Ep. 44 | The Mindset Keeping you Poor (3 Ways to Escape the Money Trap of Bad Debt)
Financial Fear of Missing Out (FOMO) can lead you to making risky and uninformed decisions without considering serious consequences and having a smart plan.
Let's face it, there are plenty of forces stimulating fear and hype and as we head towards a long overdue recession financial risks are going to compound fast. If you're not vigilant you can get caught in a potentially 'everything bubble'.
I've seen too many (smart) people make decisions based on FOMO only to back themselves into a very uncomfortable corner. They took on unnecessarily high debt, invested into over-inflated assets and became financially stuck with highly leveraged loans and weak cash flow positions. They live on the financial edge and it wouldn't take much for them to fall over.
In this video I explore the dangers of FOMO and 3 ways you can shift your mindset so that you can live a more fulfilled life and make smarter financial decisions.