How to Avoid FOMO – Episode 399

This transcript was auto-generated and may contain errors.

[00:02] Hello, partners. Welcome to the podcast. We’re going to be talking about the concept of FOMO, which is a fear of missing out. And I think it’s important right now. We’ve seen some crazy manipulation with the stock market. Precious metals are all over the place. Cryptocurrencies and a lot of people are saying, am I being in the dark with this? Am I missing out? What’s going on? And I would guess that there’s a prosperity way to think about it. Is that right, Kim? Definitely. And I love this reminder of looking at things differently, adding the prosperity lens to your choice of lenses out there. Just saw a really cool story the other day. This quite elderly lady, mid 80s, is being shown her room at a new care facility that she needed to be in.

[00:57] And they hadn’t gone all the way in yet. And she said, I already love it. And the gal said, you haven’t seen it yet. She said, Oh, it doesn’t matter. I made a decision. I made a choice already that I love it. And that’s such a prosperity lens. And I think we can really take that idea and apply it to our lives in so many ways. And this fear of missing out thing that our society is kind of stuck on in the Twitter verse, or whatever you’d like to call it, is indicative that you are not for yourself, defining what’s most important to you, and then acting accordingly. And we’ve chatted on the podcast before about having a set of values and making not only financial decisions based on those values, but also

[01:54] where your brain goes and what you pay attention to, declaring for yourself what is important. And when you do that, then of course, you cannot miss out. Because you will be looking and listening for the things that are important to you. You will be taking action on the things that are important to you, you will be learning about and very intentional around the things that are important to you. And when that is going on in your life, you don’t put yourself in a position of the fear of missing out. There’s a quote I want to share and then I’m curious your perspective on this to Spencer. And that quote is from Dolph de Roos, who is a long time well known real estate investor. He was a part of the

[02:49] original Robert Kiyosaki group. And he likes to say the deal of the decade comes along once a week. And so if you think about that, and you could take that, he’s talking about real estate, but you could take that into anything, you know, the, the deal of the decade of a new book to read, or the deal of the decade of awesome vacation, or the deal of the decade of your favorite restaurant’s food special or whatever. They come along often. And when we can relax into that space, then we don’t have FOMO. I will admit, it’s actually a battle that I have to deal with. And I probably shouldn’t say that, but I’ve learned to make it. I don’t know, I should say I’ve been become responsible with that. So here’s what I mean. I’ve owned a lot of real estate over the years.

[03:46] And what happens is sometimes I’ll go back and look at some of the properties that I sold and I’ll see the appreciation now and go, oh, how did I just hold on held on to those? And that’s not healthy because like it was a win at the time and that was good enough. And it gave capital to go and do other things. I remember this is probably about two months ago. I have a notebook with me every single day and I take notes throughout the day. And I was just thumbing through almost like a journal and I saw a list of different stocks that I had talked with the friend and he said, oh, you should check these ones out. And then there was a couple cryptocurrency coins and I didn’t do it. And there was a

[04:30] lot of money I could have gained from that. And I checked myself for a moment and I had that FOMO feeling and I realized, yes, but I also was able to invest in other things. And I stopped and I actually what cured me was gratitude, Kim. That’s what it was. So, so important. And when we’re grateful, then we are open-minded to finding more and possibly what’s even better. And when we look for even better, then we will find it. And I guarantee you, we’re not going to find it if we’re not in a space of being grateful for what we already have, no matter what the subject is. I think FOMO happens with a lot of people, at least right now in this environment. And, you know, when this recording comes out, we don’t know what it’s going to be.

[05:24] So volatile. But we’re seeing a lot of people leveraging beyond their own means or people that are unsophisticated trying to dive into sophistication. And they forget about the fundamentals. And I think for me as an investor, as a business owner and as a co-host on this podcast, I have to go back to the principles all the time. Because once you get away from the core, the principles, it’s easy to get off track. And so your principles of prosperity are the ones that help me continue to go. I love how wide reaching those principles are because they truly do impact so many, many things beyond our finances. And so if you haven’t taken a look-see at those lately, the seven principles are in any one of our books. They’re not in a public space on the website,

[06:24] but they are in our material that we generate when you sign up for our websites, Prosperity Accelerator Pack. And so anybody is welcome to pop back in there. The system’s going to know it’s a duplicate email if you’re already getting our newsletter and such. You can also go to our blog, partnersforprosperity.com forward slash blog, and just search for the seven principles. And there’s a variety of blog posts that will come up around them. So thank you for acknowledging how wide reaching they can be. Yeah, absolutely. So I want to wrap up with a question of this. You are talking with people that are just starting their careers and getting started at deciding what that future looks like and all the way to people that are

[07:15] at the pinnacle of their careers and they’re looking at legacy. So you’re on both sides of this. I would imagine that FOMO can happen to either one of those people. And so what is something that you say that will blanketly help either the just starting out or the has it all? Yeah, it is funny. That is definitely the bookends of our clientele. We have lots in both of those categories and they may seem so different. And yet I fall into one category and my kids fall into another. So it seems completely normal to me. I know the value of first knowing what you know, knowing what you don’t know, and coming to things with a beginner’s mind so that you’re in a position to learn so I guess that was second. And then third, being solid with that, like being OK with that,

[08:14] being at peace with the space that you’re in right now today. And when we operate that way mentally, it helps us literally physically and almost physiologically, I think, in other words, with our actual bodies and then also how we’re being as human beings in whatever relationship we’re in, whatever conversation we’re in, whatever, anything that we’re in, we’re in so much better space for learning and progress and failing and learning some more. So good. I think you’ve just listed out a clear recipe to avoid FOMO. Now, even though listeners, you have the recipe, it doesn’t mean that you’re going to bake or make the perfect dish and the perfect life. And it will probably come up. It still comes up for me.

[09:07] But taking these questions, focusing on gratitude, focusing on the principles will certainly keep you on the right path. So this is really helpful, Kim. It’s my pleasure to share. Thank you for listening to the Prosperity Podcast. To take control of your money and have it work for you, visit us at partnersforprosperity.com. If you liked this episode, make sure you subscribe and leave a review.