AskLeo - How to deal with FOMO
FOMO or fear of missing out is becoming increasingly common and that leads to more competition and more stress in individual life. The problem is FOMO happens to everyone and the important thing is how to deal with it. The fear of losing out affects us all, whether it's in life or even in terms of investing. We think that everyone is making money except us, everyone is investing in a great coin which gives great returns and we are not getting.
The fear of missing out also refers to the feeling that others are having more fun, living better lives, having great portfolios and other things, and it brings envy and affects our self-esteem. The thing is most of us know that there is someone, somewhere getting richer but why should it affect our life. Now the thing is it's ok that you feel the FOMO but that should not affect your decision on investing. Your goals might be different and what you need in life should be different from others.
There are hundreds of opportunities to get money and capitalizing on every opportunity is not possible. We should chase the next big thing and invest in something where the risk is very high. The only thing is that we have to keep FOMO out of the question when investing to prevent it from impacting our investment choices.
So, how do I deal with FOMO,
- Focusing on what I have rather than what I lack. I know I am not a great investor, but whatever I have, I should be contained for it.
- Try to build my own great portfolio. There might be a great portfolio out there which might not be great for you, so our first priority is to create that great portfolio for us.
- Stay away from Social Media as much as possible. Social media is where people only show the good thing and thus people envy them and try to run after them. But there is no one who always gets good things, the only thing is that people do not show bad things on Social Media.
How do you deal with FOMO?
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