Jealous vs Envy [Impact on Women's Financial Literacy]

By Sarah Carlson, CFP®, CLU®, ChFC®

Jealous vs envy–two emotions that can have a negative impact on our lives, both in our personal relationships and in our finances. Comparing vehicles, comparing iPhones, and other material items that are insignificant in the long-term can be damaging. Financial jealousy and envy can cause us to make poor decisions with our money, or prevent us from reaching our financial goals. 

In my upcoming book, Facing Financial Fears, I help women create strong mindsets, build confidence with their finances, and take control of their lives. If you find yourself feeling jealous or envious of others, here are some tips to help you stop.

What is Financial Jealousy and Envy?

It is a feeling of resentment that arises when someone has something that you perceive to be valuable. It can be triggered by seeing someone else spending money, with possessions you want, or hearing about their income or assets. It can also occur when someone is successful in an area that you yourself are struggling in. Financial jealousy and envy can lead to negative consequences such as feelings of:

• Bitterness
• Depression
• Anxiety

Jealousy and envy are often considered to be synonymous, but there is a distinction between the two emotions: 

• Jealousy is characterized by fear or insecurity over the possibility of losing something of value
• Envy is driven by a desire to have what someone else has

Both emotions can be detrimental to our well-being, but envy is often seen as more destructive because it involves coveting what others have rather than simply being content with what we have.

The Negative Impact of Financial Jealousy and Envy

Financial jealousy and envy can have a negative impact on our lives in several ways. When individuals are focused on what others have, they may become less satisfied with their own lives and possessions. Additionally, financial jealousy and envy can damage relationships by causing tension and conflict. 

If left unchecked, these destructive emotions can erode trust and destroy closeness. Your finances will also suffer as you begin to buy things you don't need to impress others. Therefore, it is important to be aware of the potential dangers of financial jealousy and envy in order to avoid these negative consequences. 

How to Stop being Jealous or Envious of Others

Women can stop being jealous or envious of others by understanding the impact that these emotions have on their own lives. Jealousy and envy can lead to negative consequences such as feeling anxious, depressed, or even harming relationships. Women need to learn how to cope with these emotions in a healthy way. There are many ways to do this, such as communicating openly with loved ones, practicing self-compassion, and focusing on gratitude.

Jealousy and envy are often rooted in feelings of insecurity and low self-esteem. If women can work on improving their self-image, it will help reduce these negative emotions. One way to do this is by accepting compliments from others graciously. Another way is to focus on your own positive qualities and accomplishments.

It is also important to remember that everyone has different circumstances in life. Just because someone else has something that you want, it doesn't mean that their life is perfect. Everyone has struggles and challenges, no matter what their outward appearance may be.

Conclusion

As a Spokane Financial Advisor, we remind those who are struggling with the emotions–jealous vs envy, that by taking stock of our own financial situation, setting realistic goals, and being mindful of our spending, we can overcome financial jealousy and envy. These emotions are often based on insecurity and lack of self-confidence, so it is important to work on building up our own self-esteem. With effort and time, we can learn to be content with our own financial situation and stop comparing ourselves to others.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.