Evan Lucas

speaker

1,534 appearances 4 recordings 1 series first heard Jun 2022 last heard Jan 2023

Evan Lucas’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Mind Over Money: be a better investor with Evan Lucas · 13 Oct 2022 podcast

That's I think the way to say it, it's a really complex term, but that's basically what you've described, right?

If you see people in 20 or even five second lots, they're just not real.

There is some incredible research out.

The one that was probably the most catching to me was by the Federal Reserve of Philadelphia.

Their study found that the most likely people to go bankrupt are those that are the neighbors of somebody that won the lotto because those neighbors do not realize they've come into a windfall and therefore can spend because they've been given the money rather than actually anything

in what they do.

And in the keeping up a Jones's effect, which is actually a real psychological thing, leads to that problem.

So I agree that the new world problem is online, watching these people cruise around in a new Bentley and having an incredible lifestyle flying overseas and swimming in infinity pools or whatever you wanna choose.

That is probably not real.

And we keep hearing about it.

I mean, it's beautiful to see, particularly young people now getting online and actually pointing this out.

It is not real.

And if you get caught up in this, you need to ask yourself, why?

Why am I getting caught up in a lifestyle of somebody that I may not know, probably most likely not.

It's some form of influencer with 20 million followers and you're one of 20 million.

They are not real to you.

And again, they are the exception.

They are not the rule.

And so how you get around that and what the studies show is that it's about bringing that underlying behavior to the fore of your mind.

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