7 deadly sin in terms of finance : envy

Introduction

In this article, I will try to explain how being envy potentially can be deadly to your economic spending and your financial decision. We will also cover on how to approach the basic of financial decision.

1. Definition of envy through finance

The easiest way to interpret envy in finance is through examples. Let’s say that there is one person who earns something along 1000 USD per month after 2 years of graduating at university and he looks at his similar major friend earning 2 even 10 times the amount he’s earning. Most people in this case will feel envy and jealousy. This potentially could be deadly to a person’s spending because they feel and think to themselves that they need to match their peers. This could create other major problems not only to finance but to a person’s mental health by beating themselves up which we will not discuss but I will link something that will help with that.

1.1 Everyone have a different starting point

To understand these, we need to understand everyone has their own stories and nobody in this world goes through all the exact same way. Even before people start their life AKA their starting point, everyone already has a different starting point. Someone whose parent is super-rich will have a better starting point than others. An excellent example is a student loan, some people will probably earn a similar amount to you in university but if one student has 10k student loan and the other doesn’t have one then naturally the other will earn more than you.

1.2 Different goals for different people

Just like everyone’s tastes in food differs, our future goal might be different too. Some people enjoy being financially free early and working super hard. This is viewed as the “perfect” example for being rich and successful in their life but the truth is our ideal goal might not be that way. It might look enticing at first but working hard at an early age might burn out a lot of people early and it won’t necessarily make you happy either. Personally, I believe that everyone has a different pace of life that they are comfortable with. Some people might have a slow start compared to others and there’s nothing to be ashamed of.

1.3 How do i get the same success when we have different starting point but similar pace of life

A different starting point means that you need to do some sacrifices that you aren’t willing to make. For example, i might need to ditch my friends on going out to party because i need to save up to pay for my gym/school. The most important thing about saving up is that you are saving up not to “suffer” but to enjoy and maybe even flex to your peers in the future because of the investment you made.

1.3.1 How do i start to save up

An important part about saving up is knowing on what to save up. In my case, I’d avoid drinking anything other than mineral water, even when I crave for sugary drink, I would buy a yakult pack and drink 1 small bottle of yakult. In this case, i would still be able to get my sugary drink when i need it but even then the cost of my sugary drink is very low and I consume a very small amount of it.

1.3.2 I have fallen behind/made a blunder in saving up, what do i do now?

After moving to singapore, i had nobody teaching on how do i live alone in this foreign country and I would spend 600-900 sgd alone on food. I realized this is a bad decision after meeting my friends and got criticized by them. So I just try to offset these by eating instant noodle really often. This is a very real situation and mistake that I made. Why is it so? Saving up money is important but if that means you need to spend money after that, in my case doctor, then my financial situation would get even worse. What I recently did after making a bad financial decision is to save up on going out and eating by making miso soup and egg with rice everyday.

1.3.3 You don’t need to make bad financial decision to save up

So lets say that you aren’t able to go to college. This isn’t anyone fault to start with, as everyone starting point is different, remember? So you might need to save up and not be able to get the things you want but necessary sacrifice might be needed for you to be able to match the paces of your peers. The most important part about this is to acknowledge that it is out of your control and there is no use feeling pity for yourself since it is out of your control. Just accept it as a responsibility.

2. How not to be envious

So how do we deal with the jealousy and envy within us? First of all, we need to look at the “pace of life” that we wanted to go through and look at the “successful people” that we are envious of. If their pace of life is different than yours then you need to realize that their path isn’t meant for you. For DOTA 2 players, an example of this is the different role you play, naturally, position 5 players won’t have the same KDA as the position 1 players but in the end, you will still have a similar win rate and rank is given you both play at the same skill level. For cryptocurrency people, it is like watching dogecoin and “real” cryptocurrencies like ADA or ETH  and complaining that dogecoin is rising in short term and the other isn’t rising but the “real” cryptocurrency will rise slower than dogecoin. Understanding these might help on not being envious.

2.1 Taking a learning attitude

Second of all, if your pace of life is the same as people you envied, it might be good to learn from others. Instead of wasting your energy being envious, it will be good to take a learning stance of a student and learn everything from them. You will learn their mistake and why they succeed and you might even be faster than them. Just remember that it is expected for you to go through the same amount of trouble and hardship even though it might be different.

3. Conclusion

Lastly, life isn’t a race. Nobody should ever shame you for taking things slow and learning things. As Warren Buffet says, investing in yourself is the best way to find success. Do not injure yourself trying to get to the top. You might need to take a detour and/or rest to succeed but as long as you believe in yourself, you will reach the goal in your life.

4. Resources

Inspired by: https://thewokesalaryman.com/2021/06/22/i-was-jealous-that-my-friend-had-more-money-than-me/ and https://www.youtube.com/c/HealthyGamerGG/videos

Stop beating yourself up: https://www.youtube.com/watch?v=TUvTP6VRuKU

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