Finance Tip Friday #30: FOMO

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What is FOMO? It means “Fear of Missing Out” and is a phenomenon amongst nurse practitioner entrepreneurs and individuals who invest money. It essentially means that you fear you are going to miss out on the amazing deals and trends that you are seeing in the economy and you need to get in on it before it is too late. Examples:

Housing prices continue to rise, so you must jump on it before it is too late!

The stock market is going up and you want in on the action before the prices stagnate.

Everyone in my area is opening aesthetics practices, so I better get in on this trend before it’s too late!

And so forth and so forth…

Having FOMO can be dangerous. You need to determine if you are experiencing FOMO or if you have actually found an excellent opportunity when you begin to experience excitement. There is a big difference.

FOMO is an EMOTIONAL response. Your mind experiences this as you see all the sheeple jumping in on trends. This can cause you to make risky choices that you would otherwise not do.

It is like when bitcoin was going up exponentially. People wanted in on the action because they kept reading that it was going to get up to $100,000 within a month! What happened? IT CRASHED. And all these people who bought at the top freaked out and SOLD when it dropped… This is what FOMO will do to you: buy high and sell low because the investment did not continue to rise like you had hoped.

Don’t follow trends. Don’t follow the herd mentality. Be GREEDY when others are fearful and be fearful when others are GREEDY. Remember that and it will serve you well during your investment journey.

Look at investments and opportunities objectively. Do not let your emotions or fear of missing out dictate your decisions. Trust me on this as you embark down your journey towards nurse practitioner freedom.

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