Giving up that FOMO lifestyle?
Being a month away from Halloween now, I thought it was only right that I should talk about fear. More specifically, FOMO or Fear of Missing Out.
It seems that the whole United States has shifted into Halloween mode even though it is still only September (for one more day). Halloweed candy is in mass supply at the grocery stores, TV channels are starting to cycle through all of the classic horror movies, and there is a crisp chill to the air that always comes around this time of year.
With all of this "fear" floating around, it has me starting to wonder if FOMO is something that every goes away. If you take a page from @fullcoverbetting's book, then you likely believe that FOMO doesn't go away, it just changes to FOMOOMM (Fear of Missing Out on More Money). I think we can all relate to that when it comes to the crypto space. If you haven't felt that already, you likely will given you are here.
Isn't that crazy? It can be a bit daunting and scary to think that we are already involved in something that 80 to 90 percent of the world is oblivious to. Oblivious or just indifferent. That will change. It is inevitable...
Over the past couple of weeks, I have found myself FOMO'ing into several NFT projects that I am kind of having second thoughts about now. It's clearly too late at this point, the damage is done. I can't help but wonder if I will show greater constitution in the future should temptation rear it's ugly head.
You might think by this time seasoned investors in crypto should know better and be able to ignore the advances of the FOMO succubus.
Perhaps it is best to go the route of maximalist and only focus on one or two tokens, FOMO be damned.
But honestly what fun is that?
No, I think I would rather ride the waves and and suffer both the ups and downs of the FOMO life.
That still doesn't answer my original question... Is there ever a point where FOMO or FOMOOMM just goes away? The allure of the shiny and new token or NFT project just doesn't have the same effect on your? Clearly I am not there yet and I keep being all about that FOMO lifestyle, so I don't think I am qualified to answer that question.
Perhaps someone in the comments will. I look forward to hearing all of your thoughts and responses.
Sports Talk Social - @bozz.sports
Posted Using LeoFinance Beta
FOMO is real and I think there are a few different kinds. 1) Survival-based FOMO: being in the precarious situation where you feel like your basic survival and entire future rides on your investment results; and 2) Greed-based FOMO: already being in decent shape financially and having a good plan but feeling like you always have to chase that "next big payday".
The weird thing about the human brain is the more we get, the more we want and that is a constant struggle. It's like climbing an infinite ladder. There's always a higher rung. I don't think greed-based FOMO ever goes away because it's encoded into our DNA to acquire the most security we can.
I think setting goals and seeing progress towards achieving them helps to squash it. For example if you resign yourself to save a $2M nest egg to invest in index funds that make 8% annually and reinvest dividends you can live comfortably off the 4% withdrawal rule ($80K per year). Knowing that your initial seed investment will keep growing year after year allows you to relax. Diversification also helps squash this to some extent.
When you get to a certain point you just have to keep reminding yourself "I have enough". In the end our time is the most valuable thing we have because of its scarcity. I know people with a high enough net worth to live 5+ lifetimes and they're still chasing money, it's such a sad thing to witness. You just know that their FOMO will get them nothing more than a whole bunch of regret in the end because of the amount of life they've missed out on while they were chasing money.
Very wise words! Thank you for that. I am definitely in the Greed based FOMO category. Just trying to chase that next big NFT project that is going to make me some money. I would probably be much better off just finding reasonable passive income streams versus looking for big paydays. I hope that when I get to the point I have enough for my wife and I to be able to do the things we want to do I can just stop.
Posted Using LeoFinance Beta
No problem! I'm glad you're in that second category! It's not small feat to get there. I can tell you're disciplined and knowledgeable enough about money to retire early.
I see a lot of folks in crypto who HODL to a fault and end up "going down with the ship". I made that mistake in the 2017/2018 cycle. It was horrifying to ride out that bear market while expenses were gobbling up our savings. I'm very grateful for crypto and will always have a portion of my net worth in it but am glad I cashed out what I did.
Once you get to this point you just have a different set of problems. I came from a lower middle-class upbringing and had certain misconceptions about how money would take away all the problems but that couldn't be further from the truth. For me having the freedom to use my time how I wish is the best thing about it all. I wouldn't jeopardize that for anything at this point.
I didn't have the holdings I do now, but I understand what you are saying about HODL'ing to a fault. I wish I had moved more of my gains into Stable coins or something else back in May while I had the chance. I totally understand your opinion on time being more valuable too. A lot of the reason I stay at my current job is because the time constraints are pretty non-existent even though the pay is pretty abysmal!
Posted Using LeoFinance Beta
Well I think it eventually does go away after you go through it long enough. You can generally pick out which projects are good over time if you keep getting burned.
Posted Using LeoFinance Beta
Good point. I guess I haven't gotten burned enough yet that I keep diving in!
Posted Using LeoFinance Beta
Congratulations @bozz! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
Your next target is to reach 64000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Check out the last post from @hivebuzz: