When I was in primary school, I had a serious case of FOMO. Coming from a strictly religious home, certain programs such as WWF were strictly prohibited in our house. I’d go to class and find all my classmates talking about a certain wrestler on WWF that they had watched the night before and I’d have nothing to contribute to the conversation. I tried to get my parents to allow me to watch the show but they would hear nothing of it. In my mind, every, single kid in my class knew about wrestling except me, so when talk turned to wrestling; I was the odd kid out. That was my first experience with FOMO, the fear of missing out.
By now you understand that FOMO is the desire to go with the trend. We all suffer from it. Aren’t you always on your phone, checking your Facebook notifications and texting friends, even when you’re at a party, supposedly having fun? We always want to be at par with what’s trending, even at our financial expense, and this greatly affects our spending habits.
One of my close friends recently bought a Subaru. A Subaru’s performance speaks for itself. Another friend took it out for a test drive and by the end of the it, his Mazda Familia that had been serving him well was not good enough. He recently sold it and bought a Subaru. Its no secret that the Mazda Familia has better fuel economy and lower maintenance costs as compared to the Subaru.
Most guys look forward to getting that car loan after six months of employment. A car is usually the first investment they ever make. They are motivated by the desire to own a car so bad that they would keep aside all other worthy investment opportunities just to buy it.
I find it quit fascinating to watch someone who had been comfortable in a given neighbourhood suddenly changing their perception of it just because they got a pay rise.
It is your fear of missing out that could push you into debts, making wrong financial decisions, and living beyond you means. But the good news is that it’s possible to manage your FOMO by following the prescription below:
• It is okay to say no if you cannot afford it. Why dent your budget to fit in. If your friends invite you to a pricey joint tell them you can’t afford to go to the place for one or two reasons. They will understand if they are your true friends.
• Think of the long time implications before throwing in your money. Taking a loan to buy a car isn’t such a good idea, invest in real estate first, or something with better returns. Then the returns from it will be enough to buy you a car.
• Put a pin on it. Have you bought something that you stopped using after a week? Why don’t you note it down then wait for a couple of weeks to see if you still feel it’s a must have. You might actually lose interest or realize that you already own something that serves the same purpose.
• Constantly remind yourself of your financial goals. This way, you will stay focused and won’t be easily swayed by the fear of missing out.
Say no to the Fear of Missing Out!