The Problem With #FOMO…IMHO

April 26, 2018 | posted in: Blog | by
(Read on for acronym de-coding!)

TBH (to be honest) I am having a hard time keeping up with all the acronyms our millennial kids are using in their messaging. It can be difficult to remember all of them and I find myself SMH (shaking my head) at times. Too often our kids seem to be on the verge of ROTFL (rolling on the floor laughing) at us. There are many, but IMHO (in my humble opinion) here is one that I believe needs further scrutiny from a financial advisor’s standpoint.

FOMO: Fear of Missing Out

We used to call it, “keeping up with the Joneses.” Now, what’s being referred to as “FOMO” (fear of missing out) is negatively impacting many millennials’ spending habits and finances. In fact, a new report from Credit Karma found that “nearly 40 percent of millennials have spent money they didn’t have and gone into debt to keep up with their peers.” In this age of social media obsession, our next generation is faced with constant, insidious messaging that is putting many at great risk of derailing their long–term finances. Incurring too much debt at an early age can often become an albatross around one’s neck later on in life.  We urge those social media  users affected by this FOMO to have a plan in place to avoid succumbing to spending that will be regretted later on.

Read more about FOMO effect on spending and some helpful strategies to counter this harmful dynamic.

A guide to millennial acronym-speak