top of page
Writer's picture Treavor Dodsworth CFP®, CPA, CKA®

#21 - The Joneses Might Be Broke


It is so easy to fall into the comparison trap. Occasionally this comparison actually changes our lifestyle or purchasing decisions. Thus the phrase “Keeping up with the Joneses.”

I don’t see all comparison as inherently wrong; since healthy competition (in worthwhile endeavors) can push us forward. However, comparing cars, houses, lifestyle etc. is essentially nonsense.

This is partly because I will obviously always win that comparison with my speedy Toyota Prius. Also, after five years in financial services, I am convinced that the size of someone’s house, the price of someone’s car, even the amount of money an individual makes is far from a direct correlation to someone’s financial position or peace about their finances.

We see the outside of the mansions without seeing the crippling mortgage. This is obviously not the case for everyone, however, the simple fact is we don’t know. The Joneses might actually be broke.

My encouragement for us is to not look at the Joneses. We can focus on stewarding the financial tools we do have.

 

Interesting Article(s) or Video(s)

  • The SECURE Act was officially signed into law. This article is a little technical but does a good job of highlighting some of the major pieces of the bill.

 

Thank you for reading! Do you feel yourself trying to keep up with the Joneses?


Comments

Thanks! Message sent.

All written content on this website is for information purposes only. Opinions expressed herein are solely those of Sycomore Financial, unless otherwise specifically cited.  Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. The owner of this website takes great care to thoroughly research the information provided to ensure that it is accurate and current. Nonetheless, the content on this website is not intended to provide tax, legal, accounting, financial, or professional advice, and readers are advised to seek out qualified professionals that provide advice on these issues. All information or ideas provided should be discussed in detail with an advisor, accountant, legal counsel, and/or other pertinent professionals prior to implementation. In addition, the owner cannot guarantee that the information on this website has not been outdated or otherwise rendered incorrect by subsequent new research, legislation, or other changes in law or binding guidance. Neither Sycomore Financial or it's owner shall have any liability or responsibility to any individual or entity with respect to losses or damages caused or alleged to be caused, directly or indirectly, by the information contained on this website. In addition, any advice, articles, or commentary included on this website do not constitute a tax opinion and are not intended or written to be used, nor can they be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. Any mention of an investment product or solution is not a recommendation to buy or sell. ETFs that are mentioned may not accurately reflect the market segment mentioned. Past performance is not a guarantee of future results. Any mention of rates or return should not be seen as a guarantee those rates or return will be received.

​

bottom of page