Financial Education: Controlling Envy

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(Edited)

▶️ Watch on 3Speak


Trying to keep up with the Joneses can be fatal to one's financial future.

A lot of financial success is determined by our psychological makeup. If we are unable to control ourselves while allowing our emotions, especially envy, get the better of us, that can be a path to financial hardship.

In this video I discuss how many professional athletes and lottery winners are the epitome of the psychological mindset that creates poverty. They simply are not prepared for the wealth they receive and squander it on images of wealth.


▶️ 3Speak



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Being involved in crypto has made me learn a lot about how money works and how you are supposed to make it work. Still baffles me why this stuff it's thought in every school on earth

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I think it is by choice. I really dont think they want people to understand this stuff.

If people knew what money was all about and how it is truly made up, they would not be so controlled.

It is great that crypto is teaching us all these lessons that werent taught in school.

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Exactly. Those who run the world need the bottom feeders who can't control their urges.

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Well people are always comparing themselves to others and they don't think about whether or not they need something. Its also the reason why most of them will fail to generate wealth long-term but I like to think most of us in the crypto space are not as dumb.

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I think there is still a lot of comparison in crypto.. It think people are starting to learn that it is best just to focus upon growing one's account and let things end up how they may.

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IMHO, frugality and refusal to "keep it with the Joneses" is much easier when someone is a single individual than being married and having children.

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Summary:
In this video, the speaker delves into the psychological aspects of financial management, particularly focusing on the dangers of envy and keeping up with the Joneses. He discusses how people, including lottery winners and professional athletes, often struggle with managing sudden windfalls due to societal pressures. The speaker emphasizes the importance of self-awareness and self-control in financial decision-making, pointing out the pitfalls of consumerism, debt, and materialism. He stresses the significance of saying "no" to unnecessary expenditures, highlighting the need for individuals to prioritize long-term financial security over short-term gratification.

Detailed Article:

Task begins the video by shifting the focus from financial education to the psychological aspect of financial decision-making. He introduces the concept of "keeping up with the Joneses" and highlights how envy can lead to harmful financial behavior. Task draws attention to lottery winners and young professional athletes who often struggle to manage their newfound wealth due to societal pressures to display affluence through material possessions. He points out the pitfalls of succumbing to consumerism and living beyond one's means in an attempt to impress others.

The speaker delves into the dangerous allure of credit spending, emphasizing how individuals often rely on credit to satisfy immediate desires, leading them into a cycle of debt. He discusses how the desire for instant gratification and a sense of entitlement can derail one's financial stability. Task highlights the societal influences that propagate a culture of materialism and overspending, urging individuals to look within themselves for financial discipline.

Task underlines the psychological elements at play in financial markets, explaining how emotions like fear and greed can cloud judgment, even with access to trading systems. He stresses the importance of self-control and adherence to financial strategies in achieving long-term wealth and stability. Furthermore, he warns against the societal narrative of limitless consumption and pushes for a shift towards conscious spending and prioritizing financial freedom over fleeting status symbols.

The speaker emphasizes the need for individuals to take ownership of their financial decisions and resist external pressures to overspend or accumulate debt. He cautions against the dangers of falling into a cycle of constant consumption and impulsive purchases, urging viewers to cultivate self-awareness and discipline in managing their finances. Task concludes by highlighting the significance of prioritizing financial security over fleeting desires and ego gratification as key to achieving long-term prosperity.

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