I'd be curious to see more longitudinal studies that track financial habits versus social media use.
My theory is that, as one engages more on social media, the desire to project certain images drives financial decisions.
People buy shyt they don't really need with money they don't have to impress people they barely know or like!
It becomes a vicious cycle. Others, in that person's social network circle, do likewise in an effort to jockey for online cool points.
As @Matt504 so perfectly articulates, the showing off piece amplifies, especially for Black people.
The end result is you get the weird phenomenon @Supreme Leader Reinscarf describes in my signature.
But, based on empirical data, we know that's not the case. So, a lot of people are buying more house than they can afford, more car than they can afford, paying for vacations they cannot afford, wardrobes they cannot afford, dining out at places they cannot afford, etc.
All for what? To keep up with the online Joneses?
Remember when it was cool to just chill out on a Saturday or Sunday morning? Now, you get up, log on to social media and see all your peeps eating fancy brunches or sipping on mimosas. Or, they've taken some spur-of-the-moment weekend trip. Now, you feel compelled to change your weekend plans to keep up.
The FOMO mindset, driven by social media, has people out here making terrible financial decisions.
This is espcially dangerous in the Black community, as we don't typically have the disposable income to justify the crazy spending levels.
My theory is that, as one engages more on social media, the desire to project certain images drives financial decisions.
People buy shyt they don't really need with money they don't have to impress people they barely know or like!
It becomes a vicious cycle. Others, in that person's social network circle, do likewise in an effort to jockey for online cool points.
As @Matt504 so perfectly articulates, the showing off piece amplifies, especially for Black people.
The end result is you get the weird phenomenon @Supreme Leader Reinscarf describes in my signature.
But, based on empirical data, we know that's not the case. So, a lot of people are buying more house than they can afford, more car than they can afford, paying for vacations they cannot afford, wardrobes they cannot afford, dining out at places they cannot afford, etc.
All for what? To keep up with the online Joneses?
Remember when it was cool to just chill out on a Saturday or Sunday morning? Now, you get up, log on to social media and see all your peeps eating fancy brunches or sipping on mimosas. Or, they've taken some spur-of-the-moment weekend trip. Now, you feel compelled to change your weekend plans to keep up.
The FOMO mindset, driven by social media, has people out here making terrible financial decisions.
This is espcially dangerous in the Black community, as we don't typically have the disposable income to justify the crazy spending levels.
Last edited:
I ain't got nothing.
.
