How FOMO Can Lead to Debt

[Kane]

FOMO is a mentality where you feel that if you do not do what others are doing, you will be missing so many things in your life. This kind of mentality is mainly popular among Generation Z. FOMO or Fear of Missing Out can lead you to debt. That's because you will always be under pressure to use the latest gadgets, and the latest fashion, go on vacation frequently, and other activities that cost you a lot of money.When you go on spending spree because of FOMO mentality, you will not have savings and investments and your debt will accumulate.

 

[Riberet19]

Fomo is a very destructive mentality from my point of view, it makes you do things without a plan or impulsively, going into debt simply because you think you are going to miss an opportunity is one of the worst mentalities you can have, if you don't have money to buy something, first get the money and then buy what you want, that will also give you more satisfaction and fewer financial problems.

 

[Debashis]

FOMO can lead to debt when individuals feel pressured to keep up with the lifestyles of others. They may feel the need to constantly buy new things or attend expensive events to fit in and avoid feeling left out. This can lead to excessive spending and reliance on credit, ultimately resulting in debt. It is important to be mindful of our own financial situations and prioritize our own needs and goals to avoid falling into this trap.

 

[Kane]

FOMO is prevalent among many people, it is very common among Gen Z, though. If you live to show off, you basically have a FOMO mentality. If you want to improve your finances, you will have to ditch FOMO mentality and live for yourself and spend money on things that are actually important for yourself.