Investing FOMO is the hardest type of FOMO to conquer. FOMO stands for Fear Of Missing Out. The term is usually reserved for those who spend everything they have to buy the latest thing or experience without any regard for their financial future.
FOMO is what drives people to go into revolving credit card debt, making credit card hawkers rich, and their slaves poor. FOMO is the main reason why people are unhappy, even if they are living better than 99% of the world. Investing FOMO is when you chase an investment that has already risen by 1,000%.
Those who refuse to save for retirement justify their spending by saying, “you can’t take it with you.” It’s true. No matter how much gold you bury in your grave, your spirit takes nothing physical with it.
But after starting my investment tracker series, I’ve come to realize that investing may be the ultimate case of FOMO. Spending all your money on useless things doesn’t even come close. Let me explain why in three reasons.