Social Media’s Impact on Your Money Mindset

There’s a lot of chatter about how social media influences our lives, both positively and negatively. As someone who works closely with clients on their financial planning, I'm particularly interested in how these platforms shape spending, saving, and investing habits. With people spending hours scrolling through curated content, it's crucial to understand its impact.

The Highlight Reel of Social Media
Social media often showcases a polished, exaggerated version of reality. You rarely see posts about the everyday challenges people face, like a child's behavioral issues at school or the stress of caring for aging parents. Instead, you see luxury vacations, front-row seats at concerts, and extravagant nights out. This can create a distorted perception of what’s “normal” and an unconscious pressure to keep up.

For instance, if you follow friends or influencers who are constantly jet-setting to exotic locations and staying in top-tier hotels, it might make your beloved annual beach vacation feel less special. Or during the holidays, seeing friends enjoying time in second homes can make owning one seem more common and necessary than it actually is.

It’s important to remember that social media often highlights the best moments, not the full picture. I always encourage my clients to set personal financial goals that reflect their own values and priorities, not the curated lives they see online.

Staying Grounded in Your Financial Reality
There’s absolutely nothing wrong with traveling or owning a second home. In fact, with proper financial planning, these can be realistic and fulfilling goals. The key is to avoid falling into the trap of feeling like you never have enough or constantly need to upgrade. It's about making choices that align with your own financial situation and long-term goals, rather than trying to match what you see on social media.

My Journey with Social Media
Personally, I took a break from social media for eight years before re-engaging this year for our business. The goal was to educate clients and connect with them on platforms they were already using. This decision has transformed our business in many positive ways. We've been able to share educational content and resources, not just for our clients but also for their children and grandchildren through our NexGen platform. It's been incredibly rewarding to see how this initiative has helped families become more financially informed and confident in their decisions.

Navigating the Digital Financial Landscape
Social media undeniably influences our views on money, spending, and investing. By being mindful of its impact and choosing to consume content thoughtfully, you can navigate this digital landscape without compromising your financial well-being. Remember, your financial journey is unique, and staying true to your values and goals is the cornerstone of long-term success.

If you ever feel overwhelmed or unsure about your financial decisions, don't hesitate to reach out. We're here to help you stay grounded and focused on what truly matters in your financial journey.

The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the author and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. This information was developed by Oechsli, and independent third party, for financial advisor use. Raymond James is not affiliated with and does not endorse, authorize or sponsor Oechsli. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

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