The Fear of Missing Out

Key Takeaways

  • FOMO, or the Fear Of Missing Out, is an emotional fear that can cause you to do things or buy things you don’t want or need.
  • You might have the money to buy all the new technology that comes out, but it may not necessarily be what you need or make your life any simpler.
  • Before you buy or adopt a new technology, be sure to evaluate what that technology can do for you, how it integrates in to your life and the way you operate, and determine if it will add value to your life versus confusion or frustration.

Every time Apple comes out with a new product, or there is some new hot toy for Christmas, you’ll see these lines forming. People even have tents set up in the cold weather days before the products are on sale so they can be the first ones to buy it! These folks are really suffering from a thing we call FOMO, which stands for Fear Of Missing Out.

FOMO is an emotional fear, and that kind of fear can make it so bad that you end up with something you find you don’t really need, don’t want, or doesn’t make sense for you. But, you got caught up in the moment and emotion of it. This is particularly worrisome for us when it comes to technology because we are constantly being hit with new tech products.

If you go back a few years, think about how you didn’t text, or have a smartphone, e-mail, Facebook, Twitter, or any other social media. When you started to adopt these things, you probably took some time to think about how you could integrate them in to your life rather than jumping in line only to find out it was just one more thing you didn’t need to have or that made your life more confusing.

You might have the money to buy any of the new technology that comes out, but what’s important is whether or not that technology is appropriate for your needs. So, when I am looking for new technology, I look at my own behavior. I say to myself, “How do I actually operate in the world?” I then look at this new technology, and if it doesn’t help me in the way I normally operate, I wait a while to make sure I’m not buying something that I’ll end up hating, or that will actually make my life more confusing and difficult.

My suggestion is that before you buy or adopt a new technology:

  1. Think about how this technology would fit in to the way you operate, the behaviors that you like to exhibit, and how you want to do things.
  2. Determine whether it’s going to bring extra value, make life simpler, and make it easier for you to do things you did before in a different, more efficient manner.
  3. Integrate this technology in to other technologies.

It can be confusing to find the value added in buying a new technology, so sometimes it’s best to wait a year or two rather than jumping on the FOMO train. Because once you let FOMO take over, it does nobody any good, especially you!

Until next time, enjoy. Gary

TransformingWealth™ , our proprietary approach, designed to get your arms around the big picture so you can make informed financial decisions. As part of our process, we use mind mapping – one of the most powerful tools available for bridging the communication gap between different generations. Mind mapping is visual and helps all parties gain a clear picture of all aspects of the financial equation. Ask Gary about mind mapping and Coyle’s TransformingWealth Preview Meeting, and schedule a complimentary consultation and start living the Good Life Managed Well™.


Gary Klaben is in our Glenview, IL office and serves our clients who are now located all over the country. He has over 30 years of experience and is the author of Changing the Conversation, The Wealth Sanctuary and co-author of The Business BattlefieldWhether advising his clients, mentoring his team, or coaching entrepreneurs, he is always simplifying complexity and motivating others to take the next action that’s right for them

 

www.coylefinancial.com
800-480-7913 | coyle@coylefinancial.com

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