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Speaker 1: Hi, I'm Stacey Hyde
and I'm back with another

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episode of Better Financial
Health in 15 Minutes or Less.

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And today I'd like to talk
about financial FOMO, fear of

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missing out or, in this case,
comparing your money situation

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to someone else's.

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And why do we compare?

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Humans are wired to compare
ourselves against others.

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Why do you think we scroll
Instagram or Facebook or look

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around and advertisements are
geared to make us feel like

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we're missing out if we don't
have the latest thing?

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And you have to remember that
Instagram and Facebook, that's

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someone's highlight reel.

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You're not seeing what's
happening in real time, although

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you may see a lot of new
clothes, a fancy new car, a

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really cool vacation or somebody
just won big on crypto, and

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you're thinking, well man, I
should have done that.

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But are you really looking at
the hidden cost?

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Because financial FOMO can
cause us to make bad decisions

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to purchase something or invest
in something because we feel

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like we're going to be missing
out.

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But the question to really ask
yourself is what do I want?

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You know, I see people with new
cars, but really, at the end of

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the day, I'm not a car person.

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I just want a reliable car
that's going to get me from

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point A to point B and hold all
my junk, and my husband likes to

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tell me I have a lot of it.

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So that's neither here nor
there, but that's important to

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me.

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So that's what I'm going to
judge my vehicle on, and so you

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need to understand that.

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And if you are a car guy or a
car girl, that's okay too.

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You just need to realize that
you need to carve out money in

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your budget for that.

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And what's crazy is there have
been studies that show that

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somebody would rather make
$70,000 when their friends make

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$60,000 than to make $100,000
when their friends make 60, than

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to make a hundred when their
friends make 120.

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Basically, we just want to make
more than everybody else.

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It's not really about us, but
what I'm going to tell you to do

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is look to you, what is
important to you, and so what

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you've got to do if you're going
to have a financial win.

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Are you moving toward what you
want?

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Are you moving towards getting
closer to the point where you

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become work optional, or when
you can take that vacation, or

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you have the money set aside for
your kids college, or you have

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the money for the down payment
on the house?

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What, what is your financial
goal?

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So and that's what's so
important, because you want to

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anchor back to that I'll tell
you a case of a time where I

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didn't anchor back to mine and I
gave in to peer pressure.

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My kids were in late elementary
school and I knew we needed a

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minivan.

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I just did but I couldn't.

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And so we went and we put a
deposit on one and then somebody

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made fun of me and I backed out
of it.

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The Honda minivan was so
popular at the time.

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I was able to get my money back
and I bought another vehicle.

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It was awful.

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It did not accomplish what we
needed.

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It was able to get my money
back and I bought another

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vehicle.

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It was awful.

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It did not accomplish what we
needed.

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It was hard to get in and out
of.

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Nobody liked it, but I had to
live with it because I couldn't

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get rid of it for at least three
years because it just didn't

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make any sense.

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And then I went and got the van
that I should have gotten in

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the first place and loved it.

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Yes, it was a minivan in the
first place and loved it.

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Yes, it was a minivan.

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This is my PSA.

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You've got little kids.

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A minivan's great, because
you're not gonna have to worry

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about them, opening the door
into the car you're parked next

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to when the spots in the parking
lot are too small to begin with

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.

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But that's just my PSA.

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It also gets better gas mileage
and is cheaper to insure.

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So you have to understand does
it meet your needs?

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And so you've got.

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And everybody's needs are
different and everybody's goals

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are different, and that's okay.

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So how can we prevent this
financial FOMO?

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Limit your scrolling Just
another reason that being on our

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phones is something we should
do less of and celebrate your

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milestones.

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If you had set a goal to pay
off your credit card and you got

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it paid off, that's something
to celebrate.

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The other thing is automating
your savings and investing so

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you don't have to think about it
every week.

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Just make it automatic, because
our brains can only make so

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many decisions at a time before
they just get tired, and so if

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you just automate it, you don't
have to think about it again.

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And then find your money tribe.

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Find people that like to do the
same things you do, that have

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the same values.

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Maybe they like to be outdoors,
maybe they enjoy sport, maybe

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they enjoy going to free
concerts.

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We have a place here at Memphis
called the Everton Park Show.

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They have all sorts of free
concerts, some very low cost

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ones, and that's a way that you
can get out, enjoy music, hang

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with your friends and also have
a fun entertainment on a

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weeknight or a weekend.

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So find your group, go forward.

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And so what you want to do is
you want to focus on your

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scorecard, not somebody else's,
because when you look at that

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fancy thing they're posting, you
only see the tip of the iceberg

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.

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You don't see that they have
all these payments and they're

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freaking out because their
account, their checking account,

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has $5 in it and they don't get
paid for another eight days.

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You're not seeing that.

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You're just seeing the flashy
thing they posted.

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Or when they bought that house
but then something went haywire,

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like they had to have a new
roof and all of a sudden they're

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all upside down and they're
worried they're going to be

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foreclosed on.

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You're not seeing that.

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So make sure that you're not
caught up in somebody else's

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iceberg.

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Focus on your own and focus on
making your garden grow.

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So thanks so much for tuning in
.

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This has been another episode
of Better Financial Health in 15

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minutes or less.