Kasser and Ryan (1993,1996) have contrasted two types of life values: intrinsic aspirations, which include community contribution, building close relationships, and self‐growth, and extrinsic aspirations, which include fame, wealth, and physical beauty. Prioritization of extrinsic relative to intrinsic aspirations has been related cross‐sectionally to decreased well‐being (Kasser, 2002). However, the influence of close others in the etiology of young adults' prioritization of extrinsic aspirations, and the prospective effects of aspirations on well‐being, are not well understood. In a multiple‐informant prospective study of 341 university students (mean age = 19.4; 64% Caucasian; 74% female), we examined the influence of friends’ and family members’ perfectionism on participants’ aspirations, and the outcomes of prioritization of extrinsic aspirations. Having friends high in other‐oriented perfectionism was significantly positively related to prioritization of extrinsic over intrinsic aspirations. Furthermore, living with friends amplified the effect. Last, prioritization of extrinsic aspirations at T1 was related to decreased subjective well‐being and self‐concordance for goals 3 months later. The study provides preliminary evidence for a relationship between friends’ other‐oriented perfectionism and students’ orientation toward extrinsic aspirations, as well as negative prospective consequences of students’ orientation to extrinsic aspirations.