How to Deal with Financial Envy and JealousyAlmost everyone experiences jealousy at some point in their lives, and for some of us, feelings of envy are regular aspects of our lives. We might not consciously realize it, but comparing ourselves, our families, our stuff, and our experiences to others’ is a strong sign of envy because it suggests we want something we can’t have and/or we resent other people for having bigger/better stuff than we do.

How to Deal with Financial Envy

Financial envy is particularly commonplace, and if you find yourself on the verge of making impulse purchases because someone else bought it first or your current social relationships are faltering because of the income inequality gap between you and your family/friends, then here are some strategies for dealing with financial envy:

Stop Making Unfair Comparisons

The problem with comparing your financial situation to others’ is that there are so many other factors involved beyond the money itself. While your friend’s annual salary might be enviable, their grueling work schedule, unpredictable work demands, and high-strung clients might be less enjoyable to deal with. Alternatively, your relatives with that luxury vacation home or boat might only use it once or twice per year because they’re so busy working to pay for their pricey lifestyle.

In short, no matter what your job entails, there are downsides to every job (even if people don’t openly discuss them), and the trade-offs might not be worth the financial rewards, so don’t be too quick to compare yourself to others because doing so will only lead to more resentment, self-loathing (or pity), and conflict in your interpersonal relationships. [click to continue…]

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Millennials and Home Ownership - Do Millennials Need to Buy Homes?If you follow housing market news and know anything about the Millennial Generation, then you probably have heard from many different sources how Millennials aren’t buying homes. In many cases, this is more due to their inability to afford the expenses of homeownership, rather than an unwillingness to pursue the American Dream of owning a place of their own.

However, in this day and age, is home ownership really the best option for young adults who are either still in college or only joined the workforce in the last decade or so? A lot has been written on the value of homeownership, but this shouldn’t be automatically viewed as the optimal choice, especially for this generation.

Millennials and Home Ownership – Do Millennials Need to Buy Homes?

Here are some considerations for Millennials trying to decide whether or not to save for their own home:

Economic Barriers to Homeownership

As the Washington Post recently reported, economic barriers to homeownership are on the rise. These barriers include rising mortgage interest rates, soaring home values, and diminishing supply of available homes as developers cannot keep up with demand for affordable housing.

These barriers, compounded with the relatively stagnant wage growth that recent college grads and thirty-something Millennials face more frequently compared to previous generations, have made it even more difficult for Millennials to save up enough money for a home of their own. If the idea of saving 20% of your desired home’s value sounds daunting (especially if you’re still paying off other debts and pursuing multiple savings goals), then renting isn’t a bad alternative. [click to continue…]

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