The trap of comparison. We all find ourselves entangled in it at some point. Comparing oneself to others can often feel like an automatic response. However, when you compare your financial status with others, it could well be like equating apples to oranges.
Perhaps you’ve witnessed someone else clear off their debt quicker, leading you to question why you’re lagging behind. You might hear a friend discuss an upcoming vacation, which makes you question your own financial restrictions that prevent you from traveling. Seeing an article online about someone gaining financial independence at 32, while you’re the same age but barely started saving for retirement, can seem disheartening.
Such comparisons can precipitate a wide range of emotions, from insecurity to inadequacy about your life and financial standing. The optimal solution may be to evade comparisons completely, an approach easier said than implemented. If you sincerely want to curtail such contrasts, here are a few useful tips.
APPRECIATE THAT COMPARISONS ARE TIME-WASTERS
On a serious note, I vouch for this belief, however you want to interpret it. Drawing parallels with others is as productive as whining. It consumes time and mental energy, without effectuating improvements in your situation.
I recently shared my debt clearance story on a leading TV channel and it was publicized on social media. Against advice, I ended up reading some of the comments. While most of them were positive, a few were overly critical.
One commenter questioned my child’s age and childcare expenses, arguing that managing such a feat with a young child and daycare costs would be nearly unfeasible. While the comment was relevant, it was evident that the person was juxtaposing her situation to mine, doing more harm than good to herself.
I can appreciate that people have queries and need more information beyond a brief article about my experience. Nevertheless, comparing your circumstances to mine and letting that dampen your drive won’t benefit anyone.
On encountering financial success stories, I often take them with a grain of salt. I understand that not all experiences and practices of that person will align with my situation. That’s fine! What I avoid doing is wasting my energy in irrelevant comparisons. Instead, cherry-pick useful advice or strategies from these stories and adapt them to our lives. Consider someone else’s progress as an inspiration, not a trigger for pointless comparisons.
Beware of comparing your financial journey with others!
DON’T JUDGE PERSONAL LIVES BASED ON SOCIAL MEDIA
The advent of social media has led to a proliferation of assumptions about people’s lives. Posting and curating feeds can present a distorted image of reality. Sharing too much positivity on your feed might give an impression of you showing off, while posting about struggles may be seen as negative and oversharing.
However, don’t be quick to judge based on these outward displays. A close friend posting about extravagant travels while you’re grappling with debt can trigger comparisons. Yet, you might be oblivious to their personal struggles that influenced such decisions.
STAY ON COURSE WITH YOUR PLAN
What is your financial plan? In other words, what are your financial goals and how do you intend to achieve them? Remember, everyone’s financial aspirations are different. The key point to remember is that life’s seasons are ephemeral.
Take ownership of the phase of life you’re in and develop a plan that helps you progress to where you need to be. Avoiding futile comparisons will help you stay focused on your path.
PRACTICE GRATITUDE
Emphasizing gratitude can alleviate the urge to compare your financial situation to others. Devote a few minutes each day to appreciate what you’re grateful for. It enables you to concentrate on your achievements, rather than your shortcomings.
FINAL WORDS
The act of comparing your financial progress to others’ is just a habit that you’d do well to abandon soon. Everyone’s journey is unique given our distinct objectives, situations, privileges, and limitations. Be thankful for where you are today and keep advancing financially. Remember, focusing on your path and financial aspirations is paramount.
