Recently I hear a lot of people saying that investors are investing based on FOMO. Ok, I get it. Yeah I’m hold, so it takes me a while.
I mean I figured out LOL right away (after my kids told me what it meant) and I still use it sometimes, even though I know it makes everybody cringe when a 70 year old man uses it. But that’s half the fun of being 70!
But hearing all these analysts and financial experts using it was driving me crazy. These were guys that were my age. So I admit, I went to AI and asked.
FOMO is Fear Of Missing Out. So they are saying that people are investing in certain things because they know something great is going to happen (or at least they hope so) and they want to be a part of it. Kind of like knowing that a stock is going to grow 20% per day for the next 6 months, and they can buy it at 3 bucks a share.
I have to admit, that happens to me, but I try not to let it get the best of me. Just because someone say that a stock is going to do great things, doesn’t mean it will. Don’t let it get the best of you either. Usually when someone is trying to get you to take action right away, it means there is some better deal they don’t want you to find out about. Take your time, and act when it’s right for you.
