"Breaking the Cycle: Overcoming the Financial Comparison Trap, According to Bestselling Author"
Author Manisha Thakor highlights three reasons why people often compare themselves financially to others and end up spending beyond their means. Firstly, fictional financial lifestyles portrayed in TV shows and movies create unrealistic expectations. Secondly, easy access to credit encourages consumers to live up to unaffordable standards. Lastly, social media exacerbates the problem by presenting curated versions of people's lives, leading to feelings of inadequacy. Thakor suggests acknowledging our vulnerability to overspending, being aware of misleading portrayals on social media, and consciously choosing a reference group that aligns with our true goals to avoid falling into the trap of false financial comparisons.