The fear of missing out is prevalent in our world today. In fact, it has been prevalent for centuries. FOMO can derail your life (and especially your financial life) if left unchecked. So today, let me explain what FOMO is and how you can responsibly handle it in your life.
What is FOMO?
FOMO is simply the acronym for the fear of missing out. And the fear of missing out goes hand in hand with opportunity cost. (Here is a short article describing opportunity cost.)
This affects all of us. Myself included. There are times where I fear missing out on my nieces and nephews birthday parties, a family get-together, a promotion, a vacation with friends. I deal with this just like you.
This is especially true with social media. We constantly compare ourselves to others.
The problem is that when we compare ourselves to each other’s Facebook page, IG Reel, or TikTok channel, we are comparing ourselves to the highlight reel of others.
I don’t have a magic bullet or a secret weapon, but do whatever you can to combat this.
The only thing that I can really say to help give you a push in the right direction is this:
You are enough and you are loved. You don’t have to prove yourself to anyone else. Just be yourself. The world needs more of you. 🙂
Be Okay Missing Out Sometimes
Now let’s talk about money.
We’ve all seen it. Your friend posts pictures from a vacation to Hawaii on Facebook. Your high school acquaintance shows off the brand new truck that they purchased. Or you go over to someone’s house for a barbeque just to realize that their house is twice the size of yours.
Jealousy.
It’s happened to me more times than I would like to admit to be honest with you.
But sometimes, it is okay to miss out on things for a couple reasons:
- You don’t have to do everything. Even though someone posts pictures of their vacation on social media, it is often more relaxing to just stay home. Or to go on a less adventurous vacation.
- Most of the people that are purchasing things are doing so with a LOT of debt.
- 20% of vacations are paid for by going into debt.
- More than 80% of people finance a vehicle (most of which buy way more car than they can reasonably afford.)
- More than 12 million Americans have high-interest payday loans
Most of the people that you drive by in nicer cars than yours have really big car payments.
Most of the people who live in bigger houses than you but have similar jobs have outrageous mortgages.
Most of the people who pay thousands of dollars for Christmas and holiday presents for their kids put it on credit cards.
THAT is what you are missing out on.
FOMO can push us into a cycle of consumption that is both unsustainable and dangerous.
Sometimes you must be okay with missing out.
Yes, that might mean that you don’t live in as big of a house, or drive an older car, or have children that wear hand-me-downs.
BUT THAT IS OKAY!
You are still valued, important, and loved.
Final Thoughts
There was less data and structure in this article as compared to most of my articles.
But it is important nonetheless.
Do what you can to be content with your life and stop comparing yourself and your financial situation to that of others.
Comparison is the thief of joy. 🙂
You can do this!
I am here for you!
Until next time!
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