In your various social media feeds, you see your friends and acquaintances visiting family, traveling to exotic locals, eating tantalizing food, driving their new car, attending a coveted cultural event, enjoying their new retirement home. It is human to succumb to FOMO — the fear of missing out. Here are five ways you can keep FOMO and the financial repercussions at bay.
The origin of FOMO
You still have 24 hours in the day, but now you have to make new choices about what to do with it. When you see what everyone else is spending their money on it becomes increasingly difficult to manage the financial tensions of what you need and desire for today as opposed to down the road.
The financial services and pharmaceutical industries only expound the problem. Media portrays retirement happiness as mature couples walking on the beach or sitting on a flower covered hillside in matching bathtubs. It leaves you feeling like you are not enough and lacking in various facets of this new season of life.
FOMO is the updated terminology for “Keeping up with the Joneses.” It is alive and well at every age but needs to be recognized and intentionally battled as you live a life of no regrets in your vesper years.
It can wreak havoc on your financial resources and pull you away from what will truly bring meaning and purpose to your fall season of life.
Prioritize connections over acquisitions. The one with the most toys does not win. Invest your financial resources, time and energy in cultivating the skills and engagements that will support you in healthy relationships. This brings more fulfillment to our lives.
Your spending plan needs to include the costs associated in augmenting these rich relationships. Your friendships may change due to known or unforeseen circumstances. What do you want to do to maintain and nurture standing friendships and what needs to be done to cultivate and make new ones? Is your family close by, or are they in locales…