Do you have the right FOMO?

Change is a constant, whether you like it or not, whether you participate in it or not — you are part of it. One only loses out if they don’t seize the opportunity to better themselves and embrace change.

We all know what is FOMO and it applies to many aspects of life especially when it hits us financially in a good or bad way. FOMO can hurt you when you rush to invest not understanding the downside risk as a retail investor.

One of the FOMO syndrome that you can have and come out as a winner is upgrading yourself. You cannot go wrong when you invest in yourself.

This is the story of:

My aunt Jennifer who is a successful small business owner providing bank loans for resale vehicles. She inherited the business from her father and she maintained the business practices from him since the 1970s from the time she started working there till she took over. Now this maybe a good thing when you are a bakery and have clients who are nostalgic about your sustainable and old school baking techniques but this is a second hand car financing company.

When I said she maintained business practices, I meant she literally:

1. Still use a typewriter to draft contracts!? WTF???
2. Doesn’t own a PC — seriously??
3. Her “CRM” is a notebook with names and phone numbers. — lost how??
4. Some clients still pay her in cold hard CASH — money laundering??!

I have offered my services umpteen times for her to modernize but the reply is always where can she buy another typewriter if the current set breaks down.

Why so many of us fail to take action despite history teaching us and from the life lessons of others is because most people don’t like change. Most people hate change, they want to stay constant, they want to stay comfortable and they come up with excuses and justification to stay in the same spot.

Family comes first, work first, other commitments or whatever is your excuse, remember one day change will catch up to you and slap you on the wrist and when that happens, you will have to play the catch up game.

If you don’t love yourself enough to invest in yourself, how can others see your true potential?

Some may call it loyalty if you worked for the same employer & same role for 10+ years but if you stay in the same role, you open yourself up to risk. Think of yourself as a bank account and your experience as compound interest. If you didn’t invest in yourself to upgrade, why should your employer pay you compounded interest. Instead, you will be paid simple interest rate.

So for my aunt who refuse to modernize, in an era of digital banks, Fintech and financial analysis — you are wondering is her company still surviving?

YES! Because she understood one thing and understood it well. She had to take risk which is to take on clients that other financial institutions rejected.

Maybe like me you also know someone like my aunt who is an extreme example of being change resistant but imagine combing that business acumen and willingness to change and adopt technology. Perhaps I won’t be writing articles but dishing out car loans to you!

If you invest in yourself and that in itself is both a risk and commitment. However like an investment, there is upside and downside. However self investment likely only results in an upside and a better you. Self investment means taking some risk, moving out of your comfort zone and giving yourself the opportunity for an upside and instead of a simple interest rate, you get a compounded interest rate.

Any financial expert will tell you investment is a long game and you should adopt the same mentality towards self investment and that is lifelong learning.

Find out what is self paced mobile learning and take a short quiz about Emotional Competence. ArcLab is a mobile learning platform and everyday they are helping to transform companies through improving their workforce performance via nano learning.

So then, the next question is how? If you are lost as to what to do or how to start; take baby steps. Change doesn’t occur overnight, and neither does your mentality.

Depending on your goals in life, try something different. Take a new route home, try another restaurant, volunteer or take a course. As you slowly gain confidence you will start to see things clearer, build an idea about how your future life could be embracing change. You may think things are smooth sailing or “if it ain’t broke don’t fix it” then I’m gonna tell you someone or something is coming along to break it for you. If 2020 isn’t testament to that, I don’t know what is.

Take nothing for granted because you have an obligation to yourself and to your love ones to improve yourself. An obligation to society to be a useful member and help others.

Animals live to reproduce, humans likewise is able to procreate but we are better than that because we can think.

The gift of your mind is your biggest asset so train it like you would your body.