QoD: Which of the following factors has the MOST negative influence on money habits: family, friends or social media?
Answer: Social Media.
- Who has had the most positive influence on your money habits? Explain.
- What are some examples of how social media can lead to bad money habits?
- Explain a situation where a friend may have had a negative influence on how you manage your money?
Behind the numbers (Schwab Modern Wealth Report):
Includes many interesting insights, including:
- Americans pay more attention to how their friends spend than how they save
- Gen Z and Millennials are most likely to spend on experiences because of something they saw on social media
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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