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The Fear of Missing Out – can financial planning help? From your Financial Advisor Wimbledon

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The Blog and ramblings of a Financial Advisor Wimbledon

Perception is everything isn’t it?

I wonder if you are concerned about the amount of time you spend using social media. I know that when I think back to not very long ago, this wasn’t even an issue for me or my business, but things have changed – or have they? I certainly believe that social media can play an important part in helping others or just keeping in touch, but is has lots of obvious problems.

fear of missing out - financial planningI use social media to interact with clients and potential clients

The recent terrorism in Kenya was disturbing enough, but to learn that the terrorist were actually tweeting at the same time seems to take the matter to entirely lower level for some reason. I use social media to interact with clients and potential clients, as well as industry “experts”  and a variety of others, in whom I have an interest for a various of reasons. I have long believed that the internet has the power to democratise the world, it can surely only be so long, before dictatorships find themselves outed by their own population, who can see what a liberated (or more liberated) world enjoys. This does however prompt the question of envy and our culture often portrays our lifestyle as all rather easy to achieve. Invariably we know that this is not the case, for every “instant success” there are many thousands that struggle. You and I probably take our basics for granted, others clearly do not and I do wonder whether the internet also creates a very real sense of lack and envy by many millions of people who “see” what we enjoy.

Fear of missing out.

This in mind, I read a piece about what I understand to be a new term – FOMO – fear of missing out. This is another form of anxiety created by social media, that seems to be growing in prevalence. There has been a little “research” done into this in the US by mylife.com though given the result and the objectives of mylife.com I would suggest a sceptical approach to the “data” is taken. Never-the-less, social media can overwhelm and there is a growing sense of missing out on “stuff”. You can even partake in the test (click here).

Confidence to face the noise of the financial media.

As a possible antidote, I find that providing clients with the space to reflect and verbalise what it is that they value and the lifestyle that they want tends to help keep focus on the important things. Reviewing this is a helpful way of ensuring that this accurately reflects your values and also reminds you of what has been achieved and done that brings about a sense of contentment – that often illusive state. I’m not suggesting that financial planning will prevent feelings of envy or a sense that somehow you are missing out on something, however it should provide the necessary confidence to face the noise of the financial media and a world where someone else always appears to have it better and provide reassurance that you are building and living your life, not someone else’s.

Dominic Thomas: Solomons IFA

Dominic Thomas is the founder and Principal of Solomon’s An Independent Financial Advisor Wimbledon and the surrounding area. He has now been advising clients for over 20 years. He formed the company in 1999. At the time we were one of only a handful of IFAs operating on a proper fee system. Dominic can be contacted at info@solomonsifa.co.uk to arrange a meeting to discuss your financial plans.

The Fear of Missing Out – can financial planning help? From your Financial Advisor Wimbledon2017-01-06T14:39:46+00:00