FOMO: The Worst Financial Trait

[bitchstewie]

A good little read.

FOMO: The Worst Financial Trait

[jamiedimonBTClover]

It's basic common sense though. Shame many don't exercise it. It's been especially great for crypto exchanges who pile on fees or spreads when people over trade.

[bitchstewie]

Well quite.

I invest very conservatively and there are times you feel like the odd one out.

[Jon39]

Sensible advice of course.

In this respect, I feel slightly sorry for the younger generation.
Are they called Millennials, or Generation X ?

So much more available to buy now and many of the products are soon made redundant by more desirable replacements. This is all accompanied by intense marketing, trying to persuade us to buy, or obtain through various methods.

Interest Free; Buy Now, Nothing to pay until 2024; PCP; Exclusive Limited Offer 60 month contract only £1 per month for 6 months, then just £29-95 a month (subject to annual CPI increases).

Very different from years ago, when there were fewer consumer products and services. Now willpower is required to resist.

[Chamon_Lee]

It’s a disease and institutions lap it up creating never ending bullst products out of thin air with incredible marketing for the social media gen that get hooked in on a single headline.

Not only that, individuals actually convince themselves once they have been duped once that it’s ok to dupe others and that’s actually the process. Bring in “new dumb money” and sell off to them and wait for the next cycle. It’s utterly sickening.

[bitchstewie]

I think it's a little unfair to see this as some kind of millennial or younger generation thing tbh.

I see it just as much on the threads on here about "gambles" where I get the impressions people are in far more heavily than anything I'd consider a gamble allocation.

[GliderRider]

bhstewie said:

I think it's a little unfair to see this as some kind of millennial or younger generation thing tbh.

I see it just as much on the threads on here about "gambles" where I get the impressions people are in far more heavily than anything I'd consider a gamble allocation.

'In more heavily' depends how much of one's overall pot is being gambled. If its under 1% then no big deal, if its 10% then its starting to get pretty serious. The level of prior research into the company's history, trading performance, outlook and so on all help to mitigate the risk, if you know what you are looking at. Its a slow learning process and still feels very much 'pin the tail on the donkey' most of the time. Half the time I'm cursing for procrastinating and the other half kicking myself for jumping in before doing the research.

By the way, if you're in Sylvania Platinum (SLP), it was me who put the kiss of death on it yesterday, by going for a top up.

[Jaguar steve]

Chamon_Lee said:

It’s a disease and institutions lap it up creating never ending bullst products out of thin air with incredible marketing for the social media gen that get hooked in on a single headline.

Yeahbutt it's both that generation who're hooked into a relentless borrow and spend cycle of fads and fashions and tinsel and tat alongside the often profligate spending of the better off who're doing an excellent service to the more thoughtful and prudent among us by keeping the UK economy healthier than it otherwise might be which both improves pension and investment returns and keeps the Governments tax take down.

I for one am extremely grateful for that.

[DaveA8]

Dealing with FOMO is simple in theory but requires some self control
FOMO is envy in a slightly different wrapper and how I have learned to avoid it is to realise that what others have is theirs and their success or failure is largely irrelevant to me barring some connected venture.
FOMO is for me a different notion than say following a trend which has its roots in a good investment proposition, if the thesis stacks up, not getting involved because one fears an allegation of FOMO is nearly as silly as FOMO itself