Social media’s impact can distort your money mindset by showcasing an unrealistic view of others’ lives, often highlighting luxury and perfection. This can create pressure to keep up with others’ perceived standards. Chad Wotten, CFP at Gainplan, reminds us to set personal financial goals that align with our own values, rather than comparing ourselves to online portrayals. Financial planning helps ensure you make confident, purposeful choices without the need to constantly upgrade.
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Video Transcript
Hi, I’m Chad Wotten, a relationship manager and a certified financial planner at Gainplan. Today we’re going to be talking about social media’s impact on your money mindset.
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Hi, I’m Chad Wotten, a relationship manager and a certified financial planner at Gainplan. Today we’re going to be talking about social media’s impact on your money mindset.
There are a variety of viewpoints on how social media influences our society, both good and bad. In this video, I want to discuss how social media impacts our money mindset.
Social media often showcases a curated and exaggerated view of reality. People don’t often post about their child’s behavior problems at school or about the stress of caring for an aging parent. They post about luxury vacations, great seats at sporting events, and fancy nights out. This can create a distorted sense of what is normal and can lead to unconscious pressure to keep up.
Let’s say you follow friends or influencers who travel the globe, stay at the best hotels, and dine at Michelin star restaurants. Maybe subconsciously this alters the way you feel about the standard vacation you take to the beach, even though you’ve enjoyed it for years. Or maybe you’re seeing posts during the holidays of friends spending time in second homes. You might begin to feel that you owning a second home is more common and necessary than it really is.
Remind yourself that social media often highlights the best moments of somebody’s life and not their everyday reality. Set personal financial goals that reflect your values and priorities rather than the ones that you see online.
To be clear, there’s nothing wrong with traveling or buying a second home. In fact, proper financial planning can make sure you make these choices with confidence and within your means.
It’s just important to avoid the sense of never having enough or always needing to upgrade.
Remember, your financial journey is unique and staying true to your values and true to your goals is the key to long term success.
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