#21 - The Joneses Might Be Broke
It is so easy to fall into the comparison trap. Occasionally this comparison actually changes our lifestyle or purchasing decisions. Thus the phrase “Keeping up with the Joneses.”
I don’t see all comparison as inherently wrong; since healthy competition (in worthwhile endeavors) can push us forward. However, comparing cars, houses, lifestyle etc. is essentially nonsense.
This is partly because I will obviously always win that comparison with my speedy Toyota Prius. Also, after five years in financial services, I am convinced that the size of someone’s house, the price of someone’s car, even the amount of money an individual makes is far from a direct correlation to someone’s financial position or peace about their finances.
We see the outside of the mansions without seeing the crippling mortgage. This is obviously not the case for everyone, however, the simple fact is we don’t know. The Joneses might actually be broke.
My encouragement for us is to not look at the Joneses. We can focus on stewarding the financial tools we do have.
Interesting Article(s) or Video(s)
The SECURE Act was officially signed into law. This article is a little technical but does a good job of highlighting some of the major pieces of the bill.
Thank you for reading! Do you feel yourself trying to keep up with the Joneses?