Trying to live up to your friends' standards can be a costly habit. In fact, it's sending a surprising percentage of millennials into debt.
"FOMO spending," or the modern-day version of"keeping up with the Joneses," is tempting. Respondents reported feeling uncomfortable saying"no" when a friend suggests an activity they can't afford. There are a few things you can do to avoid the temptation of trying to live up to your friends' standards:
"The best tip I can give is just live your own life," he tells CNBC Make It."The best way to just live simply and be content is just to turn it all off and hardly pay attention to it at all. Because that's what gets people in the most trouble. They see 'Oh, my friend went on this great vacation, and I wish we could do that!'"
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