Have you ever felt agitated seeing your best friends posting their vacation photographs on Instagram? Have you ever hurried to buy something just because you are getting an offer or the sale is ending soon even if you don’t want that product. If yes, then you are a victim of FOMO – the fear of missing out.
In today’s world almost everybody is a victim of FOMO. FOMO is a fast growing problem especially in teenagers. It’s affecting our emotions, finances and our overall peace of mind. It constantly causes us the anxiety that others are enjoying better things in their lives while we are missing out on all the fun. The most prominent areas that feed on this fear are social media, ecommerce platforms and of course stock market. Because of this fear these platforms make us act impulsively.
Social Media
Everyday we scroll through numerous posts on Instagram, Facebook, WhatsApp and YouTube filled with people posting pictures and videos as proof of their lifestyle, be it vacations, dining at expensive restaurants or showing off their latest gadgets. Most of us start comparing our lives with theirs just by seeing their posts. If people are sharing these posts which doesn’t mean that they always live the same life. We often forget that these are just highlights of their life. They never post or share the struggles behind these pictures and videos. But psychologically this pressure makes people spend beyond their means just to maintain the false image leading to financial stress later to depression.
This is not just limited to the teenagers or middle-aged. Many retired people watch their friends enjoying their retirement by spending time with their families at exotic locations which makes them feel that they are missing out on all the happiness. This leads to unplanned spending, affecting their retirement savings and leaving them penniless when the absolute need for money arises.
Online Shopping and Limited Time Offers
The whole shopping world has moved online. And ecommerce operators hire the best of marketing guys to use this FOMO effect to their advantage. They create flash sales, limited stock warnings, exclusive discounts etc. make us feel that we are missing out on the big deals. This triggers impulsiveness to buy the things that we don’t need at all. Just a few days later, we regret buying unnecessary items, but by then, the damage is already done.
I have seen many of my friends buy expensive smartphones just because they are getting great deals on their phones or just because their acquaintances have upgraded their phones even if their current phone works perfectly fine. This is more common in college students, office goers and even middle aged professionals.
Stock Market and Investment Decisions
FOMO is a dangerous trap in the stock market especially with beginners. And here also social media and news channels are the culprits. Many people invest in stocks just because they see others making profits. These investment decisions are purely made on FOMO. When they see some stock is moving upwards, they rush to invest without doing proper research. This happens because of the fear of missing out on big profits. This often leads to poor financial decisions. And by the time they realise they end up in heavy losses or even bankruptcy. People should understand that there’s always an opportunity in the stock market and all their investment decisions should be backed by good research based on data not on FOMO.
Impact on Mental Health
Constantly feeling left out or missing out all the pleasures of life severely affects our mental well-being. Psychologists describe FOMO as a form of social anxiety driven by comparison and the need for social belonging. We often feel dissatisfied with our lives, comparing our lives with others thinking that others are leading better lives. Studies suggest that FOMO is closely linked to lower self esteem, increases stress, and even depression. Dr. Dan Herman, a marketing strategist, first coined the term in the 1990s. Instead of enjoying the present, we keep chasing what others have. Excessive social media use amplifies this feeling even more.
Especially in teenagers, the pressure to dress in a certain way, follow the latest trends just to fit in the culture which is way beyond their limits and reach. For working professionals, it could be the fear of missing promotions, networking events, job hopping opportunities. Even for elderly individuals feel FOMO when they see their peers being more active and engaging in social circles and leading better life.
How to overcome FOMO
Limit Social Media Usage:
So, how to overcome FOMO. The biggest cause of FOMO is social media. Instead of spending hours and hours scrolling through social media feeds, we should focus on real life experiences. Social media is good if we use it to our advantage. So we should limit our use of social media and unfollow the accounts that make us feel insecure or trigger unnecessary desires.
Think before buying
Don’t fall prey to the great deals and offers. I personally succumbed to many offers on ecommerce platforms. Ask yourself “Do I really need this?” Avoid impulse buying. Our purchases should be arised by our needs not influenced by sales and offer traps.
Invest Wisely
Stock market is not for everyone nor is it a get quick rich scheme. Investments need thorough research. If you don’t understand something then don’t invest. Impulsive investments always lead to huge losses. So invest wisely.
Practice Gratitude.
Be thankful to God for what you have. Happiness always lies within. The materialistic happiness is momentary. Always aim for everlasting happiness. And everlasting happiness comes with contentment. So be content with what you have and practice gratitude.
Live in Present
Enjoy your own journey at your own pace instead of constantly comparing it with others. Work hard for your goals and learn new things to achieve your goals at a better pace. Practice mindfulness. Spend few minutes every day doing meditation. Meditation calms our mind.
And Finally, life is what we make it. It’s not a limited time deal. There is nothing to miss out on. God gives us many opportunities and still you feel missing something, remember God has a better plan for you. Just because someone else is doing something doesn’t mean we must do it too.
The next time FOMO tries to take over, ask yourself “Am I chasing happiness, or am I just afraid of being left behind?” The real joy in life comes from being at peace with our own choices, not from following the crowd blindly.
