No introduction needed. Heeerrreeee’s Linda!
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The Fear of Missing Out by Linda Stowe
We have barely turned our calendars onto November and advertisers are already promoting Black Friday deals. What’s the rush? Most of us haven’t even put away our summer clothes.
We have more than two months of shopping days before Christmas. There is no need to panic. But, still, there does seem to be an undercurrent of urgency in these ads, like if shoppers aren’t whipped up into a mania they will stop and think about how they are spending their money.
This is the time of year when people get caught up in a holiday spending fog and oftentimes their brains get disconnected from their wallets. They get brainwashed into thinking if they don’t buy right now, they will lose out. They become convinced they are saving money by spending it.
Recently I heard a man talk about why he had to have four different credit cards to take advantage of gasoline savings. His explanation was as convoluted and confusing as if he had explained how cryptocurrencies work. But this man was clearly convinced that it was vital that he have these cards to save two cents a gallon on gas. Yesterday I heard an ad for a credit card that offered 5% cash back on your first $5,000. That’s right. You can get $250 cash back if you run up $5,000 in debt. Such a deal.
There is a term for this phenomenon. It is called FOMO, or fear of missing out. It describes the psychological anxiety that occurs when an individual is concerned that they might miss out on an event, experience, or piece of information that could make their life better. Advertisers take advantage of our fear of being left out or not getting our fair share.
But, be warned: FOMO can cause impulsive decision-making that could have negative consequences such as anxiety, depression, and remorse. As we move into another holiday season, I always remember my father’s sage advice: the best way to save money is not to spend it in the first place.
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The Fear Of Missing Out by Linda Stowe
