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Money Rehab with Nicole Lapin

Suffering From "Money Dysmorphia?" Heres How To Cure It

Money Rehab with Nicole Lapin

Money News Network

Self-improvement, Education, Business

4.61.7K Ratings

🗓️ 15 March 2024

⏱️ 11 minutes

🧾️ Download transcript

Summary

A recent study done by Credit Karma found that nearly one-third of Americans grapple with money dysmorphia— a state of distorted perception of one's financial health, caused by the relentless comparison with depictions of wealth online. Today, Nicole unpacks the biggest source of this condition and how we can cure it ourselves. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Brokerage services for alternative assets are offered by Dalmore Group, LLC, member FINRA & SIPC. Brokerage services for treasury accounts offering 6-month T-Bills are offered by Jiko Securities, Inc., member FINRA & SIPC. Banking services are offered by Jiko Bank, a division of Mid-Central National Bank. Securities investments: Not FDIC Insured; No Bank Guarantee; May Lose Value.  Brokerage services for Regulation A securities are offered through Dalmore Group, LLC, member FINRA & SIPC. Risks at public.com/disclosures/alts-risk-and-conflict-of-interest-disclosure See public.com/#disclosures-main for more information.

Transcript

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0:00.0

Did you know that some travel credit cards offer 10 x points on your spending?

0:04.0

Don't miss out on big rewards for your next trip.

0:06.3

Nerd Wallet lets you compare smart travel credit cards side by side,

0:09.5

curated by an expert team of finance nerds.

0:12.1

What could future you do with better travel rewards?

0:15.0

A free flight, a room upgrade?

0:17.3

Don't wait to make smart financial decisions.

0:19.6

Compare and find smarter credit cards, savings accounts,

0:22.3

and more today at nerdw wallet.com.

0:24.4

Reminder credit is subject to lender approval and terms apply.

0:28.1

Nerd Wallet finance smarter.

0:31.9

I'm Nicole Lappin, the only financial expert you don't need a dictionary to understand.

0:36.3

It's time for some money rehab. measuring financial success against someone else's benchmark is not a new phenomenon.

0:50.0

We humans have been doing that forever.

0:52.1

Just for example, the phrase keeping up with the Joneses

0:54.8

has actually been around since the early 1900s.

0:58.6

But even though it's not new,

0:59.7

it certainly has gotten worse because of social media.

1:02.6

Last year, Intuit put out a study that found one in two Americans feel less prosperous

1:07.0

compared to others, and an even larger group says that social media specifically

1:11.4

makes them feel like they're falling behind with their

1:13.5

financial goals. I think to some extent we are all feeling this but it seems to be

...

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