FOMO

FOMO stands for “Fear Of Missing Out” and is something many people truly worry about.

If they are real estate shopping and find a great house, they are afraid to buy it because they might miss out on an even better one.

The other day I was speaking with someone who really wants to buy a 3D printer. This isn’t a “need” but rather a “want” and the thing that is holding him back is he is afraid the price of these printers might go down dramatically when a patent expires. So rather than buying something he wants and can afford, he will go without because of a fear of missing out on a better price (and he realizes this might be months or even years away).

The key to overcoming FOMO is to look at things in a vacuum. It’s not about what might happen later but rather, the here and now. If you make the best decision and things change, so be it. Keep in mind, while they might change for the better, they also might change for the worse.

The thing people who struggle with FOMO forget is the opportunity cost. Using the person interested in the 3D printer as an example, he might get a better price on the printer in a year but he will have gone a year without the use of the printer. Is it worth it? Only he will be able to answer that question.

Have a great day!

Lawrence

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