In mental health matters, "dysformia" is described as an obsession with body appearance that affects the way an individual sees themselves. People with body dysmorphic disorder may often compare themselves to others and feel inadequate.
Ali Katz, a real estate attorney, sees this as a similar phenomenon in the world of financial psychology. So, a state in which one's perception of money does not match reality. She calls this phenomenon "money dysmorphia"!
"It's a distorted view we have about money that causes us to make bad decisions," says Katz.
A common pattern she sees in clients is the belief that they are not wealthy enough to make significant plans for their assets. "But that's a wrong and potentially harmful thought," she says.
"How this thinking affects wealth planning or investing is crucial. Because you tell yourself all the time I'm not rich and that's not true," she continues.
About 62% of the world's population lives on less than $10 a day and 85% lives on less than $30, according to the World Economic Forum.
"We're rich, but we certainly don't compare ourselves to Jeff Bezos and Elon Musk," says Katz.
In other words, while you may not be a billionaire, or even have the kind of life you see on social media, you likely have assets in the form of cash, bank accounts, or valuables and what you choose to do with them. it is quite important.
You can often change the entire socio-economic trajectory for yourself and your family by starting with a simple thing, which automatically becomes even more profitable by investing.
You can invest in property, you can leave money in the bank against interest and many other methods.
Source: CNBC
