or How I saved $100,000 before turning 20!
Its human nature to compare yourself to other people.
This can lead to money dysmorphia.
This psychological condition can work in both directions.
The first scenario is typically more common.
You brew coffee at home, you dont walk into Target and you refuse to order avocado toast.
(Can you sense my millennial sarcasm there?)
Money dysmorphia is a blanket term that describes when someone experiences a distorted and irrational preoccupation with their finances.
How Are Younger Generations Affected By Money Dysmorphia?
Influencers on Instagram and TikTok often showcase their glamorous getaways to Ibiza or luxurious stays in Bali.
It can seem like everyone online these days is swimming in cash, even when they arent.
This is compared to 25% of Gen X and just 14% aged 59 or above.
Thats compared to just 12% of those who do not struggle with the condition.
The survey found that 95% of Americans with money dysmorphia say it negatively impacts their finances.
It causes them to overspend, take on more debt and hold them back from saving.
So, comparison is not only the thief of joy, it could also affect your finances.
More from The Penny Hoarder:Should You Be Loud Budgeting?
So we looked into it.
What we found aresimple, millionaire-approved tipsthat anyone can use to manage their money.
If youre feeling the same way, youre probably wondering if you have money dysmorphia.
Here are some key signs:
1.
You lie about your finances.
You constantly compare yourself to others.
But remember, social media often shows the highlight reel, not the full story, he said.
Emotional rollercoaster when it comes to money.
Another sign you may have money dysmorphia is if you often experience intense emotions about your finances.
Both extremes can indicate a skewed view of your financial reality, Ball said.
You set unrealistic financial goals.
Theres nothing wrong withsetting goalsto better your finances.
In 10 days,these 10 practical stepscould help you get back on the right financial track.
Questions To Ask Yourself
Still not sure if you have money dysmorphia?
They can help you understand the root of the problem.
