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How Being “The Joneses” Is Keeping You Broke! #ManifestingMillions

Writer's picture: Rashida McFerrenRashida McFerren

In today’s Instagram-heavy world, it’s easier than ever to fall into the trap of keeping up with “The Joneses” 🏡👗—that imaginary family with their perfect lives. But what if I told you this mindset is what’s keeping you stuck, even as a 6-figure earner? 💸


Millennials and Gen Z are earning more than previous generations 📈, but many still feel like they’re running on a hamster wheel, unable to reach the next income level. Sound familiar? The truth is, 6-figure salaries won’t make you wealthy if you’re making some key financial mistakes. Here’s why.


Top 4 Mistakes Keeping You Stuck

1. Living Beyond Your Means 🏖️

The temptation to spend money on things you don’t need is real—especially when you’re surrounded by influencers and friends showing off luxury items. But living beyond your means is one of the quickest ways to stay broke. According to Forbes, nearly 60% of high-income earners live paycheck to paycheck because they fail to practice lifestyle moderation. So that upgraded apartment or new Tesla you don’t really need? It’s keeping you from building wealth.


2. Not Investing Enough 💼

A big mistake I see among Millennials and Gen Z is thinking that saving alone will make them rich. Spoiler alert: it won’t. A Bloomberg study showed that many Millennials are too conservative with their money, letting it sit in low-yield savings accounts instead of investing it. If you’re nervous about the stock market or crypto, start small. You could try putting just $50 a month into an index fund or a crypto platform like Coinbase to get started.


3. Skipping Financial Education 📚

Being a high-earner doesn’t mean you know how to manage money. One of the biggest mistakes people make is not continuing to educate themselves financially. If you’re not familiar with concepts like compound interest, dollar-cost averaging, or portfolio diversification, it’s time to level up. CNBC reports that 70% of Millennials don’t understand the basics of investing. Imagine what you could achieve with the right knowledge!


4. Focusing on the Short-Term ⏳

It’s easy to get sucked into short-term wins like instant gratification from shopping 🛍️ or thinking you can get rich quick through high-risk investments. But wealth building is a marathon, not a sprint. The Average Millionaire takes about 7 years to reach their first million dollars, often by making small, consistent contributions to their investments. Are you ready to play the long game?


4 Steps to Get Off the Hamster Wheel & Build Towards Millions

1. Adopt an Abundance Mindset 💡

The way you think about money shapes how you manage it. Instead of feeling the pressure to keep up with everyone else, switch to an abundance mindset—you have more than enough. Every time you think about buying something to impress others, ask yourself, “Is this helping me reach my goals?” For example, instead of upgrading your phone every year, invest that money into your future. $1,200 saved annually and invested in an index fund earning 7% returns can turn into $16,000 in 10 years. Small shifts in thinking make a massive difference.


2. Automate Your Investments 📈

Setting up automated investments makes wealth building easy and consistent. Take this real-life example: Sarah, a 29-year-old marketing manager, wanted to get serious about her financial goals. She set up automatic weekly transfers of $100 to her Vanguard account. After two years, she had invested over $10,000, earning an average 8% return. She didn’t have to think about it, and she didn’t miss the money because it was automatic. Use apps like Wealthfront or Betterment to automate contributions to your investment accounts without thinking twice.


3. Educate Yourself 📖

Knowledge is power—especially when it comes to money. Start small by consuming content that simplifies financial education, like books, podcasts, or YouTube channels. For example, podcasts like Manifesting Millions (my podcast 😉) Show break down investing in relatable terms. You can also enroll in online courses like my Pennies to Profits program to learn how to build wealth without the jargon. Educating yourself on topics like crypto investing or real estate puts you miles ahead of those who are just relying on their salaries.


4. Build Long-Term Wealth Strategies 🚀

Getting rich isn’t about making a huge one-time investment; it’s about making smart moves consistently over time. Take Jane, for example—a 32-year-old lawyer who started with $500 monthly investments into a mix of stocks, crypto, and real estate via Fundrise. Five years later, her portfolio is worth over $90,000, and she’s well on her way to hitting 7 figures in the next 10 years. The key is consistency and patience. Avoid trying to “time the market,” and instead focus on time in the market.

💥 The truth is: keeping up with “The Joneses” is draining your energy and your bank account. But with the right mindset, automated investments, continued education, and long-term focus, you can shift from surviving to thriving financially. It’s time to break free from the cycle of paycheck-to-paycheck living and manifest millions.

Are you ready to take control of your financial future? 🚀 Join my Pennies to Profits course today and learn how to turn small steps into BIG profits! Click here to sign up, and don’t forget to tune in to the Manifesting Millions podcast for even more tips on building long-term wealth.


Let’s manifest your millions, starting today! 💰✨



Sources:


• Forbes: 60% of High-Income Earners Live Paycheck to Paycheck

• Bloomberg: Millennials Are Too Cautious with Their Money

• CNBC: Millennials Lack Financial Literacy

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