This is what I’m feeling right now… the fear of missing out because I feel like I need to do something to improve my net worth at a faster rate.
Here’s a better explanation of what it means:
anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media.
Why I think I’m experiencing fomo
After I noticed that the stocks market in my country doesn’t seem to have a great future, I decided to take my money from there and to reinvest it somewhere else. Sadly, I don’t see anything that good at the moment where to invest and I’ll have to be patient and to wait… which is something that’s hard for me to do.
I’m hanging on a small budget because I decided early to “retire” without having a huge sum of assets as others are mentioning. Usually, it’s recommended to reach 20x your yearly income to be financially free, but I wanted to take another path, one that requires more work and less in savings.
There’s an alternative to the 20x yearly income, you just need to make 20%-40% and you can decrease that number closer to 5x for example. But, we all know that higher returns usually means higher risk and that’s why I’m feeling that I have to constantly do things.
The path I chose is similar to an entrepreneurship, just that I lack the business. I’m doing things like an asset manager and making a mistake can cost me way too much and bring imbalance in my net-worth. As you may have seen already, my net worth took a hit in April and it was a great reminder that I was too exposed in the crypto area where volatility can have a big impact for me.
The same thing seems to happen this month, but in this case with stocks. Because I didn’t find a good enough investment opportunity I am still looking for new opportunities.
Are you experiencing the fomo?
Sometimes it’s just better to wait for the right moment in case you don’t see any opportunity, remember that the rich get richer in a crisis because they buy things at a discount.