From FOMO to JOMO
Bob and Mary Jo address the phenomenon regarding FOMO or “Fear Of Missing Out”. This episode shows how we can move from FOMO to JOMO “Joy of Missing Out” – joy and contentment with where you are and what you have. Wikipedia defines the “Fear of Missing Out” as:
“A pervasive apprehension that others might be having rewarding experiences from which one is absent.” This social anxiety is characterized by, “A desire to stay continually connected with what others are doing”.
As Financial Advisors, we call this mentality “Following The Herd”, which many of us are guilty of doing for fear of missing the next big thing. The same is true in other areas of our lives. Many times, investors experience FOMO, or “Fear Of Missing Out”, when they hear about a friend or family member making a big short term profit on a risky investment. Once you hear about a trade or investment that everyone is talking about, it is usually too late to profit from it, and the opportunity is lost.
In other words, FOMO can perpetuate the fear of having made the wrong decision on how to spend time.
HOSTED BY: Bob Barber, CWS® and Mary Jo Lyons, CFP®
