How Are Regular People Affording the Good Life While You’re Broke?
Written by
Jake Safane
Edited by
Nicholas Morine
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Do you ever scroll through social media and see all the fancy trips other people are taking? Or do you walk around your city or town noticing how people seem to be shopping and dining out without care? It’s easy to believe others are living the good life while you’re broke, but it’s important to have some realistic perspective.
For one, just because others seem to be living luxuriously, that doesn’t mean they can actually afford all their purchases. Consider that around 61% of credit card users in America are in debt, owing an average of $5,875, according to Clever Real Estate.
In addition to not knowing other people’s debt situation, you also might not know how they got whatever it is you might be envying. Maybe they were fortunate and got a free flight upgrade. Or maybe they have a family member who bought them a nice gift. Perhaps they received an inheritance.
So while you might feel like it doesn’t make sense that other people are affording the good life while you can’t, you might not be comparing truly equivalent situations.
Making the Most of Comparisons
It’s hard not to compare yourself to others — and it’s also often harmful to do so.
Indeed, a 2023 YourTango survey found that when adults compare themselves to others on social media, 60% feel inadequate. While body image is the top comparison people make, finances are a close second. According to the survey, 51% compare their finances to others, while only 25% compare their careers.
However, it’s possible to use comparison to your advantage. The YourTango survey also indicated that 75% think comparison culture can provide healthy motivation.
“If you’re feeling broke or ‘less than’ when looking at how others spend, always remember that no two personal financial situations are ever the same, and use this feeling to get curious about why and how they’re able to spend like this,” said Laurie Bodisch, founder and CEO of Her Wealth Coach.
Perhaps you can identify some more objective comparisons to help you improve your finances. For example, instead of lamenting about the clothes someone bought that you can’t afford, consider how their career differs from yours. Are they in a higher-paying industry that you could potentially join? Or maybe they have a side hustle that you can similarly pick up.
Consider having more open financial conversations with friends and family, too. You might ask a friend if it was hard to save up for a recent trip, for example, to which they might reveal that they used credit card points to pay for the trip. And maybe they can then teach you how to get the most out of credit cards, turning you from someone who pays interest into someone who earns rewards (without paying interest).
Overall, it’s not easy to look at others seemingly affording the good life while you feel broke, but it can help to look at things more objectively. If you do make comparisons, find realistic ones and use them to accelerate your finances.
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