HomeIPOAre you putting savings and investments to the bottom shelf for FOMO?
Are you putting savings and investments to the bottom shelf for FOMO?
February 7, 2022
All of us, without exception, at some point have had the same feeling of missing something that we believe is important or vital to our lives, but that in most cases is really irrelevant, a real waste of time.
More so today with the irruption and abuse of social networks, in which, we spend an average of almost 4 hours a day connected with our social media accounts, watching the news from our favorite brands, the latest video of a fashionable singer or we simply gossip the stories of our followers.
This feeling of being hooked to not letting anything go is called Fear of Missing out (FOMO).
Facebook, Instagram, and other platforms have incorporated positive things into our society, but they also allow us to constantly see the lives of others, as long as they want to show it.
Friends with their families, acquaintances who change jobs, or who are on vacation, this new scenario can lead more than one to try to emulate other people or compare themselves, with the possible negative connotations that this entails.
All this leads to forcing a person to spend more and save less. Even in some cases, people spend all their income on unnecessary expenses just because FOMO overtakes them.
Whether you are an investor or a person who saves money in his piggy bank, many times we face FOMO. But the question is What’s FOMO??And how does it make us lose beneficial opportunities just because we consider our savings and investments as the least important things?
FOMO in the investment world has deep roots, stemming from our normal daily lives. While peoplelive in a world bombarded by social media, they are more likely to be influenced by other people’s success stories.
If you feel that you are also suffering from FOMO, then follow our tips and tricks to save yourself from destroying your future financially just for the sake of luxury you don’t need to have.
The first step you can do is to follow the 50/30/20 rule of budgeting
You can start investing in SIPs if you only want to save a little amount of money each month
You should change your thinking regarding your lifestyle. For example, if you think that buying an expensive phone will improve your status then you are not on the right path. Instead of buying a phone, how good it would be if you buy a share of a famous brand? Which will not only enhance the value of your investment portfolio but also offer you good returns.
So, in order to, not let your money go in vain and get devalued due to inflation or any other wrong reason, it will be best if you beat the thoughts related to FOMO inside you by growing your money by making investments.
How to Avoid FOMO When Investing
Create a Basic Strategy to Meet Those Goals. …
Be Wary of “Hot Tips.” …
Realize That You Never See the Full Picture of Other People’s Investments. …
Focus on the Long-Term, Be Patient. …
Avoid FOMO, but Start Investing.
With the right strategies and financial products, such as mutual funds India, gold investment schemes, retirement investment plans, best investment bonds in India, etc. you can also grab a good position as an investor and if you find it difficult to do so then choosing mutual funds is the most suitable option.