FOMO (Fear of missing out) and its impact on our lives

Have you ever wondered why we tend to buy more than we need during big festive discounts? It’s because we worry that if we don’t buy now, we might miss out on good deals. This fear, known as FOMO (fear of missing out), isn’t just limited to our buying habits, it can affect our career, relationship, and daily lives too. In this article, we’ll explore ways to overcome this fear and develop a more peaceful mindset.

Understanding FOMO and Strategies to Overcome It

When we scroll through social media and see people having fun or sharing their achievements, it’s easy to feel left out and start comparing our lives to theirs. We might think that others are living a more exciting life, while we’re missing out on the fun. This feeling is called FOMO (Fear of Missing Out).

FOMO: How Social Media Can Make You Regret Your Own Plans

Imagine you planned a weekend getaway with your family after a busy week at work. All week long, you were excited about this trip to a cabin in the woods with your wife and kids. On Friday, after finishing work, you head home, pick up your family, and drive to your weekend retreat.

Once there, you relax on the couch and start scrolling through social media. Suddenly, you see your friends posting about a party you weren’t invited to. Instantly, you feel like you’re missing out, and regret being on this “boring” family trip while your friends are having fun at a party.

But if you think about it, you’re already enjoying a wonderful time, just as you planned. You were looking forward to this trip all week, and now you’re here, making it happen. It’s only after seeing your friends having fun that you felt bad. This feeling is called FOMO, Fear of Missing Out. It stops us from enjoying the moment and makes us regret not being elsewhere.

Breaking the Cycle: Learning to Enjoy the Moment Instead of Comparing Success

Let’s look at this situation from the opposite side. You planned a weekend party with friends, and when you got there, everyone was talking about their achievements. One friend got a promotion, another got married, someone else bought a new car, and another inherited family wealth. Suddenly, you feel like your life is the worst.

It seems like everyone around you is successful, and you start feeling like a failure. You begin to worry about missing out on success. This creates a cycle—no matter the situation, you might always feel regret about missed opportunities. That’s why it’s important to learn how to enjoy the moment instead of comparing yourself to others.

Gold Rush of the 19th century

In the mid-1800s, after the discovery of gold in places like California, the prospect of striking it rich created a wave of excitement. People from all over the world, particularly from the United States, were drawn to these regions with dreams of quick wealth. This was fueled by stories of individuals who had found gold and made fortunes overnight, which spread rapidly through newspapers and word of mouth.

The fear of missing out on this opportunity to become rich drove thousands of people to abandon their jobs, homes, and stable lives to rush to the goldfields. However, only a small percentage of miners actually struck gold, while many others faced harsh conditions, poverty, and disappointment. Despite the low odds of success, FOMO kept pulling more people in, as they feared missing out on a potential life-changing opportunity.

This historical event shows how FOMO can drive people to take big risks, often overlooking the challenges and realities of the situation.

5 Ways to Overcome FOMO

1. Acknowledge Feelings

Acknowledging your feelings is the first step to beating FOMO. It’s normal to feel left out when you’re not invited to a gathering with close friends. Instead of feeling sad or regretting it, accept the reality and try not to dwell on it. Recognizing and accepting your emotions helps reduce their impact.

2. Shift Perspective

We often waste time comparing ourselves to others, which is a major cause of FOMO. Everyone has their own strengths, and so do we. Instead of feeling bad for not having what someone else has, focus on healthy competition. Work hard to get what you want instead of feeling jealous or left out. Shifting your mindset to focus on your goals, rather than being upset about what others have, is a positive way to overcome FOMO.

3. Limit Socials

When we post on social media, we often try to show how great our life is—whether it’s about money, brands, or success. But everyone is doing the same, trying to prove how amazing their life is. This can make us feel left out, as if everyone else has a perfect life. However, social media doesn’t show the full picture. Understand that what you see online is curated and shouldn’t make you feel bad about your own life.

4. Embrace JOMO

JOMO is the opposite of FOMO. It’s about finding happiness in being present in your own life, without worrying about what others are doing. Instead of feeling anxious about missing events or experiences, JOMO encourages you to embrace the joy of doing things at your own pace. For example, instead of stressing about missing a party, with JOMO, you’d be content relaxing at home, reading, or spending time with loved ones. It’s about choosing what makes you happy, not what you think you should be doing based on others’ lives.

5. Choose Friends

When we try to impress others with money, brands, or by constantly talking about our success, we attract fake people. These people will compare themselves to others and gossip, worsening your FOMO and leading you to bad choices. Instead, spend time with real friends who value you for who you are. These friends will appreciate your presence and never forget to invite you to important events, making your life genuinely happier.

What is FOMO in the share market?

Imagine this: on Sunday evening, you hear in the news that a company called “Take It Easy Bro” has received a $1 billion order in the defense sector. You get excited and decide you’ll buy the stock on Monday. But when the market opens, the stock price has already shot up, hitting its limit. Feeling anxious, you immediately place an order to buy it, afraid you’ll miss out on a big opportunity. This is a classic example of FOMO (Fear of Missing Out) in share market. You believe the stock will bring huge returns, and the fear of missing the chance makes you act quickly without much thought.

How do we lose money because of FOMO in the share market?

After you placed the order to buy the stock named “Take It Easy Bro”, suddenly a new update comes out saying, “The news about that stock getting a $1 billion order was false.” The stock price crashes, and your purchase goes through at a high price.

You had thought this stock would bring big returns, and that Fear of Missing the opportunity pushed you to buy it quickly. Now, you’re stuck with that stock because of FOMO. This is why it’s important to stay calm and think carefully before buying any stock. You’re not really missing out on any opportunity by waiting and evaluating.

How do traders fool you with FOMO?

Traders are professionals who understand how the stock market works and take advantage of regular investors (retail investors) who often act without fully thinking things through. When a stock is performing well and hits an all-time high, it tends to attract a lot of attention.

Influencers and market experts might hype up these stocks, and many investors jump in to buy because they don’t want to miss out (FOMO). However, these investors often ignore crucial information, like whether the stock is actually worth the price or if the company is in good financial shape. This emotional reaction, rather than a logical decision, can lead to bad investment choices. Traders, knowing this pattern, profit from the situation.

Conclusion :

In conclusion, FOMO (Fear of Missing Out) is an emotional trigger that can affect various aspects of our lives—from impulsive purchases during festive sales to risky decisions in the stock market. It’s fueled by social media comparisons and the belief that others are experiencing greater success or enjoyment. Whether it’s the allure of a new stock, a party you weren’t invited to, or the historic rush for gold, FOMO drives us to make hasty decisions in fear of missing out on fleeting opportunities.

To overcome FOMO, we must focus on mindful living, appreciating the present moment, and making decisions based on logic rather than fear or peer influence. By breaking the cycle of comparison and understanding that not all opportunities are beneficial, we can lead more content and balanced lives.