Social media and money

 

Expensive nights out, designer brands, holidays in beautiful and exotic locations, these are just a few of the things you can find on a short look through your Facebook or Instagram feed. What we might see of people’s fun times and lavish lifestyles is one thing, but we don’t see what goes on in people’s bankbooks. Social media gives us a window into people’s lives, and particularly celebrity culture, like nothing else we’ve seen in history; and it brings greater access and more exposure to the lifestyles of the rich and the famous. We get to see the best bits of someone’s life, and with that comes admirers and people aspiring for the same. Some people will go to great lengths to mimic the same kind of lavishness on their own social media platforms. This could be for personal satisfaction, for their personal business, or more. Regardless of how people play this imitation game, someone’s social media platform is not reflective of reality, not reflective of the lives of ordinary people, and definitely not reflective of their finances.

 

We here at TWiCE know that not everyone has the money to have this lifestyle, but some people will go to great lengths to outwardly portray this image of wealth. Where is the money coming from then? Recent research shows a quarter of all Britons are saying they are struggling to make ends meet, and more than half are worried about their personal debt levels. There is a big difference between what we see on social media, and how we feel about our own financial situation. The answer can often be found in loans and credit cards debts, putting people into what could be considered an unnecessary financial hole. In terms of debt rates across the whole of the country, the average person owes about £8,000, not including mortgage debt. It looks like some people are putting themselves in these debt holes as they chase fame and fortune, as they try to become an online celebrity.

The thing about celebrities though, often once they have their large amounts of money, they make the right investments with that money to pursue the type of life they want. At TWiCE, we believe that hard work and smart decision-making is what can help you achieve and live the life you want. The first step is accepting your current means, and breaking down where your costs are. Once you know where your costs are you can look at opportunities where you can cut your costs. This could be cutting down on takeaway food and coffees, choosing the cheaper option at the supermarket, or cancelling subscriptions you might have forgotten about. Whether it is building up enough equity to do something to give you a leg up, or reducing your current debts, cutting your costs and creating margin is an important part on working towards greater financial freedom.

 

Part of our philosophy here at TWiCE is that putting yourself in a strong financial position requires a healthy dose of realism. Accepting your position for what it is (and understanding that you are not alone), and putting yourself on a pathway towards better future. With that you can look towards investing in a future that will allow you do the things you want to do, and live your best life. If you’re keen on finding out a bit more about what we do here at TWiCE, click here.

 - Tom L

Disclaimer:  The above information does not replace financial advice.  Please ensure you seek independent financial advice before making any decisions regarding your finances.  We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances.  Please note that we sometimes link to other websites but we cannot be held responsible for their content.