EP181 Milli Moves: How to Avoid FOMO When Investing

Young Money with Tracey Bissett

One of the questions I get asked the most is how to invest or get involved in investing. The reason is that investing gets all the hype in the market, online, and in the news. It's often talked about in an exciting way, dominating headlines and luring investors in for fear of missing out (also known as FOMO). The last few weeks have been no exception with the frenzied trading of GameStop, AMC, and Blackberry. So in this episode, I want to explain how to avoid the fear of missing out when investing. Listen in as I explain some things to be mindful of if you plan on getting involved in the investment industry and how to find an investment accountability buddy. You will learn how to develop an investment strategy, why it’s important to start investing early, and the importance of getting back to basics by setting goals.

“From an economic/financial perspective, FOMO is a psychological phenomenon associated with loss aversion, particularly in terms of financial decision making.” - Tracey Bissett

This Week on Young Money:

• Why investing gets so much hype.
• What happened with GameStop.
• Why there has been an increase in day trading.
• How to avoid FOMO in investing.

Key takeaways:

1. Get back to basics by setting goals.
2. Develop an investment strategy.
3. Use caution with "hot tips" and validate the source of the information.
4. Start investing early.
5. Mind your own business.
6. Find an investment accountability buddy.

Resources Mentioned:

• EP033 Investing Basics
• EP038 Investor Spotlight Part 1
• EP039 Bitcoin and Other Cryptocurrencies Demystified with Alan Wunsche
• EP040 Investor Spotlight Part 2
• EP077 The Five Simple Rules of Financial Success with Preet Banerjee
• EP106 Milli Moves: Money & Media with Leanna Haakons
• EP158 Milli Moves: Mind Your Own Business About Money
• EP179 Milli Moves: Bitcoin – Investing or Gambling?
• Pattie Lovett-Reid: FOMO is becoming a very dangerous game
• Toronto Star: Experts Urge Caution
• Wealthsimple adds ‘risky’ label to certain stocks
• Preet Banerjee explanation of Gamestop
• Investor Fomo VS. Intelligent Investing

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