4 Reasons You’re Not Rich Yet, According to Experts

Lauren was tapped by Heather Taylor to discuss financial behaviors and how they can impact someone’s ability to build wealth. The full article, found here, was syndicated to Yahoo and aol.

Lauren Anastasio, head of financial advice at Stash, said there are some people who truly believe money is the solution to all their problems.

“There are some people who truly believe if they just had more money, everything would be perfect,” said Anastasio. “However, we see this attitude consistently regardless of how much they earn and achieving higher salaries can actually be detrimental because spending also increases.”

Someone who believes money is the key to happiness, Anastasio said, is more likely to buy things to achieve happiness. As a result, they may be more likely to have credit card debt regardless of how much they earn.

How many times have we scrolled through our social media feeds and felt pangs of jealousy seeing acquaintances and even friends sharing photos or videos of lavish vacations, new homes or cars or 5-star dinners? Even if we are happy for these people, sometimes we can’t help but be a little envious. When is it my turn to enjoy the good life?

Anastasio said it’s common for people to use money as a status symbol or associate their self-worth with their net worth. This ties in with the term “keeping up with the Joneses,” referring to the behavior associated with feeling jealous or insecure when it comes to the material possessions or lifestyles of others.

Feelings of jealousy, Anastasio said, can lead to overspending. However, spending too much to appear wealthy can result in a lack of wherewithal to save and build wealth.