We all want to fit in.
The peer pressure of adulting looks a little different than it did when we were in grade school.
Today, we are faced with keeping up with the Jones. We feel a little insecure when our friend comes to dinner in a nicer car or has bigger diamonds than we do. We try to ignore our jealousy when our best girlfriend gets engaged before we do or if our #1 bro lands a sweet promotion and bonus.
Alas, investing is no different.
We have FOMO (fear of missing out) in a variety of areas of our lives including our housing and investing choices.
This article talked about how our friend’s perception of owning real estate is a strong indicator of our own propensity to arrive at the closing table.
In a practical sense, this is not new news. We’ve all heard the saying that we are the average of the 5 people closest to us.
That means if you want to be an uber successful multi-millionaire, you probably should stop hanging out with your slightly gothic, slacker cousin who is unemployed and survives on Swedish Fish.
So since we’re not going to get over our need for companionship OR our inherent desire for the things that our friends have, how can we arbitrage FOMO to our advantage?
Make friends with other investors.
Step one for using FOMO for your favor is to surround yourself with people who already are where and who you’re trying to be. Join a local investment club. Sign up for the entrepreneur’s group in your area. Start or join a mastermind group.
The idea is to surround yourself with investors and other people who can show you the way. Live vicariously through their investments. Let your natural envy drive you towards greatness.
Life, Liberty n’ Property is an online version of a community you may want to seek out. This site is full of resources to help you get started.
Keep your day job.
You may not want to hear it, but if you have a day job, you should probably keep it. Why? It’s a steady bankroll until you get your idea off the ground. This goes for real estate as well as any other entrepreneurial endeavor.
Some people find the motivation of having to bring in money motivational. For the rest of us, it’s probably better to keep you 9-5 until it brings in enough money to surpass your salary.
Having FOMO towards friends that have built successful real estate businesses is the best motivation there is.
There’s nothing like seeing someone develop an idea and bring it to reality to make you think you can do it to…and you can.
Stack the deck in your favor with positive reinforcement
As we have mentioned before, we believe in saying positive affirmations and specifically outlining the life of your dreams.
Even if you start with a side hustle or renting out your spare space on AirBnB, it’s a start.
There’s no need for FOMO. You actually can have the life you dream about. Right now, it can be your reality.
Start by reading the books on the book list and join a mastermind. Go out to dinner. Stack the odds in your favor. Afterall, financial freedom is no fun if your friends are still at work. :-/ #letsallberich