I read a story today that provided me with an acute reminder not to try to keep up with the Jones, whoever they might be!
Keeping Up With the Jones
The story I read was about a husband and wife who had inherited his father’s estate which was a large sum of money and they were doing well with it as long as they listened to the advice of the late father’s account manager.
However, it seemed, he was too conservative for them because when they heard about how well their neighbour was doing with a particular stock they wanted to try that. The funds’ manager reminded them of their original long term goals and advised that they should not deviate from it, but they were eager to copy their neighbour. When the funds’ manager refused to go against their original long term goals they fired him.
Fast forward 3 years later they lost the inheritance and the financial security they had built up with account manager disappeared.
This couple suffered from the syndrome seasoned traders call fear of missing out (FOMO).
Although the accounts manager helped them set up a plan where they were set up to conservatively make 10% per year over time and could comfortably live off the yield without ever having to work again they wanted what the neighbour had. They were ultimately driven by FOMO.
How To Overcome Fear Of Missing Out
I don’t know about you, but I personally like to learn from other people’s mistakes so that I might avoid making my own! I have listed 6 lessons to be learnt and how you might overcome the fear of missing out.
Here are some lessons to be learnt from this, namely:-
- Don’t veer off from your original plans. If you have a strategy (trader or not) that works for you stick with it.
- Remind yourself of your goals. You have goals for a reason, don’t allow yourself to be sidetracked. Everything doesn’t work for everybody.
- The above point brings us to the age-old saying, “Jack of all trades…”
- Don’t be envious of someone else’s success or prosperity, just stay focused on your own.
- Whatever is happening with your family or friends success wise never lose sight of your own objectives.
- You need to be that spouse that draws the line to keep your family focused and on course. If either of them had put their foot down and reminded the other that this same account manager had successfully managed the late father’s estate for more than a decade and to trust his recommendations the story could have been very different.
The conclusion is that FOMO will destroy you as it destroyed this couple so avoid it at all costs. Lesson learnt.
Have you ever suffered from FOMO?
Do you or anyone you know strive to keep up with the Jones? Do share your story in the comment box below.
If you’re a trader in this current climate at the time of writing, don’t get caught up in FOMO nor lose sight of your objectives. Get help with protecting your assets and or income by purchasing my book that will help you save money as well as make – Buy Forex Trading Made Easy
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