Ep # 98: The Dangers Of Benchmarking Against Others

Recently Carl Richards shared results from a study conducted by researchers at Harvard a few years ago.  In the experiment they gave people two options: You could earn $50,000 a year, but everybody else in the world around you only earns $25,000. You could earn $100,000, but everybody else around you was earning $200,000. In those two scenarios, everything is equal, except for what you make and earn compared to those around you. Option 2 is the obvious choice, right? You would want more money independent of what everyone else had.  But the study found that more than half the people chose option one. In this podcast, we talk about the dangers of benchmarking yourself against others.  We provide tips for focusing on what you can control to avoid making potentially harmful decisions based on what you would think somebody else would want you to do.Source: https://behaviorgap.com/is-mine-bigger-than-yours/?utm_source=email&utm_medium=email&utm_campaign=behavior-gap-weekly-letterTracking # T005727Thanks for listening!If you want to be notified when the next episode will be released, you can:Subscribe to the ShowFor more insights on everyday financial planning questions,  go to www.haasfinancialgroup.comContact Us:Email us at [email protected] advice offered through Great Valley Advisor Group, a Registered Investment Advisor. Great Valley Advisor Group and Haas Financial Group are separate entities. This is not intended to be used as tax or legal advice. Please consult a tax or legal professional for specific information and advice.