Expert Contribution

Stop Spending

Based On Other People’s Wealth

It is ridiculous that we sometimes base our spending decisions on stories we tell ourselves instead of our actual situation. 

One day, a neighbor comes home with a fancy new car and the stories start pouring into our head. 

That car costs $100,000! 

The insurance must cost a fortune! 

Where did she get the money for that? 

They must be more successful than me! 

And, after a time, these stories lead us to spend a lot of money we wouldn’t otherwise – perhaps on a car or perhaps on something else. 

It sounds crazy when you think about it this way, but it’s actually behavior that is academically proven – and if we are honest with ourselves, it is a very recognizable pattern. 

Instead of basing our behavior on how we think our income compares to our neighbors, what if we could base our behavior on our actual situation? 

Wouldn’t that be more likely to lead to our long term success? 

For more details, check out a deeper analysis at, but in this space I want to simply make the point that this can be very important. 

For a limited time, I am offering a completely FREE financial conversation on the topic of your choice. FREE, that is, from cost and also FREE from any sales pitch. Simply schedule your call here: free-financial-conversation. 

Best Financial Life is a Registered Investment Advisor with the State of California and Joe Morgan is a fiduciary to his clients at all times. If you’d like to ensure your finances are on the right track, schedule a call with Joe at www. 

By Joe Morgan, CFP®, CFA, Principal: Best Financial Life, Resident since 2004 

About The Author

Financial Advisor
Joe Morgan, CFP®, CFA
Best Financial Life

Joe Morgan is a fee-only financial advisor who acts as an educator, guide, and protector of wealth to individuals and families. He created his own firm after a successful investment career because he wanted to help people find clarity in their aspirations, resources, and risks. When he’s not showing how financial advice doesn’t have to be dictated by stuffy suited men from Wall Street, he enjoys tennis at Blackhawk Country Club and hiking the Tri-Valley area.

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