I thought to talk briefly about some something that I saw a financial journalist write about earlier this month, just because I think it is different to what one expects would be written about, and because it is also so true. It is talking about the emotion of envy, financial envy. The article spoke of Forgetting about the Joneses, about what they have, and what you don’t have.
A good way to reduce financial stress is to not to compare what you have with others. The ‘apparent’ wealth of others should not be our yardstick to measure our own financial achievements. I often say, remember that that person in that expensive car might not actually own it. There is a good chance that their car and their house is owned by the bank. There might also be a lot of other financial things going on in the life of someone with huge apparent wealth than you know. Huge credit card debt, for example, or a business in trouble.
Never underestimate the value of non-material wealth: Do you have time for yourself, that someone else might not have…. you might also have better social, physical, and mental ‘wealth’.
Don’t be envious. Keep your financial life simpler, rather than letting it get out of control. The less you owe, the greater your financial freedom. Get this right, and the guy in the fancy car or house might envy you.