We all want to fit in.
No one told us that peer pressure only becomes more subtle but does not lose its intensity as we get older. Adult peer pressure can be a lot more intense than it was in grade school! Instead of being envious of a friend’s new Flintstone lunch box, we are faced with keeping up with the Jones.
Have you ever felt a little insecure when your friend arrives at dinner in a nicer car than you?
How about when their spouse has bigger diamonds than yours does?
We try to ignore our jealousy when our best friend gets engaged before we do or if our best guy friend lands a promotion and bonus.
What is FOMO?
We have FOMO (fear of missing out) in a variety of areas of our lives including our housing and financial choices.
Real estate investing is no different.
Apparently, the way our friends perceive owning real estate can have a strong impact on our own propensity to arrive at the closing table.
This is not new news. We’ve all heard the saying that we are the average of the 5 people closest to us.
Time to stop hanging out with your unemployed, slacker friends and cousins.
The real question is, how can we arbitrage FOMO to grow our real estate portfolio?
Here are a few ideas:
Make friends with other fiscally-minded people.
Step one for using FOMO for your favor is to surround yourself with people who already are where you’re trying to be. Some suggestions on how to do this are:
Join a local real estate investment club.
Local clubs that focus on increasing your net worth are a gold mine. These people congregate on a regular basis to talk about potential investment strategies and refine financial practices. They are often focused on one particular aspect of financial literacy. Dig in and find a group that focuses on stocks, real estate or budgeting.
There are many real estate investment clubs that may be found on MeetUp.com or a quick google search.
Sign up for the entrepreneur’s group in your area.
Similar to an investment club, an entrepreneur’s group is focused on helping its members start and grow a business. They may discuss start up financing, host investor roundtable discussions or simply help you with your social media strategy.
Many real estate investors do not consider their investments a business…but it is! Even if you start by renting out spaces in your own home, investing in real estate is synonymous with being a real estate entrepreneur.
Start or join a mastermind group.
The concept of a mastermind comes from the iconic book Think and Grow Rich by Napoleon Hill. In it, Hill describes crowdsourcing ideas then using the discourse to refine the idea in a validated one.
Many people have used the mastermind concept to achieve great success, and you can also. Mastermind groups focus on a variety of topics but mostly around business, finances and entrepreneurship. A quick search of meetup.com will help you identify groups in your area lookig for new members.
Start or join a bookclub.
Bookclubs can be fun! Having lively conversations with people with more advanced mindsets can be a life changing experience. Bookstores and libraries are lined with thousands of authors who have painstakingly taken the time to present their most innovative ideas in simple form. What an opportunity!
Search online for a list of books that you are interesting in reading. Gather a few friends around the idea and you are on your way to the financial future you seek.
This is a fantastic way to open your mind to new concepts. When you see others actually apply the concepts, your natural FOMO will kick in and encourage you to do the same. The idea is to surround yourself with people that can show you the way to where you want to go. Live vicariously through their investments and financial actions. Let your natural envy drive you towards greatness.
Stack the deck in your favor with positive reinforcement
Each of these methods is really a way to surround yourself with individuals and philosophies that will give you positive reinforcement.
In reality, there is no need for FOMO. You can actually have the life you dream about. Right now, it can be your reality.
Just start. Say positive affirmations. Specifically outlining the life of your dreams. Go out to dinner with the wealthiest person you know. Do whatever it takes to stack the odds in your favor.