What is FOMO?
Fear of missing out is a
social anxiety stemmed from the belief that others might be having fun while the person experiencing the anxiety is not present. It is characterized by a desire to stay continually connected with what others are doing. Wikipedia
FOMO
/ˈfəʊməʊ/
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noun INFORMAL
anxiety that an exciting or interesting event may currently be happening elsewhere,
often aroused by posts seen on social media.
"I realized I was a lifelong sufferer of FOMO"
How to overcome investment FOMO
Hmm .. so investment FOMO is really bad???
Why nobody talks about How to overcome CPF FOMO?
CPF Top Up or CPF OA transfer to SA to become
1M65 FOMO in your 20s or 30s is really good!
CPF FOMO is okay but investment FOMO is not okay? Not biased opinion?
LOL!
Posts
Elon Musk just revealed chip-brain pigs -- cyporks. Supposedly r&d to cure paralysis, dementia, depression. Maybe also fomo, LOL!
ReplyDeleteElse just need to channel your inner sloth!
FOMO is a new way of life! May be can start a new discussion thread in the public forum on How to live with FOMO and still have your own life! LOL!
DeleteCPF FOMO won't lead to huge losses like investment FOMO. Too much money in CPF will mean lesser money into higher-risk investments. This is not a bad thing if a person is a lousy investor.
ReplyDeleteFOMO in CPF is not bad as it is better to regret not making more money than to feel sorry of losing money if investment FOMO turns wrong.
DeleteAgree. Putting more money into CPF is good for those whose human capital is not into investing. For those whose human capital is in investing, it follows that they should put more money into investing to grow their wealth faster. Nevertheless, even for those who have a good investment track record, it is advisable that they have enough money in CPF to meet the maximum retirement sum as a safety net.
DeleteFinancial markets are dangerous. Better not be over-confident. Always have enough in CPF as a safety net just in case. That's what I do for myself.
When I see other savvy crypto investors making big money on crypto-currencies, I don't feel the urge to FOMO. They have the knowledge and the edge. They've got more alpha than me in this area. They deserve to earn the profit. Good for them, especially those who take time to answer questions, explain the rationale behind their investments and not simply showing off the returns.
ReplyDeleteI think it is ok to sock away some money in the CPF. After all, it is not like you can "suka suka" put in any amount you want. The CPF will only allow a certain amount to be deposited into an individual's account each year.
ReplyDeleteFor those of us already past 55 yo, CPF is an extra avenue for us to park "extra" cash for that 2.5% interest in OA or 4% in SA. Not high, but reasonable enough in this current climate.
And come 1st January each year, there is this "Joy" of looking at the interest from Ah Gong!
People in the 1M65 movement are already counting down to the 1st Jan 2021. :-)
We can like ex Minister. COVID-19 again may have proven it again.
DeleteIn the Channel NewsAsia report, “Labour chief says Singapore’s slide into recession unavoidable” (Channel NewsAsia, 11 October 2008), NTUC Chief Mr Lim Swee Say was reported as having said the following:
“Every month, when I receive my CPF statement, I feel so rich and the best part is, I know the CPF money won’t run away. CPF will still be around for a long, long time to come… Not only is it earning good interest, my capital is protected.”
Hahaha.. ur CPF money won’t run away bcos even if it runs away, u also dunno!
DeleteBalanced approach is better for most. Over contribution into CPF leads to over concentration. Our jobs, properties, cash savings already here. Cpf is a non-liquid futures contract on the future of S'pore for the next 30-50 years.
ReplyDeleteI'm biased but for younger people, CPF shouldn't take up more than 25-30% of retirement portfolio.
Investing doesn't have to be difficult. And it doesn't have to be individual stock picking. Or individual sectors. And it doesn't have to be either stocks or cash. ;)
To be honest, I am looking forward to 55 in 29 days. I am shielding both OA and SA on 2 Sep. On my birthday I will top up about $190k cash in my RA.
ReplyDeleteHi Siew Mun
DeleteCan explain what is shielding and the details how to do it?
We shouldn’t have fear in anything except one!
ReplyDelete