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We've all experienced making a bad financial decision at some point in our lives. Perhaps it was an impulse buy or a celebratory splurge on something we didn't need or have a use for. But the worst kind of bad financial decision is one that's made for the purpose of keeping up with others in your work, social, or family circle/s. Even if the item is useful, acquiring it just to 'stay current' is not a good use of your money. I think we can all agree on this. Photo: Engin Akyurt, Unsplash Being satisfied One of the key pillars of financial literacy is living within your means. It's the most sensible (and hence boring) advice to heed. However, I understand that not everyone may be in a situation to do this, as there are those who are having a tough time making ends meet. I believe that one of the basic foundations of financial literacy is learning to be content with what you have. Remember, envy is the enemy of joy. Being content does not mean doing a shoddy job or putting in zero effort in what you do. It means learning to enjoy and be happy with what you have when you've done all you can for yourself. Let's say you've saved money to buy that new smartphone you've been eyeing. It has a larger screen, bigger battery, better camera, etc. After you've acquired it, enjoy it. Pay no heed to the next person who comes along and says, "You should have gotten the model I bought instead because it's even better!" In this case, no technology is perfect and besides, the moment a new model of whatever hits the market, it starts becoming obsolete. What you should focus on is using your new device and enjoying the memories it's helping you create and save. Photo: Peter Broomfield, Unsplash The comparison trap We make comparisons every day. It's part of decision-making and it's mostly beneficial, especially when we're trying to save money by finding a better deal. However, comparing yourself to others can easily become an exercise in making yourself unhappy. Let's say you've aimed to purchase a Rolls-Royce by the time you're 35. You work hard, make savvy investments, and with some luck, manage to buy Ghost Series II. If you're constantly comparing yourself to others, then you're going to be very frustrated at the next business convention or owners' meeting. There's always going to be someone out there who bought his or her first Rolls-Royce when they were 30 or younger. There will be others who own several, including classic models, too. Photo: Shahrukh Rehman, Unsplash In such situations, comparing your situation to others' will end up gnawing away at you, with dissatisfaction eventually leading to anxiety. That's no way to live. This is an extreme example, but the point is similar. Focus on what's important. Did you achieve what you set out to achieve? And along the way, did you, your business and your employees grow as well? And if you managed to commission that Roller without even denting your bank account, that surely counts as a success. Photo: Kerry Rawlinson, Unsplash Learning to be content Many of us push ourselves hard to achieve more year after year. To strive for excellence is good. But instead of focussing on what others did better – which you may or may not be able to emulate – take a step back and observe what you did better compared to last year, while also thinking about what can be improved. There will always others who are smarter, better-looking, better-connected, wealthier, etc. Instead, aim to be the best version of yourself. Learn to take stock of what you've achieved and what you have. These things aren't taught in school, but they work in real life. It's a solid foundation for learning to be content, which then becomes the building block of financial literacy. – Jeremy (Main image: Micheile Henderson, Unsplash)