Is social media preventing you from getting rich?
IG influencers who appear to be thriving may actually be in debt, living beyond their means, or lacking savings. Although we appreciate social media, what we see may not always be accurate.
Ever felt like you were living two lives: your real life and the one you show on social media? In the digital age, online personas are the ones we spend time perfecting. And why not? Everyone, from friends to relatives and future employers, is watching. It’s natural to want to put your best foot forward and, in doing so, create a version of your life that’s engaging, inspirational, and aspirational.
“Public Service Announcement:
Your friends appear a lot richer on social media than they actually are.”
At first glance, it might seem like your social media obsession has nothing to do with your personal wealth. You might be surprised to find out how much it can cost you.
sOCIAL mEDIA mAKES iT hARDER tO kEEP uP wITH tHE Joneses.
The “Joneses” can be anyone—a person or couple that seems like they have it all: attractive spouse, great apartment, high-paying job. It’s only natural to compare yourself to them and find yourself lacking.
I have news for you: The Joneses have their own problems! Things are rarely as rosy as they appear. It used to be easier to ignore the Joneses of the world and focus on your own life. Now, with constant images bombarding us on social media, there’s no escaping the seemingly endless number of people living enviable lives.
Truth bomb: Insta-envy is real.
Here’s another #truthbomb: People look much richer on social media than they actually are. Insta-envy is SO real.
TIME sPENT oN sOCIAL mEDIA iS tIME lOST.
Don't worry. I am not suggesting you should never visit a social page again. Instagram, Snapchat, and others are fun ways to keep up with friends and the world around you. But if you're finding that you frequently scroll so far down your IG feed that you see repeat posts and can't remember a time before you started scrolling, it's time to back away from your device.
Social media is entertaining, but there are countless activities and experiences that bring far greater joy.
While I enjoy social media as much as the next person, there are many better ways to spend your time. Pick up a side hustle, learn a new skill, or read that book your mom gave you. Embark on a journey of self-improvement that doesn't involve buying things you don't need or stalking people who've remodeled their kitchens.
The easiest way to eliminate social media FOMO is to stop looking and start doing. You might find that after a few Instagram-free weeks, you won't even care what other people are doing because you're also on your way to great things.
IT'S gOTTEN rEALLY eASY tO bUY oN sOCIAL mEDIA.
Retail matchmakers can make purchasing far to easy
Retailers are exceptional at targeting audiences — acting as matchmakers between persons and products. Ever wonder why two seconds after you google “Omega watches,” Omega ads pop up on your social feeds?
Companies pay money to find out what people are searching for. They then use that data to advertise directly to people they know are interested.
To top it off, many retailers have rolled out simple, beautifully designed feeds and sites that make it easy to buy. One minute you’re scrolling Instagram and the next, you’re inputting your credit card info without leaving the app. It’s a genius move on the retailer’s part—welcoming apps and targeted advertising campaigns make it hard to realize you’re being sold anything.
Next time you find yourself online shopping, ask yourself: do I actually need this, or am I just buying it because it's right in front of me?
Before I sign off, here is a bit about micro-influencers. Micro-influencers are individuals with a social media following of 30,000+ who get paid to advertise products on their social feeds. Successful micro-influencers can make as $10,000/month in sponsorships!
If you have that kind of following and a knack for creating eye-catching posts, then you may be able to profit from social media. However, if you have fewer than 30,000+ followers, investing too much in the Insta-façade can be risky.
For most of us, keeping up with the Joneses is more likely hurting our net worth than helping it grow.
Stash Wealth provides financial plans designed to assist high earning young professionals build and manage their wealth.
Stash Wealth offers a pragmatic approach to financial planning and wealth management. Whether saving up for Tahiti or a Tesla, we help you achieve your short-term and long-term goals.
Written by Stash Wealth Staff Writer
Stash Wealth Staff Writers are knowledgeable about personal finance topics. Their objective is to unravel the complexities of finance trade jargon, products, and services in order to equip HENRYs with a sound understanding of financial matters.