Critical Thinking Required
Welcome to Critical Thinking Required, hosted by LBW Wealth Management. Our goal is simple: we want to challenge you to think differently about finance and business. Join us, and start the journey today!
Critical Thinking Required
Social Pressure - Do I Really Need That Beach House/Porsche/Hermes?
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LBW Wealth Management
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Season 3
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Episode 11
In today's world, with social media's help (or curse?), we are beyond "keeping up with the Joneses." Billions of people on the internet are our "neighbor Jones" that we are trying to keep up and compete with, from the five bedrooms house in the Valley to the new Porsche, from traveling to Naples on a whim with some friends to the new Birkin special order. Social pressure spending can get out of control fast. Dan gave some chilling data: did you know 40% of millennials have gone into debt to keep up with their friends? Oh my... Gary gave some tips on keeping your FOMO ("fear of missing out") spending in check. One of my personal favorites: practice gratitude!