Do you also feel that you are behind financially after seeing your friends buying new homes, buying expensive cars, goes for vacation every now and them. If yes, then let me bust the myth for you that you are not actually behind. The problem is everyone do showoff and with social media showing off is so common. And for that showing off, people usually spend a lot of money and that's doesn't make them wealthy.
For example, you see your friend buying a new house and you stay on rent. You think that he might be earning very good or he is wealthy. But the thing is he had taken a good amount of loan to buy that house and he will be on EMI for the rest of his life and on the other hand you are staying on rent and at the same time you are saving for your future. And in future if yoy have the sizable corpus, you might but a house too.
Now people buying a designer clothes and other things might be on debt or living paycheck to paycheck. On the outer they might feel like wealthy or financially sound but on the inside they are actually not. Let me tell you a story, I once had a collegue who was a bug spender, we all thought he was earning well. But one day we came to know that he had a credit card debt of over 5 lakhs. On the outside everyone thought he was wealthy but he was not.
Now if we compare with others it might feel like we are lagging behind because we don't know their financial condition. So we have to compare us with our past self. If we are creating assets, if we are saving enough and if our networth is growing. If yes, then we are doing really well and we are not financially behind of anyone.
Please watch the above video and let me know how I can improve.
