The purpose of associating with the wise The Buddha states that he sees no other thing that is so much responsible for the arising of unwholesome qualities in a person as bad friendship, nothing so helpful for the arising of wholesome qualities as good friendship. 

Is associating with good and wise people only useful for direct experience in this present life or is it right to assume that it will carry on to the next life e.g. reborn among the wise and good people or have good companionship?  Thanks.
Any action will have a result somewhere in Samsara. Obviously a student performing correct practice kamma with a wise teacher of kamma will have fruits in this life such as jhana or the 16 stages of insight. -Metta