on June 8, 2021
In a world inundated with social media posts, it’s easy to compare yourself to others. We see perfect families taking perfect vacations. We see people buying expensive cars and clothing. We are exposed to perfectly styled meals, made from scratch. We view countless smiling faces and very few bad hair days. Their children never throw tantrums and their pets are almost always adorable and well-behaved.
All this perfection can be damaging, and it certainly doesn’t help our self-esteem. On the surface, it seems that no one else is sad or angry. No one else has a messy house or rumpled clothing. No one else occasionally overcooks their dinner or eats microwaved meals.
But that’s simply not true. Everyone has bad days; everyone occasionally burns the chicken pot pie or has a bad hair day. We need to recognize that it’s impossible to glean someone’s full story from Instagram pictures or Facebook updates. We can’t know how happy, healthy, or content someone is from social media.
We can only keep our attention on our own paths and do the best we can.
From a financial standpoint, it can also be harmful to compare yourself, and your progress, with others. No two financial paths are the same. You may have much different expenditures than others, different goals, and different responsibilities. Your salary is your own, and your savings and retirement goals are unique. There’s no use being jealous of 23-year-old millionaires who struck it lucky with cryptocurrency. Conversely, it does no good to look down upon those who have struggled financially and have been forced to work well beyond an optimal age of retirement. Your story is your own, and the only thing to do is try your best with the resources and goals you have.
Financial planners are highly skilled at analyzing the data you give them (your expenditures, income, savings goals, retirement aspirations, etc.) and creating a personalized plan. Any competent financial advisor knows that saving and investing is not a one-size-fits-all endeavor. What works for others may not work for you, and vice versa.
With financial planning, as well as many other aspects of our lives, it’s time we stop comparing ourselves to others. Instead of letting other people determine what is “right” or “normal,” set your own bar. Gauge your own progress according to where you were yesterday and where you’d like to be tomorrow. By keeping your eyes and your feet on your own path, you will not only have greater focus, you will likely also be much happier. This is your personal journey, and it doesn’t pay to let others dictate where you will go and how long it will take to get there.