The podcast discusses balancing a social life with financial goals, addressing the impact of social media on FOMO and credit card debt. They explore conducting a financial audit to identify unnecessary expenses, overcoming overspending, and managing the negative emotions associated with FOMO. The chapter emphasizes prioritizing expenses and living a fulfilling life by unfollowing influencers and taking breaks from social media.
To address the FOMO created by social media, take occasional detoxes or unfollow triggering accounts.
Prioritize spending based on emotional return on investment and find ways to enjoy socializing within financial limitations.
Deep dives
The Importance of Artificial Intelligence for Tech Companies
In the 2010s, tech giants like Google, Facebook, and Meta recognized the criticality of harnessing artificial intelligence (AI) to not only compete but also survive in the AI race. However, researchers within these companies warned of potential devastating consequences if they moved too quickly in developing AI technology.
The Impact of Social Media and FOMO on Budgeting
The prevalence of social media platforms has distorted our perception of what constitutes a normal, enjoyable life. Constant exposure to others' extravagant experiences can create a fear of missing out (FOMO) and make our own lives seem boring or inadequate. To address this, it's recommended to take occasional social media detoxes or unfollow accounts that trigger feelings of comparison and inadequacy.
Reevaluating Spending and Finding Emotional Return on Investment
To have a fulfilling social life while managing finances, it's essential to prioritize spending based on emotional return on investment. Reviewing past expenses and ranking them on a happiness scale can identify the activities or purchases that bring genuine joy. It's also crucial to be honest about financial limitations with friends and find ways to enjoy socializing without overspending.
Managing Overspending and Creating Realistic Plans
If you've overspent and find yourself in debt, it's important to approach the situation with self-compassion and create a long-term plan. Consolidating debt, developing realistic budgets, and giving yourself time to slowly pay off debts can alleviate financial stress and prevent a cycle of scarcity and excessive spending.
Mo feels guilty spending money on social events like concerts, restaurant outings and shopping trips. But they are tired of missing memorable moments with friends.
Jordan interviews personal finance expert, Shannon Lee Simmons, to determine if there’s a way to have fun without ditching your financial goals or racking up credit card debt.
Do you have a money problem? Call us and leave a message at 416-935-5935. Or email us at hello@itepod.ca. You can also find us on Instagram and TikTok @InThisEconomyPod. Don't forget to leave a call-back number, so we can get in touch.
Do you have a topic that's confounding you in this economy? We'll be happy to dig into it for you and get you the answers you need. Email us at: rogerspodcastnetwork@rci.rogers.com. Thank you for listening!
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