Review and answer the following short answer writing prompt. Question:

Consider the prevalence of social media and its impact on mental health in today's society. Drawing from your knowledge of psychology, critically analyze the potential psychological consequences of excessive social media usage. Discuss the influence of factors such as self-esteem, comparison, and the need for validation on individuals' mental well-being. Provide insightful examples and suggest possible strategies to mitigate the negative effects of social media on mental health.