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Lesko: Is Social Media Keeping You from Getting Rich

By Fox 40 Staff.
JASON:

CAN SPENDING TOO MUCH TIME ON

FACEBOOK STOP YOU FROM GETTING

RICH? GREG LESKO OF LESKO FINANCIAL

HAS SOME INSIGHT. GREG…

GREG:

THANKS, JASON. YOUTUBE, FACEBOOK,

INSTAGRAM…THERE ARE HUNDREDS OF

WAYS OUR ELECTRONICALLY-ADVANCED

WORLD CAN ENTICE YOU TO USE YOUR

TIME. BUT IT MIGHT COME AT THE EXPENSE

OF A BETTER FINANCIAL FUTURE. A

COMPANY CALLED DATA POINTS STUDIED

THE LINK BETWEEN CERTAIN BEHAVIORS

AND THOSE WHO ARE RICH OR MORE

LIKELY TO GET RICH. THEY FOUND THAT

ONE BIG BUILDING BLOCK TO WEALTH IS

HOW PEOPLE ALLOCATE AND MANAGE

THEIR TIME. MORE ONLINE CHOICES

EQUALS MORE DISTRACTIONS, AND THAT

CAN INTERFERE WITH SOMEONE’S WEALTH-

BUILDING ABILITY.

JASON:

SO MORE TIME ON FACEBOOK MEANS LESS

TIME TO WORK ON FINANCIAL GOALS?

GREG:

EXACTLY—BUT THAT’S ONLY PART OF THE

PROBLEM. ENTERTAINMENT AND SOCIAL

MEDIA ALSO BOMBARD US WITH IMAGES OF

PEOPLE LIVING MORE LUXURIOUS LIVES.

THE STUDY FOUND THAT THIS

ENCOURAGES MANY TO OVERSPEND JUST

HOPING TO KEEP UP. AND TODAY, WE’RE

MEASURING OURSELVES not JUST AGAINST

ULTRA-RICH CELEBRITIES, BUT ALSO OUR

FACEBOOK FRIENDS—WHEN THEY POST

PICTURES OF THEIR NEW CARS OR

EXPENSIVE VACATIONS.

JASON:

DID THE STUDY SUGGEST ANY REMEDIES?

GREG:

TWO BEHAVIORS THAT WORKED TO HELP

PEOPLE GET RICHER ARE USING TIME

EFFICIENTLY AND TUNING OUT

DISTRACTIONS—SUCH AS: “WHO’S BUYING

WHAT.” THE STUDY SAID IT’S A GOOD IDEA

TO TAKE A REALISTIC LOOK AT HOW MUCH

TIME YOU ACTUALLY DO SPEND WITH

ONLINE MEDIA AND SOCIAL NETWORKS.

THEN, CUT IT BACK. YOU MIGHT DISCOVER

YOU’RE LESS LIKELY TO OVERSPEND TO

KEEP UP WITH OTHERS. AND, AT THE VERY

LEAST, FREE UP SOME TIME TO DEVOTE TO

your GOAL OF GETTING AHEAD

FINANCIALLY.