Podcast Summary
Transforming investment experience with Sharesight: Sharesight offers a comprehensive investment dashboard for stocks, ETFs, and funds, with analyzed reports, dividend gains, and currency fluctuations. Listeners can join for 4 months free with an annual premium plan.
Sharesight's investment dashboard offers a comprehensive view of financial performance for over 500,000 stocks, ETFs, and funds, integrated with more than 200 platforms. It goes beyond limited brokerage statements to provide analyzed reports, dividend gains, and currency fluctuations through intuitive graphs and visualizations. For investors, Sharesight offers a special deal of 4 months free with an annual premium plan. Social media, specifically Instagram, also significantly impacts our financial well-being beyond mental health. It serves as a platform for small businesses and artists to thrive. However, it's essential to be aware of the potential financial risks, such as overspending and investment scams, while using social media. The hosts, Sim and Sonia, emphasized the importance of financial literacy and encouraged listeners to join Sharesight to transform their investment experience. Despite facing personal challenges, they remained optimistic and looked forward to discussing the impact of social media on financial well-being.
Social media pressure among millennials: 88% experience comparison and anxiety: Millennials face significant pressure and comparison on social media, leading to potential psychological impacts and dissatisfaction.
Social media use among millennials, particularly on platforms like Instagram, can lead to a significant amount of comparison and pressure to keep up with others in terms of wealth and lifestyle. This phenomenon, which has been studied and found to affect 88% of millennials, can have psychological impacts that are still being explored. One notable example of this was the case of Cena O'Neil, a popular Australian Instagrammer who re-edited her old captions to reveal the stress and anxiety she went through to create the perfect Instagram post. This media frenzy served as a wake-up call for many, reminding us that what we see on social media may not always reflect reality. The pressure to keep up with the Joneses, or the competition to outdo those around us, can be amplified on social media, leading to potential dissatisfaction and regret. It's important to remember that social media use is a shared experience, and we're all going through it together.
The Comparison Culture in Today's World: Constantly measuring success against others can lead to feelings of inadequacy, FOMO, and unrealistic expectations. Social media fuels this culture by encouraging sharing of milestones and achievements, potentially distracting us from focusing on what truly matters in life.
In today's interconnected world, the comparison culture has intensified, leading us to constantly measure our success against others. This phenomenon, known as keeping up with the Joneses, has been around for a long time but has gained new momentum with the ease of access to information about people's lives from all corners of the world. This comparison can lead to feelings of inadequacy, FOMO (Fear of Missing Out), and unrealistic expectations of what our lives should look like. Social media further reinforces this culture by encouraging us to share our milestones and achievements, creating a constant stream of comparison. Arianna Huffington's book "Thrive" encourages us to reevaluate our priorities and focus on what truly matters in life, rather than getting caught up in the comparison game.
Impact of perception and social media on success: Societal definitions of success may not align with personal values, and social media can skew perception of success, leading to materialistic desires and psychological distress. Being mindful of consumption can help maintain a healthier perspective.
Our perception of success and the influence of social media on our desires and decisions can have a significant impact on our lives. The speaker shares a personal experience of reevaluating her definition of success after a near-death accident. She emphasizes that societal and historical definitions of success may not align with our individual values. Furthermore, social media can skew our perception of success by presenting idealized versions of others' lives, leading us to strive for material possessions or appearances. While we may think of social media consumption as mindless, studies show that it can influence our financial and psychological well-being. For instance, social media can impact our purchasing decisions, leading us to choose items that look good on social media rather than solely based on personal preference. Additionally, excessive social media use can result in psychological distress. Acknowledging these influences and being mindful of our social media consumption can help us maintain a healthier perspective on success and well-being.
The Impact of Social Media on Emotions and Self-Perception: Social media can distort self-perception and cause feelings of inadequacy through passive consumption and comparison to others' highlight reels. Be aware of this manipulation and limit use for a healthier perspective.
Social media can have a significant impact on our emotions and self-perception, leading to feelings of inadequacy and FOMO (Fear of Missing Out). People often present only the best moments of their lives online, creating an unrealistic standard. This passive consumption can easily lead to wasted time and stress. However, the issue becomes more pronounced when we actively compare our lives to others' highlight reels. A notable example is Dan Bolzarian, an Instagram influencer who presented a lavish lifestyle but was revealed to be living beyond his means, using his company to pay for extravagant expenses. It's essential to be aware of this manipulation and remember that social media often doesn't represent reality. To mitigate the negative effects, conscious efforts to limit social media use can help maintain a healthier perspective on life.
The Deception of Perceived Wealth: Be cautious of comparing your success to others, as appearances can be misleading. Innovative solutions like Tap to Pay on iPhone can simplify business operations and enhance customer experience.
Appearances can be deceiving, and it's essential to be aware of the true circumstances behind people's successes or lifestyles. The discussion revolved around Dan Bilzerian, who was labeled as a renter by Forbes despite his claims of owning a $60 million mansion. In reality, someone else was footing the bill. This example highlights the importance of not comparing one's success to others, as everyone's circumstances are unique. Additionally, the conversation introduced Tap to Pay on iPhone powered by Stripe, a game-changing solution for businesses to simplify payment acceptance. This innovation enables businesses to increase revenue, expand reach, and enhance customer experience with no additional hardware required. Overall, the conversation underscores the significance of acknowledging the complexities behind people's achievements and the power of innovative business solutions.
Pressure to buy expensive items on social media leads to debt for new parents: Social media can create unrealistic expectations for new parents, leading to unnecessary debt. Remember, babies don't need the most expensive items to thrive.
Social media can put undue pressure on individuals, particularly new parents, to buy expensive items and maintain a certain lifestyle, leading to debt. The woman in the discussion found herself in a cycle of debt due to increasing rent and expenses, influenced by influencers promoting pricey home decor, furniture, and baby items. She eventually recognized her problem and started an Instagram account called "my frugal year" to share her journey and teach others how to avoid the same pitfalls. It's important to remember that babies do not need the most expensive items to thrive, and the pressure to buy the best can make parenting more costly than necessary. It takes courage to admit and share financial struggles, but doing so can help others avoid the same mistakes.
Pressure to keep up with perceived ideal lifestyles on social media: Gen Z and millennials in the UK spend £400 a month trying to emulate Instagram stars, with some going into debt. Recognize and challenge feelings of jealousy and comparison to prevent impulsive spending.
Social media can create pressure to keep up with perceived ideal lifestyles, leading to unnecessary spending and even debt for young generations. According to a study by Credit Karma, Gen Z and millennials in the UK collectively spend £400 a month trying to emulate Instagram stars, with 7% and 10% going into debt as a result. While it's natural to feel jealousy and comparison, recognizing these feelings and questioning their root cause can help prevent impulsive spending. Social media presents a highlight reel of people's lives, and it's essential to remember that. When you find yourself comparing your life to others, allow yourself to have the initial thought but then actively challenge it with rational thinking. Instead of deleting your social media accounts, use them mindfully and focus on the positive aspects they bring.
Achieving balance between social media and personal goals: Limit social media use or curate feeds for goals alignment, define personal success, and maintain focus on priorities for mental well-being.
Finding a balance between social media use and personal goals is essential for mental well-being. This can be achieved through various means, such as taking a social media detox, which involves limiting or completely removing social media use for a set period. Alternatively, one can curate their social media feeds to follow accounts that align with their goals and values. Additionally, it's crucial to define what success means to oneself and not let external influences sway that definition. By doing so, one can maintain focus on their priorities and increase overall happiness and fulfillment.
Social media and unrealistic expectations: Social media can create unrealistic expectations, leading to financial stress and FOMO. Remember, what we see online isn't the whole story, focus on authenticity and transparency, understand platform differences, and prioritize financial well-being.
Social media can create unrealistic expectations and feelings of inadequacy, leading to financial stress and FOMO (Fear of Missing Out). However, it's essential to remember that what we see on social media is often not the whole story. People curate their online presence to reflect their values and experiences, and it's important to recognize that. Moreover, it's okay to feel these pressures, but it's crucial to work towards shifting our mindset away from comparing ourselves to others and focusing on our unique journeys. Authenticity and transparency on social media platforms can help bridge the gap between perception and reality. Additionally, understanding the differences between various social media platforms and their intended uses can help us manage our expectations and interactions more effectively. For instance, Instagram may be more focused on showcasing the best moments, while Snapchat may offer a more raw and unfiltered view of everyday life. Ultimately, it's essential to prioritize our financial well-being and invest in our future rather than trying to keep up with the Joneses or constantly seeking validation through social media. By focusing on our values, goals, and the present moment, we can create a more fulfilling and balanced life.
Takeaways from Girls That Invest: Important reminders before making financial decisions: While Girls That Invest offers valuable educational content, remember to conduct your own research, use due diligence, consider your unique circumstances, and consult with a financial professional before making any financial decisions.
While Girls That Invest provides valuable educational content, it's essential to remember that the advice given is general in nature and should not be used as the sole basis for making investment or financial decisions. It's crucial to conduct your own research and use your due diligence before making any financial moves. Always keep in mind that everyone's financial circumstances are unique, and what works for one person may not work for another. Therefore, it's essential to consider your individual circumstances before making any financial decisions. Lastly, always remember that Girls That Invest is not a financial advisory service, and we strongly encourage you to consult with a qualified financial professional before making any significant financial moves.
