Your buddy who is a music retailer calls to tell you she just won an incredible school contract to supply a well-endowed district with band and orchestral instruments. Are you happy for your colleague, or are you feeling sad because you were not awarded the contract which you also applied for? Human nature is human nature, so don’t feel bad if you had at least a small twinge in your stomach while you were asking “why didn’t I get the contract?”
Now swap the school contract for an investment you’re best buddy made which went up 100% in six months. Are you happy for your friend or are you asking, why didn’t I make this investment?
The fear of missing out, FOMO, is an emotion that is experienced often. The feeling can arise regarding financial issues or any other part of your life.
The fear of missing out refers to the feeling or perception that others are more successful than you, others are having more fun than you, others are better than you. You get the point.
Psychologists tell us that FOMO is social anxiety stemming from the belief that others might be more successful while the person experiencing the anxiety is not. This feeling can show its ugly head in any part of your social and financial life. What’s the cure for FOMO? Instead of focusing on potential losses, focus on the gains of what you are already doing.
Turn up the volume on your harmony rather than your dissonance. Recognize that life is not a zero-sum game. The economic theory where the gains of one party are always balanced by the losses of another does not apply to life. Zero-sum game theory fuels FOMO. What’s the cure? GROMO. The gratitude of missing out. This wasn’t a typo. It’s natural to ask why would one be grateful for missing out? With the luxury of time for self-reflection, look at your own experience. Think about something that you really wanted at the time that didn’t happen. First disappointment sets in which is natural. But as life unfolds, which it always does, something even better came along. Upon reflection, you realize that something number two worked out even better than something number one. Everyone has had this experience.
Gratitude for others is the fastest way to receive.
“Gratitude turns what we have into enough.” Anonymous