Many people think their friends are wealthier or don’t experience the same financial difficulties as they do. In some cases, they spend countless hours comparing themselves with others, causing them dissatisfaction with their own wealth or success because of they perceive their friends live in better circumstances.
Comparing is a scheme that wreaks havoc on your emotional and financial well-being. It may even prevent you from reaching your goals, too!
Comparing your financial journey is easy but will leave you feeling insecure and inferior. Not to mention, likely unhappy. After all, it’s often said that comparison is the thief of joy!
We know it is easier said than done, but the best course of action is to stop financial comparison. So to help, we listed some tips on how to avoid financial comparison and embrace your unique money journey.
Material possessions and status symbols are not reliable indicators of wealth or success. Truth be told, almost anyone can go out and purchase these items using credit cards and taking on debt!
Also, it’s important to realize that a lot of stuff on social media is fake. Consider that the next time you feel envy after seeing an old friend post a picture of a new Porsche on Instagram. You don’t know whether they rented the car or took out tens of thousands of dollars of debt. According to statistics and consumer behavior, there’s a good chance they financed the purchase and are living beyond their means!
Instead of comparing material goods, evaluate your success using different metrics. Compare yourself only to yourself based on the progress you’re making. Look at where you used to be and the position you’re in now. Are you moving forward to the things you want in life? Truth be told, if you continue to compare yourself against your peers, you’ll lose sight of your own journey and what’s truly important to you!
If you want to be wealthy, it pays to invest in yourself and start making wise financial decisions based on your means. And whether you believe it or not, it’s possible to live frugal and be happy, too! Remember that no matter your situation now, your path toward financial success is not only your own, but it is achievable, too!
Instead of using others’ financial success as a source of self-judgment, use it as motivation. Transform the struggles, setbacks, and triumphs of others into lessons for yourself. We can use their success to guide our financial journey rather than criticize it. Remember, success leaves clues and there is a lot you can learn from other people who are already successful!
If you struggle with negativity, an important part of overcoming it is recognizing it. Avoid having too many or too frank conversations about money and stop chasing unattainable financial goals. Remember, money is just one of the many types of wealth that you need to have for a high quality of life!
Also, work on building a positive money mindset. Investigate your beliefs about money, read books, and start believing that success is possible because it really is!
It is simple to forget that everyone has a different financial position. We all have unique incomes, debts, and investment portfolios. Not to mention, our own life goals, aspirations, and objectives!
When we compare ourselves too much with others we also lose part of our authenticity. We become heavily influenced by the person’s actions, beliefs, and possessions that we’re comparing ourselves with. We start believing that we need to act a certain way, have a certain job title, or own specific things to be on their level. Case in point, just look at all the people in your neighborhood and social circle who are constantly trying to keep up with the Joneses!
If you’re going to be happy and ultimately find fulfillment, you have to be true to yourself. That means accepting where you are, determining where you want to go, and then working towards it!
As we discussed, everyone has different financial objectives. Yours are likely vastly different from those of your friends which is why creating a plan that’s unique to your financial and life goals is so important!
Depending on where you are on your money journey, you may be paying down debt, building a cash runway, or working towards financial freedom. No matter where you are, you have to stick with your plan to reach your goals!
Also, keep track of your progress. Over time, this allows you to see how far you’ve come and all that you’ve accomplished. In addition to that, it also helps you stay focused on your path rather than straying from it by what others are doing!
Similar to how you don’t actually know the specifics of another person’s finances, you also don’t know what the rest of their life is like. Despite what social media shows you, everyone faces their own struggles. For instance, you may see someone on social media who looks like they aren’t facing financial troubles, whereas you might be.
In some cases, the person you’re feeling jealous of might be dealing with something you don’t know about, such as a bad relationship, health issues, or something else altogether. In fact, they may even envy your life because you aren’t going through the same struggles as they are!
With all that being said, social media is one of the worst culprits when it comes to comparison and poor mental health. When we constantly see others posting their highlight reels online, it can make us question ourselves, our choices, and even our worth!
While giving up social media completely is a huge undertaking, it’s likely time to think about your usage. Consider reducing the things or people that are triggering you by unfriending or unfollowing them. Or try reducing your consumption of social media altogether by setting time limits. Either way, spending less time on these platforms will be a game-changer for your mental health!
Another way to stop comparing your financial journey to others’ is to make gratitude a top priority in your life. Every day, take some time to think about a few things that you are grateful for or that are going well in your life.
You could even start a daily journal where you spend five to ten minutes writing down the things you appreciate. Doing this will begin to change your perspective. You’ll shift from focusing on what you lack to realizing that good things are happening in your life every day!
When we compare ourselves to others we are taking the focus off of ourselves and our accomplishments. Whether you realize it or not, this diminishes the work and progress that you’re making. Rather than focusing on others’ wins, start looking at your own. Write down the accomplishments you’re most proud of and use them to fuel your motivation and sense of self-worth!
Comparing our financial situation to others tends to bring us down and negatively impacts our lives. It often leads to feelings of jealousy, envy, or inferiority; none of which helps to achieve your goals or improve your quality of life!
Instead of comparing, it’s important to embrace your unique money journey. Focus on you and the steps you can take today to improve your financial standing, like living below your means and on a budget. In addition, understand that getting better with money doesn’t happen overnight, it’s a process that takes time.
Once you stop comparing yourself with others and start focusing on your gifts, you’ll feel better about where you stand. Rather than worrying about what you lack, you’ll be reminded how fortunate you are and for all that you have!
Everyone follows a unique path because we all have different situations, goals, strengths, and weaknesses. Embrace your journey, keep moving forward, and one day soon your dreams will become your reality!
Co-written with Sophia Young: Sophia recently quit a non-writing job to finally be able to tell stories and paint the world through her words. She loves talking about fashion and weddings and travel, but she can also easily kick ass with a thousand-word article about the latest marketing and business trends, finance-related topics, and can probably even whip up a nice heart-warming article about family life. She can totally go from fashion guru to your friendly neighborhood cat lady with mean budgeting skills and home tips real quick.
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