopping adventures and nightly lingering dinners, the wealthier of the circle have two choices: 1) be considerate and generous or 2) find new pals.

Posted by casey