The ostentatious display of wealth on social media is often not what it seems, notes renowned American financial expert and author Dave Ramsey. "Expensive cars, luxury vacations and other extravagant displays are rarely true indicators of wealth," he says, according to Benzinga.
It's a modern twist on the ancient concept of keeping up with your neighbors. The pressure to live up to the lifestyle seen on social media can have devastating financial consequences, he says.
You may have heard of body dysmorphia, but what about money dysmorphia? A new trend is destroying a generation. Financial advisors have coined the term "money dysmorphia" to describe feelings of financial insecurity or the feeling of not doing well in comparison to others.
29% of American adults surveyed by Qualtrics for Intuit Credit Karma said they experience “money dysmorphia.” A staggering 62% of Gen Zers report financial pressure to keep up with their peers and family members.
A LendingTree study found that 51% of respondents admitted to spending too much to impress others, and 56% are now in debt due to overspending.
So what is the true sign of wealth? Ramsey says it's three things: "making an impact through giving, leaving a legacy, and having options in how you live your life."
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