How Social Media Is Making You POOR
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- čas přidán 11. 09. 2024
- The reason people are spending more money now than ever.
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Throughout history, people have always been pretty bad with money; however, in the last 15 years, it seems like people are spending more money than ever. Many people are spending money in extremely irrational ways, which I believe is because of social media.
In this video, I explain how social media can make you poor. And hopefully by understanding some strategies used on the internet, you can become more aware and save money.
"5 Ways Social Media Affects Your Spending Habits."
1. Bot Majority Opinion
It is estimated that over 52% of users on the internet are bots, which are often used to carry out very malicious tasks. One of the biggest tasks that bots do is create an artificial majority opinion to influence individual decisions. We will often use reviews or comments to help sculpt our opinion or decision about something; however, this is a bad thing to do because oftentimes these comments or review sections have been manipulated by bots to create an artificial majority opinion. This opinion could make you spend more money on things.
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2. Tribalism
The internet is often about meeting like minded people who share similar values and interests. When we finally find our "tribe" on the internet, we often make decisions based on how members of our tribe are making decisions. This can cause people to make really irrational decisions with their money. Instead of buying something because it is what we want to spend our money on, we buy it because other people are influencing our decisions. Having huge devotion to a "tribe" could make you spend more money on things you don't actually want.
3. Rich Standard Of Living
Social media has allowed us to see into the lives of others. The lifestyle that algorithms push out the most is the lives of the rich and famous. It is the lives of people who live very superficial lives. When we consume a lot of this type of content, it distorts our view on what is a good, "Standard of living." When you're constantly comparing your normal life to the lives of rich people, it makes you feel like you have a low quality of life. It gives you an unrealistic, unnecessarily high standard of living to strive for, which, ironically, lowers your quality of life due to going in debt.
4. Peer Lifestyle Comparison
Oftentimes, on social media, we compare where we are at in life to our peers on social media. You might see a peer who is making a lot of money with a big house and it can make you feel behind in life. When you are constantly comparing your lifestyle to that of your peers, it often makes you feel like you need to spend a lot of money to keep up with your peers. The common expression for this is, "Keeping up with the Joneses." Constantly comparing your life to your peers not only makes you feel bad about yourself, but it also makes you spend a lot of money.
5. Insecurity Overload
People have always been bad with money; however, how people are spending their money now seems to represent increased anxiety, depression, and insecurity. Social media often makes people very insecure about themselves and when people are insecure, they are more vulnerable to spend money. It causes people to make irrational decisions with their money. It is important to take breaks when you're feeling insecure so you are able to think more rationally.
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![The OTHER Inflation [and it's much worse]](http://i.ytimg.com/vi/V4Zx0d128WI/mqdefault.jpg)
I had friends who looked like they had an amazing life. Lovely home, multiple posh cars, holidays away etc. I was envious watching them have all the things my limited circumstance kept from me. Then the midden hit the windmill and it turned out it was funded by being in debt up to their eyeballs. It was a big lesson for me-I don’t have a lot, but I have a safe, affordable place to live, food on the table and all the necessities of life without debt. I don’t get envious anymore when I see people with a high lifestyle because I now appreciate having enough for my needs.
The people who look rich are usually poor and some poor people are millionaires.
Check out the book millionaire next door.
Not just poor, social media makes me miserable. Actually, I'd argue the vast majority of the internet development that has happened over the last 15 years has destroyed society. I don't have any friends, haven't so much as had a date in about 6 years, and overall just hate the current state of affairs.
Me too. I don't have real friends and I don't feel like a lot of people can relate to how I feel in certain topics
People replace friendship with social media. It's happening to me. Friends don't even want to meet for a walk or lunch. Just sit home in isolation.
Totally agree. Our society is decaying rapidly.
If, in your opinion, it makes you both poor and miserable then why do you use it?
@@derp7738 addiction. Social Media = Crack Cocaine.
Peer Comparison... I am caretaker to my husband who has Parkinson's and we have a beautiful home and a beautiful simple life, but when I went on FB I felt bad because my peers were traveling all over the world in their retirements. I quit FB because it made me feel I was missing out. When I didn't go on FB I was completely happy and content with our simple life. Also, regarding Insecurity... I used to watch some YT videos on women over 50 and how to not look frumpy and they were always triggering me to buy the cool white sneakers, or the trendy blazer, etc. I unsubscribed from them all realizing they were making me feel insecure about my perfectly nice wardrobe... I guess that is also tribal... to be a cool woman over 50 you need these sneakers. Ridiculous! Good video Augustine!
Oh I just hate those "how to dress" videos. I love my clothes that I bought at the flea market. They're pretty and well made and I've carefully repaired, replaced buttons, whatever. I don't care that they're years out of style cause I look good! Also I can't afford anything. My idea of eating out is moving dinner to the back porch. I'm putting in a garden this year cause I can no longer afford food. But I'm still living my best life. I have a home that I love, friends that are precious to me, and hobbies that keep me happy.
What I've seen is that social media makes me feel poor even when I have enough money... because it leads me to compare my house, my car, my possessions and my entertainment options with those that influencers have, which is way beyond my budget. To avoid jealousy and discontentment, I think we should avoid looking at what others have and stop wanting what they possess.
Exactly. Stop comparing and stop listening to these people. They will not pay for our retirement or care for us when we are sick and old. So, do what is right for us only.
"Comparison is the thief of joy" - T. Roosevelt
Best thing I've ever done was getting rid of social media. I love my modest lifestyle and feel blessed to have what I have.
Specially bc it won't bring us happiness
I have a love hate relationship with social media. I ordered a coffee maker. It lasted over 10 years. I got it on clearance and checked Amazon for the reviews. A lot of people complained about the water reservoir. We liked it. We have heard so many good things about the brand. We were impressed. The reviews made no sense. I like buying one and done products. I use a Motorola cell phone. It's cheap and does what I need it to. No kids here....just pets. My pets were rescues. My peers are broke. I'm not. My life is good overall.
I use a Motorola cell phone also. It was free and my service is only $15 a month with Xfinity. It does the job for me I never bought into the Apple Craze. Although I'm thinking of buying their stock, haha. Not because I believe in them but because the rest of the world seems to
I don’t see, why you buy stuff promoted on social media. Why would anyone do that?! 😂
I feel that sometimes the more often people feel the need to show how wonderful their lives are on social media, the more dissatisfied they actually are with their lives.
20 years ago, I read Rich Dad, Poor Dad. In it, the author says rich Dad was the one with the old car and the second hand furniture. This is why my furniture is crappy and old. But I bought my house and I have a lot of free time to enjoy life. I'm extremely choosy about what I spend money on.
i just got a small windfall of $ & instead of buying something like shoes or clothes. I heard u in my head say "Intentional living & slow living" so I went straight to the bank & paid off a credit card. Yay for small wins & your content!
That's fantastic! Feels great to pay off debt.
@@noreenn6976 thx Noreen!
Old lady here. Even before the internet and social media, hyper consumerism was rampant. Opted out early, no kids by choice, home paid for by 35, retired comfortably at 50. Frugal habits did that on an income of 30,000 to 40,000 a year. I pity youngsters who can't discern between influencers and serious research necessary for any product. You seem well grounded. Hang in there.
That’s exactly why I left Facebook. Also, the lack of real conversation with most people… Great content as usual, thanks for this video!
Quit all social media. It’s a waste of your time and energy.
I deleted my FB & IG accounts because I could no longer tolerate the lies and marketing bs. CZcams and Twitter (for stocks discussion) are all that I have now, and I'm happy with both.
Love your videos, Austin. 👍
Ditto!
I got rid of LinkedIn last year. Just CZcams left really.
Thanks!
i am falling towards this! but i do love IG for travel tips and food places to visit too! haha
You are exactly right, its ridiculous. The kids nowadays are being influenced badly by social media.
It's everyone. Not just kids
You're right. They've been brought up with social media. There was no Internet social media around when I was a kid. It's easier to be less tempted by it if you were not brought up on it.
My best friends all try to keep up with the Joneses and find my simple way of living amusing. However, my children are highly educated, employed and don't have university debt; my house is paid and my car will be paid off within a month, after which I will have no debt. I'm going into retirement knowing that I can deal with a smaller income and the ability to create additional income. The Joneses? Don't know them.
That's amazing! Great job!
Not being on Instagram has drastically reduced my anxiety, and for that reason it is worth it for me to remain away from it and focus on bettering my life in every aspect. I’m much happier now. CZcams is amazing though, I love to learn.
This exactly why I decide to focus more on me and less on other people ! And it took me time to understand that my life it’s different from others and that my goals are not others peoples goals, and also that what makes me happy might be something totally different to someone else. Focusing on my has allow me to create boundaries about the things that I chose to influence my life! As always great vid. Thanks Agustin!
Fortunately as a tail end and recently widowed "boomer" I never grew up with social media, and only primitive technology at home. I detest Facebook - created an account once due to a friend passing and ended up getting bombarded with messages from people that wanted to display their lives to the world......deleted. Done. I'm comfortable with self and would rather play guitar, clean my house, be outside any time of year. Heck, I'd rather watch tv than become a passive voyer to an endless array of insecure people that I don't care anything about "posing" themselves 😄
Superb video Austin. I’d love you to do one about specifically about hobbies and how consumerism exploits our insecurities about needing the latest or best gear to do the hobby. For example my main hobby is landscape photography, it’s very hard to watch anything on CZcams without coming away feeling like current photography gear is inadequate or the barrier to taking better photos, when in fact the main barrier is being stuck in a 9-5 and not being able to practice and learn more. 😆I’m sure this is the same for many over hobbies too. I bet there are people out there working extra hours to pay for equipment they didn’t need rather than just getting out and using what they already have.
Iphone is good enough for photography these days, just learn to use good paid app for filming. Don’t believe those sponsored misleading videos, those influencers get equipment for free with expectation to say specific phrases to us, which is usually marketing ВS. Trust your own instinct and eyes.
So true. Most of my impulse speding are from seeing influencer using a product.
I can't relate to living above my meanings, I just don't get it. I've always tried to spend my money wisely, been a saver since I was 8 yrs old. Never looked for a specific brand, just for good quality but less expensive than famous brands. I've sold or thrown away a lot of things keeping only which I use and enjoy. Learned to wait to buy something until I really know I need it or really want it. Learned to read books from the libraries or wait for prices to get down even after years or seasonal sales. I never buy on a whim. I feel guilty even buying a coffee outside so when I do that I make sure I take my time and read or talk with a friend too. I just see how everyday drops become oceans. I usually save coins and end up having hundreds of euros in coins to spend on some kind of gift for myself at a given time 😂 I deleted FB and only use other socials to post my stuff, but I don't like to look at the life of others. YT is an exception. I feel that "poverty" (not really but I come from a big family my dad working 2 jobs to get to the end of the month) in a way has taught me to manage my money.
You have changed my mindset so much in a positive way ☺️
Awesome!
All of these comments prove how society really feel about social media and the way the world is going. All comparison and competing. I could never go back on social media. It’s tainted with rotteness. Great video
Good god, Austin. I think you just hit the nail on the head on what started me down this long debt journey. I'm 51. I'm in debt. Been in debt since my mom approved my first Sears credit card at the age of 18. "It makes you feel behind in life that your peers are better than you." For me - this started around 13 years old when I saw that the friends I had lived better than me. That they lived in affluent communities and drove nice cars while I rode to school with friends, lived in a modest and comfortable house with one-parent income. I dated these richies. And my whole goal in college was to finish it so I can make money so I can buy nice things and be just like them. And I have been living like this since for 30+ years. I'm so glad I found your channel. And I'm so glad that once and for all, I'm taking control of my money so that I can afford to retire comfortably in 12-15 years.
Many times I've come to the point of wanting to quit using Facebook for good but I had to get back on it because of certain reasons so I'm going to just try to manage my time on it
It's hard for me because it feels like deleting it would be like deleting my entire contact book.
The reason why social media is this way is due to money. I enjoy social media for being social and that's it. I only post up milestones or accomplishments on social media and that is it. I am going to have to go back into an office for work and I will not be indulging myself as much into CZcams or Facebook anywhere near as much.
I have it in real life more. I am anxious around people and feel like im never good enough. That I will never have a job that pays enough. I am scared not to be able to pay for the apartment me and my bf live in. I also wish I could just work 3 days a week not 5.
ugh same! its also annoying when you meet people and their first move is to ask you what you do for work, how much you earn, where you live and all this stuff. why do we have to discuss these sort of things as a "default"? I dont want to tell others im struggling or earning barely enough to get by. i wish we could give stuff like that lesser value and connect with others on different topics, not the corporate world or money or whatever. its so stupid
Yes😊
I have a job doing food deliveries, so it's good for me that people spend money on food delivery service.
The whole "tribe" thing has its good and bad aspects. I love that I can watch makeup artists and influencers every day now-people with interests in makeup and skin care like I have. And I get to see new products in action and often have been saved from wasting money by watching a review. But you can also feel overwhelmed by so many products being thrown at you!
The only social media i have is CZcams!
Yeeea😊
A good thing I learned to think for myself and not accepting to be influenced by whatever anybody else wants. I can buy what I need and I only want what I need.
It should really be called ANTI social media. I don't do Facebook, Instagram, or Twitter, and don't even have a smartphone...but I do have a diary, and arrange meetiings with real friends, doing things we genuinely enjoy doing together (most often hiking, cooking meals for one another, or just meeting up for coffee). We genuinely care about one another, enjoy good times together, and support each other when times are bad; I truly believe this is the key to a happy life. As for reviews...look at the bad ones first, they are often the most useful (and truthful)!
Austin- I recently discovered a ton of joy and satisfaction that came from culling my belongings and putting limits on what I allow myself to buy/keep. I look at categories of stuff as “collections” like in a gallery, and I’m the thoughtful, creative curator. I would love to hear anything you might add to that idea.
Wow. Eye opener. Daylight robbery. Thank you
Back in the 80s and early 90s when I was in my teens and started working there was no Internet, social media. It was pretty normal to earn, get a mortgage and your major investment would be that house or apartment your would be paying off. Sure there was consumerism and temptations to spend but it was easier to be more disciplined in building up your wealth. Now with social media it is so tempting to be spending, buying things, keeping up with the Jon'es! Many people are caught up with influencers and want to live them like them which is silly because you don't have the same wealth as them. Social media is making some people live beyond their means with all their spending and their financial future is looking bleak.
I thought you said "read the comics" not comments. LOL I was like, what does he ascertain from comic books about lifestyle elevation/brokeness?!! HAHA
I'm sending your videos to my parents because this is exactly what I think communicated really well. As well as relaying good information your videos are very entertaining 🙏🙏
Awesome! Thanks!
Finally a clear mind. Thanks a lot. I only regret the consumerist adds interrupting your videos☹️
I built my gaming pc for probably half the amount of a Mac, my last one is still running after 10 years, I updated it because it's outdated now. I don't like social media for the most part, I like youtube for videos like this. It gets to people for the wrong reasons, it does more hurt than good.
Yeah, when you actually understand computers and what you're getting. Apple does not give you your money's worth, just the name!
@@ElAgustin I have to differ. I like Apple more than PCs because, for me, they’re more reliable than PCs. I find PCs to be very clunky, too much stuff going on at one time, redundancy. My FIL had THREE PCs in the same time I had ONE MacBook. I don’t buy MAC because of the name, I buy it because of the overall value it gives ME.
The “Rich Lifestyle” has absolutely infected my home city of Dallas.
In order to be treated as human, you must pretend to be that unfortunately. 😤
Muchacho, tú eres LO MÁXIMO... GRACIAS CHICO.
You're describing something like the 'medicine man' who went from town to town with his wagon and his magic elixir. Are we chasing after that guy when those people back then never bought anything from him? They waltz all these magic elixirs right into your room, and your mind, and away you go...into that card number field.
I had a MacBook. It completely melted down after 2 years. I never bought another one. The pregnancy pact term is hilarious!
Thank you. I thought it was funny too!
I KNOW I'm living in poverty. But I don't need social media to tell me that. I'm trying to make the best of it by being frugal. However I'm currently guilty of peer comparisons. I need to limit my time on Facebook but youtube. I love my youtube lol
I am going to buy one more decorative art piece for my home office and I am done. I can do it because I am debt-free. Today, that's the same as being rich! 😮
Austin, your insights are phenomenal and appreciated, as always. Thank you!
Thanks for watching!
All very timely and great points. Need to watch my "tribe" and make sure they don't overly influence me.
I'm too busy living my life that I don't have any time left to worry or even care about how other people live their lives.
Tribalism can even come from good people. I watch one English gent who encourages you to buy used and try not to pay full price. Recently he reviewed two quality English sweaters he bought with his own money, fair enough, but it made me want these two sweaters for their quality and English heritage. However, the Can to UK exchange rate put these sweaters almost as costly as a suit. I wasn't forced into Tribalism, but watching the reviews did make me want something I was not looking for before I watched the reviews. I should add that the gent bought the sweaters in part because he was supporting his country's industry; should I want to follow his example, I should be looking at Canadian items, not English.
Well said!! The marketer's will use and exploit any platform and opportunity to advertise or promote something for profit. We as individuals always need to live the most authentic life for ourselves, which we all value. Things, living in the fast lane, careers, houses, cars, holiday destinations, expensive schools, etc don't define us. Living in your means, living in the real world and not through a screen, face to face conversations and connections with people and family members and being in nature etc is a fulfilling successful life.
Keep it up...Austin ❤️
I did not realize that about the bots. I’ve been hearing more and more that the reviews are not all real. This explains a lot. Excellent!
I have an Facebook account but I barely use it. I'm more active on LinkedIn but the focus there is mostly related to business, technical stuffs.
A very good partnering idea to this: social media and technology - when NOT used thoughtfully, when allowed to *control* behavior - is causing a crisis of attention. Johann Hari wrote a book "Stolen Focus" 🤯 Amanpour & Co did an interview with him last month that you can find here on CZcams. Def recommend!
That was my Sociology 101 lecture 10 years ago. Professor warned us delete it
you are so right . Thanks!!! for the reinforcement!!!!
I wish there were more men like you. Muchas Gracias!
Whoa I did not know about the bots And Amazon. If the reviews are in fact the ones you're showing that are long reviews... That's next level. The short reviews sure but the long detailed ones? I am not quite sure
I am soo digging your maroon shirt
New sub here, love your content. Now I'm looking forward to your new videos every week 😊
Good video, great content and commentary.
Too many people are having kids?
What does that even mean? Also, your old friends are having kids at the same time? Aren't they just having them at the normal time?
@@LA-wv7gf I was just reading a book on finances today and it said many people think the cost of kids is too much but when they hit 60, they will soon find out the cost of not having kids is even more.
Yes so true
Thanks,keep going .
I generally can not afford to buy many things a month/year. Going intot 2023 I kind of made a list of wants/needs that I might need to buy. This helps looking forward to purchases. Need=taxes,adobe creative cloud,books for college classes Want=switch with animal crossing and a desk. I am also planning a weekend away and maybe going to 1 or 2 events. These are all things I need to save up for. Then in a week I at least get take out 1ce and drink fresh mint tea and a fancy bread at my colleges cafe. However I only do that when I am 1 really hungry or 2 have a whole bunch of hours of work to do/study.
Just a suggestion - instead of adobe creative cloud, why not explore free, open source alternatives like GIMP, Inkscape, and Scribus?
I've always been good with money. I grew up with 7 siblings and had to earn my own money if I wanted anything special. Luckily my husband is the same and we're debt and mortgage free with 3 properties in our Forties.
Now I’m guilty I just spent my money for bling bling 😂
I 100% agree with this.
I don't agree always with you. But here I agree 💯 percent
I do not intend my channel to be a cult, so glad you don't always agree!
You are spot on with Tribalism.
Very true!
Why I chose to not have it
Wait… does YT count 😮?
You need to start doing podcasts! Love your videos
Maybe in the future. It's hard doing 2 videos a week!
People use to keep up with the Jones they know... Now they try to keep up with the Jones they don't know... BTW the Jones' are in debt.
Couldn't care less about social media. Don't need it.
Thank you so much for another fantastic video
Much appreciated 👍
The amount of makeup, perfume, skin care and nail polish I wasted because of influencers recommendations is mind blogging! Never again 👎
I love the anti Apple stance. You're a good man Austin!
Dude, I love your channel
Comparison is the thief of joy.
Great vid. Needed to watch this.
El Agustín , nuevamente , tiene toda la razón. Poderoso video. Muchas Gracias chico !
Excellent clip....
I like your videos, i hope you keep the quality content.
I hope so too! I'm trying!
yep social media influencers "have" the life
Thank you for this!
Muchos Gracias for helping people!
Thanks for watching!
Half way In this video an iPhone ad popped up lmao- NOT TODAY yo!!
Totally agree with what you have shared in your video Austin. However, i do believe it depends on each person's perspective and will. Some others are more affected by the posts on social media because they feel 'jealous' but instead of feeling that way why not we celebrate what they have achieved and take that as a motivation to achieve things for ourselves. What happens to us is most of the time how we react to things.
No people are saying how can I do what they do..... I am honest enough to know it takes some luck to do stuff.
Thanks for this video, Austin.
I am happy to say i never fell for apple products 😅. I use cheap mobiles and it does the job why i need to buy smtng much more expensive that does the same or even worse job 🤷♀️ dsnt make sense tbh
So very true
Thank you Al Gore... the internet has really changed all of our lives. Ditch the Bots and go old-school with consumer Digest.
Excelsior!
Hola Agustín! Totalmente de acuerdo contigo.
Hola!
Keeps you poor because the more you scroll you lose the opportunity to go make money
Great video, Austin!
And these days most people are like sheep without God.
Thanks!
Wow, thanks!!!!!
"BUSTED" ☹ by: The Late Great Ray Charles
Read the views you can see which are bots or not. There is a way it is written
Great video!! exactly!!
Social media made women want those chanel bags more in my experience. 😅
I myself use Apple products mostly because of their lifespan. Most people have two options: spend less money on a cheaper product (which will fail in a relatively short time) or spend the money on something that will last longer. My last iPhone worked well for 5 years (with 2 battery replacements) and I bought the phone for about $300.00 this made my phone roughly $60 per year which is incredibly cheap. I think the problem is that people replace devices too often because it has a "new" feature. The smart person spends a little more money on something that will last longer and save them more money overtime vs continually buying cheap goods. I've made it a point to avoid advertisements and social media profiles that only sell items.
Well if one makes $60 a month extra per year the savings also seems unnecessary all together. For example my first year I made 8K extra that year. Now if I save an extra $700 how does that matter when compared to the 8K? I would rather say try and increase the income by $50 a month if possible that way the buying will matter less.