Discovering Money Dysmorphia: How Social Media Distorts Our Financial Realities

"Money doesn't make you happy, but it makes you less unhappy."

While it might seem easy to believe that money is the key to happiness, the ground reality out there shows a completely different picture. "A large wallet does not equate to a happy life, just as an attractive penny is not always a charm."

Imagine scrolling through LinkedIn, Instagram, or any other social media platforms, seeing influencers rubbing their lavish lifestyles onto our faces. It can be very easy to feel envious or inadequate, believing that financial success in the ultimate measure of happiness. However, the truth is that these curated online personas often hide underlying insecurities and struggles.

Gen-Z has greater access to financial information than adults, but still not everyone feels good about their financial positions. A study shows that half of the young adults experience "money dysmorphia, "typically those who are born between 1997 and 2012. The reason can be the ongoing comparing our closets, vacations, and so on. A common question arises, "How are they able to afford this"? We can't help but think of it. Many of us quickly become internally consumed with the question, "Why can't I have what they have?" This leads to FOMO and makes us question our own financial decisions.

What exactly is money dysmorphia?

Picture yourself staring into a financial mirror that wraps your image. Money dysmorphia distorts your view of your wealth and encourages unfavorable financial practices, much like that mirror. You might experience unnecessary stress and anxiety as a result of feeling richer or poorer than you actually are.

1. Earning Obsession: Even though you are a high professional earning good digits, you still have the insecurity to earn more to be happy. The feeling of inadequacy leads to the obsession of earning more. Tis further causes stress, anxiety and strained relationships.

2. Excessive saving: Your bank account is full but you're hesitant to spend it. For instance, you may be buying only cheaper and unhealthy products at the market even though you can afford high-quality items. Your vacations are on hold; in fact, you don't even enjoy simple pleasures like eating out. This fear of insecurity has become so pervasive that it's negatively impacting your quality of life.

3. Adverse shopping: Ask yourselves. Why are you buying expensive and unaffordable products despite the financial constraints? Is it because you feel happy and satisfied? Well, it is temporary. You may regret the purchase later and experience a financial shock.

Having a demand deformed view of money is like driving crazy with a faulty speedometer. You will never reach your destination. These manifestations can lead to high levels of stress and anxiety, contributing to low self-esteem and feelings of depression.

How can you overcome money dysmorphia?

To combat money dysmorphia, it's crucial to acknowledge and understand the root cause of your financial anxieties. You can also maintain good relationship with money. Here's how to overcome money dysmorphia and lead a batter financial life.

1. Acknowledge your financial past: They say that you learn from your past. Acknowledge the times you took a wrong turn - they were part of the journey after all. Maybe you overspent on a luxury you didn't need or missed an opportunity where you could save, but those missteps taught you something valuable. It's important to acknowledge your financial past so that you can prevent it from affecting your future.

2. Build financial literacy: Educate yourself on financial mates to relieve fears and misconceptions. A strong financial foundation will prevent you from getting sidetracked by inaccurate financial information.

3. Consult with a financial advisor: Try speaking with a financial advisor to get a clear picture of your financial position. You might find yourself asking them, "What's the financial version of a makeover?" or " If my budget were a pizza, how many slices should I save?. " They'll help you straighten things out and alley fears about your financial future.

4. Create a monthly budget: Just as you pay for your monthly Netflix subscription, you can start by planning your monthly budget as well. Begin by listing your monthly income and expenses, identifying areas where you can cut back, and setting specific saving goals.

5. Stop comparing: The outside world may be bombarding you with negative texts about money, but it's important to stay calm and not be easily influenced. Focus on managing your finances based on your own goals and needs rather than having external opinions affect decisions.

      Social media and celebrity culture can further aggravate money dysmorphia because we constantly see images of living glamorous lives and having fun. But again, we are unaware of thier financial situation and debt load. You can eventually gain more financial freedom and escape the web money dysmorphia by implementing these practices.