Is FOMO Always Bad For Your Bank Balance?

2018-03-20T17:16:39+00:00
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Before we get into this, it is worth thinking about what FOMO is? FOMO simply means fear of missing out. It is the impulse to be part of something or to buy or perhaps invest. As such, you can see how an ideology like this could have a massively negative impact on your bank balance or indeed your budget. If you’re constantly looking for the next big thing, you will always be investing, and typically you won’t be seeing a massive ROI. That said, there are reasons why FOMO could actually benefit your bank balance and here are a few to consider.

You Could Be First In On An Exciting Investment

If you have FOMO, you may ultimately end up investing in something that everyone else completely dismissed. Eventually, that investment could become a goldmine and Bitcoin is perhaps the best example of this today. Bitcoin actually began in 2008, and it was nowhere near as popular or as valuable as it is today. If you invested in bitcoin then, you could be worth millions today, and people with FOMO certainly are. That’s why you have people with no knowledge of business or how to deal with massive amounts of money who are worth a fortune. It’s all due to the fact that they took a chance and invested in something that people were already getting excited about.

Of course, it is little swings and roundabouts because lots of other people didn’t catch the Bitcoin craze early enough. Today, there are plenty of copycats that are nowhere near as valuable, but that still want customers to invest, and they prey on people who have a fear of missing out. As such, getting in on investment could either be the best thing that ever happened to you or a fatal financial mistake.

You Probably Own A Credit Card

It may come as a shock but you can’t make any investment work unless you are willing to borrow first. There are very few financial investments that are small enough where you can actually just use whatever you have in savings. People with FOMO don’t just rely on their savings, because they can’t. They are confident enough to have a credit card and use sites like EnjoyCompare to find one that matches their needs. That means that they also get massive benefit from the credit card they choose to use regardless of whether they even make the right choice with their purchases.

You Don’t Sit On Your Money

People against investments have a lot of buzzwords to describe it. They’ll tell you it’s risky, gambling or even dangerous. What they won’t tell you is that sitting on your money is worse. If you have money in savings, you need that drive to invest because if you don’t, you’ll never get rich. You’ll always be exactly where you started, and this is perhaps the biggest advantage you have if you are plagued by a fear of missing out. It’s a lot like people who dream of winning the lottery and people who actually participate. You can’t win if you’re not prepared to buy the tickets.

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