Be Inspired, Not Compare To Improve Your Finances

You see the news or hear the story of someone becoming successful in doing something. That's inspiring. How you interpret this will have an influence on your action. What you see in the success story might not be a complete picture. You may not know how many people fail to do that.

You might think what you are doing will not help you to succeed and change your financial situation. You should do what that person does. You keep changing your tracks and in the end, you become disappointed.

When you compare yourself with others, you may feel bad because you see they are doing better than you are. What you are doing is not enough. You want to make progress and improve your financial situation fast. Most people make mistakes when they become desperate and choose to do something in order to get the result quickly.

When we talk about personal finances, you cannot just copay and paste what other people are doing. You should make financial decisions based on your financial situation and risk tolerance level.

Someone can take more risk, maybe he has backup. In case something goes wrong, it will not hurt him financially badly. Are you comfortable taking the risk? Maybe not. Still, you do the same thing taking a high risk. It takes your sleep away from you.

You cannot handle the situation and end up selling your asset at a loss. On the flip side, that person holds his asset and when the price goes up, he makes a huge profit. You are not supposed to do the same thing in the first place.

Again someone does not like to invest in something because he thinks it is too risky and cannot take that risk. But you are capable of taking the risk in order to get a high return. If you don't invest your money there only because that person does not do that, you lose a good investment opportunity.

Personal finance is very personal to you. What is good for others may not good for you. Now the crypto market is on a downtrend, some people do trading in crypto. You see crypto price goes down consistently. Whatever you buy, the price does not go up and you sell at a loss.

But some people do short selling and make a profit in trading. Now if you compare yourself with them and start short-selling, you might lose your trading capital. It is inspiring to see someone making money and doing better at something, but it does not mean you should do that blindly.

Don't make the financial decision comparing yourself with others. It is better to take action based on your strengths and skills. So stop comparing yourself with others. Be inspired to see others and follow your own path.

So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.

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