1327: The Financial Cost of FoMO with Patrick McGinnis, Author of Fear of Missing Out

<p>From cryptocurrency to housing, the fear of missing out (FoMO) drives a great deal of our financial decisions. Guest Patrick McGinnis, the first to coin the term FoMO, shares the root causes of this fear, as well as the unfortunate costs of FoMO-led investing and spending. His book is called <a href="https://www.amazon.com/Fear-Missing-Out-Decision-Making-Overwhelming/dp/1492694940">Fear of Missing Out: Practical Decision-Making in an Overwhelming World.</a></p><p>More about Patrick: He is an international venture capitalist and host of the hit podcast FOMO Sapiens. Patrick coined the term FOMO (Fear of Missing Out), as well as the related term FOBO (Fear of a Better Option) in a 2004 article in the student newspaper of Harvard Business School. FOMO has since been added to the dictionary and FOBO has become an increasingly popular framework to describe choice paralysis.  Patrick is also the author of international bestseller <a href="https://www.amazon.com/10-Entrepreneur-Startup-Without-Quitting/dp/1591848091/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=1646601565&sr=1-1">The 10% Entrepreneur: Live Your Startup Dream Without Quitting Your Day Job.</a></p><p>Want more articles and videos by Farnoosh? Check out <a href="https://cms.megaphone.fm/organizations/cc8c3dda-7b6c-11eb-8f7a-8fdd1a48224b/podcasts/846654a6-ada7-11e6-a48e-3718e6c073a4/episodes/59eafa16-74d9-11ec-b2a5-4b38c2a0a345/%20http://www.cnet.com/somoney">www.cnet.com/somoney</a>.</p><p>Subscribe to her weekly <a href="https://www.cnet.com/feature/signup-so-money/">So Money newsletter</a> for the latest updates and advice.</p><p>Catch her weekly money videos on <a href="https://www.youtube.com/cnetmoney">YouTube.</a> </p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>