How Social Media Keeps You Poor!

Social media has become such a pervasive part of our lives, we're often not even aware of the ways it pushes us to spend more money.

Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

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Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson, AFC®
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Dano Johnson
Images by: Shutterstock
Music by: APM

[bonaventura]

Social media has cost me a lot of money, not through ads, but through medical fees for the depression and anxiety that it stimulates.

[nicolasmartinez]

I also feel that social media keeps us poor by robbing us of time we could use to work, learn new skills or rest; all of which affect our productivity and therefore our compensation.

[richardsousa]

I quit social media in highschool when I realized I was acting out to be noticed and validated online

[qwerty_and_azerty]

Pro tip: unless you absolutely HAVE to keep them around for work, delete or restrict all your social medias. Trust me, it’s worth it. It might seem daunting or even impossible at first, but after about a month, your sense of well-being will increase, your free time will increase, and you’ll wish you’d have done it WAY sooner.

Does that mean being all alone? No! Use your phone’s contact list to stay in touch with real friends. If someone isn’t worth talking to by simple SMS, without all the fluff of social media, they aren’t really your friend, just a lifestyle you’re comparing yourself against.

[QuestionEverythingButWHY]

“Too many people spend money they haven't earned, to buy things they don't want, to impress people that they don't like.”
― Will Rogers

[sheepmaysafelygraze]

I actually earned degree in marketing but chose not to pursue a career in it because I felt very uncomfortable with the manipulation tactics involved.

[rhaythe]

"If the content you are consuming is free, you are not the customer. You are the product."

[cesartorres]

This is spot on. I'm 32 and still see a lot of people my age seeking validation online from strangers. I'm glad I outgrew that in my 20's. I'm married and a father, the only validation I need is from my wife and children.

[-Aashish-]

Deleting social media (fb, insta etc.) does make a difference.

"In these dark times..." Brands' favorite phrase during lockdown.

[ashleymiller]

Let's not forget the opportunity cost of senselessly scrolling compared to doing anything else with your life

[jcdenton]

THe most expensive expense on social medias is time

[QuestionEverythingButWHY]

“Don't tell me where your priorities are. Show me where you spend your money and I'll tell you what they are.”
--James W. Frick

[AB-wgli]

Deleted everything during the pandemic I only use YouTube and I’m fine with that

[TampaTec]

Great video 👍 schools should show this to students.

[Iamthenextmultimillionaire]

Not gonna lie but when I saw that my cousin had Chanel and LV bags, I wanted to buy me one too and I was feeling so badly every time she has a new high end purse and I cannot afford it lol. I had to do a lot of self reflection after that. I realized I was becoming what the social designed the platform for. I’m not gonna be a victim of it anymore lol.

[eugeneolivieri]

I Deleted all of my social media about three months ago. It is the best thing that I have done in years. The biggest thing for me is FOMO I didn’t realize how much it affected me. I really enjoy your videos. I have been applying what you teach in my life, and it has maid a big difference. I really appreciate you two. You guys remind me of my friends. It makes it really easy to watch your videos. Thank you!!!

[NullNoxproduction]

I don’t feel social pressure because I don’t have friends, also FOMO literally doesn’t bother me cause I don’t care. Being a ghost is the best 😃

[Angelinesekle]

I’m on a social media break and I’ve been contemplating on deleting them permanently though.

[segatendo]

The major problem I think nowadays is that even if we deliberately choose not to be on social media, and instead indulge in reading books or doing real life things, socialising and all… people, friends, family, etc. find it too much effort to have face to face talk or hanging out without phones. So in a way, you become alone. But it’s good. We’ve gotta get over the FOMO. The social media zombies should have FOMO on real life.

I feel ashamed of being part of Gen-Zero-intelligence.