Financial FOMO: What, Why and How To Avoid It.
Financial FOMO: What, Why and How To Avoid It.
Financial Fear Of Missing Out
What is Financial FOMO?
You’ve probably heard of regular FOMO, which is the fear of missing out. It’s when you worry or have anxiety about missing out on fun and memorable experiences in life. What about Financial FOMO?
Financial FOMO is a little more specific. It’s when you worry about missing out on financial success or profitable events in life. You constantly research ways to make money, save money, and get ahead. You are excited about finances, but this feeling of excitement is matched equally with a feeling of disappointment from “not doing as good as everyone else seems to be doing”.
Personally, I don’t suffer from FOMO, financial or otherwise. I believe FOMO is an unhealthy mindset that makes people their own worst nightmare. Not only is it poisonous to let fear and anxiety occupy your mind, it leads you to do things you usually wouldn’t do.
It might sound cool to have Financial FOMO, but it can actually be detrimental to your financial success. It’s the opposite of cool!
Example of Financial FOMO:
A week in the life of Steve…
Monday:
Steve wakes up at 6am and is very motivated. He goes for a morning jog while listening to his favorite podcast, The Entrepreneur Expert McMillions Secret Strategies Show.
The podcast features a guest speaker who built a $200,000/y business buying and selling raw land. He outlines 6 easy-to-follow steps for young and hungry beginners to start their own land flipping business. Truly inspiring content.
Steve is fascinated by what he hears! He gets home from his jog and writes down “land flipping” on his goal board for the year 2020.
Tuesday:
Steve goes out for drinks after work. His buddy, Tom, is at the bar bragging about his latest Bitcoin trade. Tom has been buying small amounts of Bitcoin ever since it was $30 per coin, and holds about $350k worth of Bitcoin today.
Steve feels a little bad that he never bought into Bitcoin back in the day, but Tom assures him he’s not too late to enter the cryptocurrency market. Tom’s advice is, “just throw 1000 bucks into bitcoin every month or so. It’ll be worth millions some day”.
That night Steve goes home and spends 3 hours reading news articles and watching YouTube videos about Bitcoin price predictions. Not ready to commit yet, he goes to bed without purchasing anything.
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