“The price of anything is the amount of life you exchange for it.”
– Henry David Thoreau
Your cell phone is making you broke.
Now, don’t mistake me!
I love my phone.
I recorded the video that goes along with this blog on my phone.
You may be reading this with your phone.
It’s hard to admit, but while our phones are great tools, they are also bad for our wealth.
Take social media.
It consumes so much of our life.
You could be using that time in so many other ways.
For example, you could be making calls for real estate, investing, or any number of things to grow your wealth.
You could spend time with family.
Putting down the phone can provide a lot more than you think.
Let’s jump into it!
1. The Hidden Costs of Excessive Phone Use
According to recent data, Americans spend an average 5 hours and 16 minutes per day on their phones.
There’s also been a 14% increase from 2024 to 2025.
We’re spending more time on our devices every year.
Generation Z spends six hours and 27 minutes a day on their phones.
Millennials spend about four hours and 34 minutes.
Generation X, which is my generation, spends four hours and six minutes.
Baby Boomers spend roughly four hours.1
It’s easy to spend time on our phones.
They’re so accessible.
They make many everyday tasks easier.
Phones also have a lot of positives.
For example, I listen to audiobooks on my phone.
And if I’m being honest, I wrestle with how I interact with phones.
I create content that people watch, read, and listen to on their phones.
That encourages more screen time.
Right now, there are ways you can use your phone positively and negatively.
The important thing if you want to grow your wealth is to get out and meet people where they’re at.
If they’re in person, meet them in person.
If they’re online, meet them online.
Keep an eye on your personal phone time, and you’ll be fine!
2. The Financial Impact of Mindless Scrolling
This study found that the more time we spend on a smartphone, the more likely we are to make impulsive purchases.2
If I’m on my phone, I’m definitely going to spend more time looking at things I probably shouldn’t buy.
Another study showed the difference between people who spent four hours or more on Facebook versus people that spent zero hours.
The people who spent four hours per day were the least happy of the entire study.
People who spent zero hours were the happiest.3
Well, why is that?
It’s because we’re comparing ourselves with others constantly.
We see the highlights of people’s lives and feel inadequate.
Doing this causes a lot of discontentment.
On a more positive note, a different study found that limiting social media to 30 minutes today could have significant reductions in loneliness and depression.4
Instead of checking how someone is doing online, we can ask them in person.
We can feel more connected to them.
When you spend more time on social media, you’re not really forming real connections.
You just feel like you are.
This can really hinder your wealth journey.
You need real connections and trust to build a successful investment portfolio.
Sure, you may be able to find some opportunities on social media, but that’s not where all the money really is.
3. Strategies to Reclaim Your Time and Money
If you made it this far, you may be feeling a little discouraged.
Don’t!
There are many ways to reclaim your time and money.
You can start by checking your screen time.
Doing this on an iPhone or an Android is easy.
There are built-in tools where you can check the exact numbers.
Once you figure that out, start asking yourself questions like:
Is there a way to lower the amount of time I’m spending on there?
Can I be intentional with my time?
What are ways I can use my phone to educate myself or help my family or grow my wealth?
Those are great places to start.
If you’re spending hours a day on social media, that’s probably not a good use of your time or resources.
It will not only affect your wealth but also your personal life.
As an adult, I’ve seen family members scrolling and scrolling and scrolling.
It’s gotten to the point where they’re not present—either with other adults or their own kids.
Social media can be a really big issue.
It can also directly impact your finances.
We only have so much time in a day, a week, a year.
If we’re not focused on the things that matter, like family or investing, that time will slip through our fingers.
I’ll spend an hour scrolling on my phone when I could be going to a local meetup.
I could be doing something educational.
There are ways to do that one your phone, but it can be a slippery slope.
Distractions are everywhere.
Remember to make sure you’re being very intentional with your time.
Now I want to hear from you!
What steps will you take to limit your screen time?
Let us know in the comments.
Before you leave, make sure to check out our special report about inflation investing. It shares the best choices to invest during an inflationary environment.
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Disclaimer: I am not your investment advisor. This is for educational purposes only. I am not giving specific advice on what you can do. I am simply giving my opinions.
Works Cited
1. “Phone Screen Time Addiction & Usage – New Survey Data & Statistics.” Healthcare Data Management Software & Services | Harmony Healthcare IT, January 15, 2025. https://www.harmonyhit.com/phone-screen-time-statistics.
2. Wang, Tianran, Wei-Fen Chen, Xue Wang, and Xiucheng Fan. “Smartphone Use Increases the Likelihood of Making Short-Sighted Financial Decisions.” Journal of Pacific Rim Psychology 17 (January 17, 2023). https://doi.org/10.1177/18344909221147782.
3. Phu, Becky, and Alan J. Gow. “Facebook Use and Its Association with Subjective Happiness and Loneliness.” Computers in Human Behavior 92 (March 2019): 151–59. https://doi.org/10.1016/j.chb.2018.11.020.
4. Hunt, Melissa G., Rachel Marx, Courtney Lipson, and Jordyn Young. “No More Fomo: Limiting Social Media Decreases Loneliness and Depression.” Journal of Social and Clinical Psychology 37, no. 10 (December 2018): 751–68. https://doi.org/10.1521/jscp.2018.37.10.751.
