Insights

Breaking The Internet or Going Broke Because of It

How social media and online platforms can affect your financial and emotional well-being.  The worse place to be in 2020 is social media-rich, but secretly financially broke. 

Internet Impact

  • eight-year-old millionaires
  • eight-teen-year-olds suicidal
  • twenty-eight-year-olds envious
  • thirty-eight-year-olds anxious
  • four-eight-year-olds depressed
  • fifty-eight-year olds reconnected
  • sixty-eight-year-old fashionista
  • everyone else will fall somewhere in the middle.* Those who ask what is this social/internet? Extremely Happy or Extremely Out of Touch, i.e., Socially Media Illiterate

As I mentioned in a previous article, we are in a cash-flow crisis. Unfortunately, the cash-flow crisis hasn’t hit the social media platforms YET, but as history has shown, those in the financial delusion state are always the last to know. Unfortunately, this is the only time in history that the reality of being social media-rich and privately broke will be on very public display. Examples; how people judge athletes or celebrities for going broke. The second would be someone in your immediate circle who has been married for thirty-plus years, getting a divorce to marry a newfound or long lost love that they connected with on social media/FB.

After thousands of client interviews and continuous research, I’ve found you will have three types of client experiences; Financial Delusion, Financial Independent, or Financial Freedom.

“Successful individuals are keenly aware of how they spend their resources, including their emotional and cognitive resources,” Stanley Fallaw

How does all this relate to wealth, health, and happiness? It has created a new standard for wealth, health, and happiness. For example; the number of minimally invasive procedures tripled between 2000-2018, according to the American Society of Plastic

Surgeons. *55% wanted to improve their appearance in selfies. “Snapcat Dysmorphia” stated Tijion Esho

Amazingly sixty-five to as high as seven-five percent of these surgeries were financed. i.e., credit card, line credit, 401k loan, etc

Why is happiness so expense in 2020? US researchers found people aged 30 to 49 are more likely to report mental health problems if they use social media often, as are the over-50s. The digital natives, aged 18 to 29, who have grown up with sites like Instagram and Snapchat, suffer no harm, but some say they are feeling the residual effect of this new age problem. Most often, if you can’t find happiness from within you searching for things that not only cost you today but in the future.

And investor Warren Buffett, who spends 80% of his days reading, has said he has a “disgusting pile” of books by his chair.

Those who found wealth, health, and happiness have mastered both their minds and money!

They say those without a voice *Kids and those who lost their voice* Elders are the individuals who will provide you with wisdom and truth. Both groups started their pursuit to either become or stay relevant. The fantastic thing about having a child-like approach or wise-mind view is you gain from your experience because its without expectation. You have eight-year-old making millions, and eighty-eight years become youtube stars.

https://www.youtube.com/user/thiskidneedsmedicine

As I continue to share my perspectives on life and money management, I hope it will be time well invested. I spend most of my days helping clients manage their minds and money through strategically thinking through each personal or financial decision so that they can bank on the fact that if it workouts as planned or not, we feel good about the plan in place. Our approach to breaking the bank is based on allocating the time, strategic planning, self-assessment, and true relationships.*NOT LIKES/ Friends/Connections

Please email d.felder@holisticplanners.com if you need to have a strategic conversation around any business or personal life or money management concern.

All content should be viewed as information only and not financial or mental advice.

Source: https://www.businessinsider.com/how-millionaires-billionaires-spend-time-reading-exercise-sleep-2019-2

https://www.youtube.com/user/thiskidneedsmedicine

https://www.businessinsider.com/ryans-world-boy-makes-26-million-per-year-on-youtube-2019-12

https://www.inc.com/amy-morin/7-reasons-mental-health-issues-financial-issues-tend-to-go-hand-in-hand-and-it-has-nothing-to-do-with-cost-of-treatment.html

https://www.cnbc.com/2019/01/09/shutdown-highlights-that-4-in-5-us-workers-live-paycheck-to-paycheck.html