In this episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden, discuss some of our impulses to measure our financial success by comparing it to others. How do we avoid this trap? Or do we really need to avoid it?

Humans are competitive by nature (or is it nurture?):

If you come across a bear in the woods, you don’t need to be faster than the bear, just faster than the person running with you.

In sports, it’s usually the same! You don’t need to achieve a specific internal goal to “win” you just need to beat your competitors.

This is not always helpful in finances!

Trying to win with finances often focuses on outward signs of wealth and success which do not always line up with your own goals and interests.

This has become worse in the age of social media, where everyone advertises their homes, vacations, and perfect children.

This is one of those things that is easier said than done but try to focus on your personal goals and benchmarks as a measure of success instead of comparing yourself to others. And understand that many folks with external signs of wealth may be struggling financially. Listen to the full episode for more tips!

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.