Ways to take control of your fomo

Ways to control your fomo-Zem tour


TO TAKE CONTROL OF YOUR FOMO FOMO. You need a financial plan.  Here's how to get started:

  1. Set a monthly savings goal. Whether you have an IRA or 401(k), set aside money automatically before you spend it. You'll need an emergency fund and a long-term savings bucket.
  2. Set a mid-range plan. What do you want to do in the next five years or so? Travel? Get a degree? Buy a home? The best way to get there is to save and not go into debt.
  3. Set a long-range goal. When do you plan to retire, or at least do something profoundly different? How much will it take to get there? How will you pay for health insurance? How much will Social Security cover (beginning at age 62)?
Another great way of controlling FOMO is to set a monthly "leisure" budget. What fun thing can you plan every month where you can limit spending to money you have -- after saving your monthly goal?
For some, it might be dinner at a favorite foodie joint. For others, maybe it's a movie or play. I hate to say this -- and I don't want to cramp anyone's spontaneity -- but the best way to short-circuit FOMO is to put savings first and spending second.
If done right, planning will do more than help you save money. You'll be able to have more freedom to do the things you want to do.

John F. Wasik is the author of  "Lightning Strikes," "Keynes's Way to Wealth" and 15 other books on innovation, money, and life. Follow him on Twitter and Facebook. 

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