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Why keeping up with anonymous accounts on social media will drain your happiness and wallet.
On Christmas Eve, I went to the movies to see Wonka with my family. In an absolutely terrific prequel to Willy Wonka and The Chocolate Factory, it transported all of us to a world of pure imagination. This fantasy world where chocolate can make you fly, or dance and sing like you’re starring in a Broadway show, is pure fiction. Even my children, ages 12 and 10, understood that what they saw in the movie wasn’t real; however, every day millions of adults are fooled into thinking that what they see on their screens, in the form of social media, is real.
One of my favorite quotes about wealth is by Theodore Roosevelt who said, “Comparison is the thief of joy.”
In today’s society, social media is the thief of both joy and wealth. The clothes, cars, houses, 5-star dishes, beach vacations, etc. make you feel like what you have isn’t enough.
Inevitably, you want what they have, so you buy more stuff, sink further into credit card debt, and post the highlight reel for others to be jealous of. This endless social media cycle is detrimental to both your mental health and wealth.
This is a TIP for how to break the cycle:
Time: As Willy Wonka famously said, "So much time and so little to do. Wait a minute. Strike that. Reverse it." On average we spend over two hours per day on social media, which according to data from the Mappiness study, only provides us with slightly more joy than commuting or cleaning the house!
Imagination: Much like my children understood that Wonka was fiction, you need to understand that much of what you see on social media is also fiction. That new Tesla may be rented, the beach vacation may be financed, and the five star restaurant may be their only meal out for the year. On any given day there appear to be more social media posts boasting about their $1M net worth than there are actual millionaires in the world.
Perspective: There are approximately 38 million people living in poverty in the United States which is defined as a family of four living below $30,000 per year. Hopefully that should make you feel grateful for what you have, but if you need further perspective, zoom out to less fortunate countries.
Don’t waste your limited time staring at your phone and your limited money on a highlight real moment to post, while missing the magical everyday moments that are passing you by!
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Disclaimer: The information in this post is provided for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. The information is intended to be educational and is not tailored to the investment needs of any specific individual. It is also not intended to be relied upon as a forecast and is not an offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are those of the author. Reliance upon the guidance and information in this presentation is at the sole discretion of the individual.
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