Are You Richer Than Your Friends? (This Data Might Surprise You!)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 30 August 2023
⏱️ 27 minutes
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| 0:00.0 | On today's Q&A Conversation Starter, are you richer than your friends? |
| 0:11.4 | I am excited to talk about this one because I hope what we're able to do is set the record straight |
| 0:18.2 | because I think out there in popular society, the perception of what is going on in your |
| 0:25.7 | neighbors and your friends and your colleagues is maybe different than what the actual reality is. |
| 0:31.1 | Well, I like how, because are you richer than your friends? I think that when I think about |
| 0:35.6 | community of the people you hang out with, and I've shared this, this is where Old Man on the |
| 0:41.2 | Front porch moment is that when I was younger coming from humble beginnings, I didn't realize how |
| 0:48.2 | humble we were until I went to college because everybody around me in my hometown was kind of |
| 0:52.8 | in the same financial situation. All my peers were. We all worked jobs. When I heard people |
| 0:59.1 | bragging about half-baths and stuff, I was like, Dad's got a sink down the basement that he scrubs |
| 1:03.4 | the gojo off of his hands. We're just as good as the half-bath people, but it wasn't until |
| 1:09.6 | I got to college that I realized the disparity between the haves and the have-nots to a degree. |
| 1:16.0 | With social media, I feel like perceptions are being distorted because instead of just comparing |
| 1:22.1 | ourselves to our neighbors, to our friends, and our peer group, we've gone beyond now to all the |
| 1:27.9 | influences of what's going on with social media, and it's distorting how we process and see the |
| 1:35.4 | world. Yeah, I think it's interesting. Our brains are filling in gaps with incorrect bridges to |
| 1:41.2 | things that don't exactly exist. We see these things on social media, and we see this perception |
| 1:47.1 | that people put out there. Well, then we begin building a construct of something that in our opinion |
| 1:52.7 | is completely detached from reality. There's been some really interesting numbers and studies that |
| 1:57.4 | have come out to back this up recently. Yeah, so let's jump right into. I'd love to kind of show |
| 2:03.0 | this is what we're going to pull up is there was a survey conducted by the Bureau of Labor Statistics, |
| 2:09.6 | you gov, where they came up with and they asked people, how much do you perceive people make |
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