The main issue with investing is the worry of missing out on opportunities or wondering what would have happened if you got in much sooner. If only my parents put some money in Apple stock when I was born or if only I threw some money into Bitcoin a few years ago. Those thoughts can really crush you and weight you down.
We all want to succeed in life and always remain focused on building our wealth. Whether that’s putting it in a savings account or investing in assets like houses, stocks and bonds. But the thought of missing the curve and losing out on much greater profits can be disappointing.
FOMO, the fear of missing out, can lead to so many other issues. Not wanting to miss out on new experiences or jumping into riskier investments because other people had found success could lead to high credit card debt and just more disappointment.
Growing up, I saw everyone had a Nintendo and so obviously, as a child, I wanted one too. Everyone was talking about new games and beating new levels and I didn’t want to miss out. But by the time I was ready to get it, a new system came out. We are always trying to jump into something in this time and place, but what we should instead focus on is the future.
Looking back in the past will drag you down, pointing out the mistakes or the opportunities lost, but looking ahead can reveal new adventures that will be beneficial both financially and personally.
I’m not including looking back on past memories or happy events, I’m keeping this focus on mostly financial decisions and investments.
The What-If Syndrome
What if I just bought some Bitcoin back when I first heard about it? Back in 2013 I could have bought Bitcoin for $120. Today, that one Bitcoin is almost at $20,000. That’s a huge return on investment. But we can’t think like that. We need to focus on things we can do now that will benefit us greater or in the future. What is the best decision we can make for ourselves. I’m not worried about what I missed, I’m more concerned about what I can do now and when I should begin investing in Bitcoin.
Obviously, the sooner you invest in Bitcoin the better, but I’m holding out for payment cycles and that normally falls on the end of each month.
FOMO is King
The fear of missing out is perhaps the greatest issue we face day to day in investing. For some, it’s causing riskier investments and pushing for greater returns. For others, It’s simply frozen in fear worried that others will completely surpass you and get the opportunities you missed. Both of those are absolutely the wrong mentality to have.
You need to focus on yourself and what is best for you in this time and place. Not what-if or what happens if-. Focus on the investments you can make today and plan out what you can do in the future. Don’t concern yourself with those shady get rich quick stocks or that your money isn’t growing fast enough.
Look into creating a diversified portfolio of stocks, bonds and cash balanced according to the risk level you’re comfortable with having. The younger you are, the higher the risk you can allow. As you get older, tone that down and begin focusing on more conservative investments.
The Fear of Failure
Nobody likes losing. In fact, we absolutely hate it. Failing is the ultimate failure. We don’t want to disappoint others and have them think worse of us. We have this fear of not wanting to let our parents or our children down and have them think we’re failures.
You may see a sibling that is just killing life right now. A great job, big house and all the others things with it. You see that and instantly hate yourself. Why don’t you have that type of house? Why don’t you make as much money as your sibling. We can play the comparison game all day, but that will never change the current situation. Got to love sibling rivalry. (Sarcasm)
But here’s the thing. The fear in your head is likely much worse than reality.
Getting Over FOMO
I don’t think we will ever truly get over FOMO. But we can reduce it so it’s not controlling our lives. I’m moving out of New York down South to a much slower paced neighborhood. I unsubscribed from YouTube channels telling me how I NEED to buy Bitcoin today before it’s too late. I’m surrounding myself with motivational content and inspiring things to keep me focused on myself and bettering myself and my investments.
I’ve learned my own financial goals are what matter. Looking at Graham Stephan’s 13 Million Dollar Investment portfolio should offer nothing to me but inspiration to get to that level. Not disappointment and jealousy that isn’t my money.
I know my limits and I know what my financial goals are. I have a million tabs in my excel spreadsheet breaking that down for me. I know the moves I need to make and what investments I’m focusing on. My life and my wife’s life are what is important to me and maintaining our happy lifestyle is currently my only goal. When we have children that focus will expand to provide a good life for them.
