6 Things To Do When You’re Envious of a Friend’s Financial Milestones
Written by
Cindy Lamothe
Edited by
Jenna Klaverweiden
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There is possibly nothing worse than feeling envious after meeting up with a friend for lunch and hearing all about the new house they just bought or the trip to Italy they just booked with their savings.
But instead of getting flustered by their success, experts say to use your envy to fuel you and your finances.
“Feeling jealous of a friend’s financial success is natural, but it can also serve as a motivating force to enhance your own financial well-being,” said Wes Lewins, chief financial officer of Networth.
Below, experts outline what to do when you’re feeling envious of a friend’s financial milestones.
Start by Defining Your Own Financial Goals
According to Lewins, defining your own goals will help you focus on what you truly value — whether it’s saving for retirement, buying a home or funding personal hobbies.
“This clarity allows you to tailor your spending and saving strategies accordingly, instead of making unfavorable comparisons,” he said.
Rose Jimenez, financial specialist and chief financial officer of Culture.org, agreed. “First, engage in honest self-reflection about your current financial standing and define what financial success means to you,” she said. “This might differ greatly from your friend’s goals; perhaps you value experiences over possessions, or maybe you’re more focused on long-term financial security.”
Once your goals are clear, she recommended outlining a realistic plan tailored to achieving them. This plan should include actionable steps, such as setting up a budget, saving a portion of your income regularly and exploring investment opportunities that match your risk tolerance.
Invest In Your Financial Education
Jimenez recommended investing in your financial education by exploring resources that can provide guidance and new perspectives on money management.
“Whether it’s books, financial blogs or online courses, expanding your knowledge will empower you to make smarter financial decisions,” she said.
Lewins noted the same. “Educating yourself on personal finance is another powerful step,” he explained.
He advised diving into books, podcasts and seminars to broaden your understanding of managing and growing your finances. “Knowledge is power, and the more informed you are, the better decisions you’ll make,” he said.
Start a Side Hustle
Experts also suggested starting a side hustle or seeking additional streams of income that align with your skills and interests.
“This not only boosts your earnings but also diversifies your income sources, which is a practical strategy for financial growth,” Jimenez said.
Regularly Assess Your Financial Progress and Adjust
Taking time to regularly look at your progress and adjust your strategies as needed is also helpful. “This includes celebrating your achievements, no matter how small, to maintain motivation and focus,” Jimenez explained.
Lewins agreed. He suggested crafting a detailed financial plan with clear, achievable goals and celebrating your success as you go. “Break these into smaller, manageable tasks like establishing an emergency fund or investing in a diverse portfolio, and make sure to celebrate each milestone you reach. This not only keeps you motivated but also puts things into perspective,” he said.
If navigating your financial path feel overwhelming, Lewins said to not hesitate to seek advice from a financial advisor.
“Professional guidance can provide customized strategies that align with your personal financial situation and goals,” he said.
Reduce Your Social Media Usage
To minimize feelings of envy, Lewins advised reducing your social media usage if posts about your friend’s financial milestones trigger negative emotions.
“Concentrate on your own journey,” he said.
However, open conversations with financially successful friends could be beneficial, according to Jimenez. “Instead of envying them, ask for advice or insights they’ve gained on their journey. This can provide valuable lessons and networking opportunities that might open new doors for you,” she said.
Cultivate a Habit of Gratitude
“Appreciating what you currently have can dramatically shift your perspective, helping you feel less envious and more content,” Lewins said.
By focusing on your personal financial growth and maintaining a positive outlook, you can improve your financial health and enjoy your own successes without feeling overshadowed by the achievements of others, Lewins said..
Jimenez agreed. “Always practice gratitude,” she said. “Remind yourself of what you’ve already accomplished and the unique strengths you bring to your financial journey. A positive mindset can be incredibly powerful in overcoming jealousy and focusing on your own path to success.”
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