Yes, You Can Balance FOMO, YOLO & Saving At The Same Time

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fomoYou probably already know what FOMO and YOLO means. It’s even recognized by the Oxford dictionary. But in case you don’t, let me fill you in:

FOMO = Fear Of Missing Out

YOLO = You Only Live Once

And both terms have been used to death. So what exactly is FOMO and YOLO and why do all the young kids have it? It’s basically another way of saying you should live life in the moment, be spontaneous, take risks, etc. And it’s something that has defined my generation: the millennials.

Us millennials are known to have a bad case of wanderlust. Unlike generations before us, we want to travel, crave new experiences…and spend more money in the process. If we really want to live life to the fullest, how do we plan for the future at the same time?

I hate to say it but I kind of have FOMO myself (even though I hate the term). As is characteristic of my generation, I’m less focused on stuff and more on what I’m doing with my time. I feel like I’m always constantly thinking about what country to go to next or what challenge to take on. And there’s no particular reason. It’s simply because I only have my youth for so long and want to do as much as possible now. But seemingly, that goes against the typical idea of retirement – working a 9-to-5 job for 65 years and then spending the last couple decades of your life having fun. So the main question is: how can millennials do everything they want to do now and still save for the future at the same time?

I definitely think it’s possible. Here’s how:

Find a company that will invest in you

You’re going to be working jobs you hate. It’s inevitable. But while doing so, keep searching for the one you love. Most importantly, find a company that will invest in you. Look for companies that provide free training, subsidized higher education, unlimited vacations days, and team outings. You spend a lot of time at work and you should invest that time in a company that is willing to do the same.

Be selective about how you spend your time

We only have so much time in a day. Instead of trying to do anything and everything that everyone else is doing, be selective about how you spend your time. Pick the things that are new, challenging, and push you out of your comfort zone. And avoid those comfortable ruts that we fall too often into.

Invest in experience, not ‘stuff’

This is one thing that all millennials are actually quite good at: investing in experiences, not stuff. FOMO essentially comes from the fear of missing out on experiences. Continue to spend your time investing in moments that you will remember. The high you get from buying something only lasts for so long.

Forget what everyone is doing

It’s tough not to be envious of other people when you go on┬ásocial media and see the fabulous lives everyone is leading. But keep in mind everything you see on Facebook and Instagram is exaggerated. Forget about what everyone else is doing. Do what makes you happy.

Create your own path

While you may feel pressure from other people or society in general to be a certain person by a certain age, throw that doubt and fear out the window. Create your own path in life. It’s always going to be a challenge to find a balance between taking risks and playing it safe. But you’ll find it. YOLO-ing every once in a while isn’t such a bad thing. But always remember to think a few steps ahead as well.

How you ever experienced FOMO or wanted to YOLO? How did you handle it?

Comments

  1. says

    Good points. Plus, if you accumulate a bunch of stuff it’ll make you less mobile. And if you want to pick up and move across the country for a job — or if you just want to travel more — it’ll be a factor.

  2. says

    These are great tips Connie. I am constantly telling people all the time to ignore what others are doing. 80% of the folks out there are stupid – you shouldn’t base your actions on what they are doing or you’re probably doing it wrong!

    Also, I’ve never heard of FOMO – thanks for the new acronym!

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