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

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 7 March 2022

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 Fear of Missing Out: Practical Decision-Making in an Overwhelming World. 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 The 10% Entrepreneur: Live Your Startup Dream Without Quitting Your Day Job. Want more articles and videos by Farnoosh? Check out www.cnet.com/somoney. Subscribe to her weekly So Money newsletter for the latest updates and advice. Catch her weekly money videos on YouTube. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So money is brought to you by CNET, the site that shows how to navigate change all around us.
0:06.4	So money episode 1327, Patrick McGinnis, author of the 10% entrepreneur and fear of missing out
0:14.6	practical decision-making in a world of overwhelming choice.
0:19.9	You're listening to So Money, with award-winning money guru,
0:23.0	Farnoosh Karabi, each day in a 30-minute dose of financial inspiration from the world's top
0:28.6	business minds, authors, influencers, and from Farnoosh herself. Looking for ways to save on gas
0:35.8	or double your double coupons? Sorry, you're in the wrong place, seeking profound ways to live a
0:41.2	richer, happier life. Welcome to So Money. Welcome to So Money, everybody. I'm your host Farnoosh
0:48.7	Karabi. I'm so pleased to bring on our guest today. His name is Patrick McGinnis. And in fact,
0:55.6	he was on the show five years ago, talking about his first book, The 10% Entrepreneur,
1:01.9	Live Your Startup Dream Without Quitting Your Day Job, which I think still today is very,
1:07.5	very applicable, considering this great resignation, great reshuffling that is going on now. I have
1:13.9	friends who want to learn how to bridge a nine to five with a meaningful side hustle that might
1:19.8	even turn into a real business one day. So we talk about that, but we also talk about one of my
1:24.4	favorite topics, which is FOMO, the fear of missing out. It's a topic that is in my upcoming book
1:30.3	on fear. Patrick get this coined the term FOMO. He is the source of this acronym that we use
1:38.6	so casually today. He came up with it while a business student at Harvard. Can't even believe it
1:44.1	didn't come up when we spoke five years ago. I feel like he was bearing the lead here, but he is
1:48.4	the father of the fear of missing out. And he's got a book called the fear of missing out,
1:52.8	practical decision making in a world of overwhelming choice that came out just recently. We talk about
1:58.4	FOMO as it applies to our social lives, but also our careers, our finances. Why do we experience it?
2:04.7	How can we overcome it? A little bit more about Patrick. He is a venture capitalist, a speaker,
	...

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