Manage FOMO: Practical Decision-Making Book Summary

 

Ever wondered how did the term "FOMO" comes about? Being crippled by Fear of Missing Out causes you to not make practical decisions in a world of overwhelming choices.

FOMO describes the decimating anxiety when thinking other people are having better, more fulfilling, experiences than you are. It's a natural, biological response, but that doesn't make it feel any better. Alarmingly, it has become a cultural crisis.

Patrick McGinnis, creator of the term FOMO, has a solution to manage this anxiety.

• Learning to weigh the costs and benefits of your choices
• Prioritizing your decisions
• Listening to your gut are central to silencing FOMO and its lesser-known cousin, FOBO: Fear of a Better Option.

Here is the summary for Fear of Missing Out: Practical Decision Making in a World of Overwhelming Choice to help you ascertain and eliminate the parts of your life that are causing more anxiety than happiness.

Begin with an end in mind

• Know my priorities and commit fully to what I should be doing instead of what I could be doing with conviction
• Be on guard for triggers and distractions
• Focus on what truly matters and let go of everything else
• Sweat the big stuff only
• Categorise issues into high stake, low stake, no stake decisions

Manage FOMO

• Exercise judgement with facts based on data from multiple sources, not emotion or speculation, to expand my perspective
• Keep an open mind. Don't fall in love with whatever is giving me FOMO or presume a given outcome
• Know what matters. Set a criteria to determine if an opportunity meets my objective
  • List down reasons why you want to do this
  • What is the opportunity cost
  • Can I see a ROI on this choice
  • Can I make it happen at low cost
• Write down my findings, and make an informed conclusion

Manage FOBO

• Eliminate all options and pick the ultimate choice, by setting criteria to frame your decisions based on what is important to you
• Manage factors that will lead you astray
• Act with conviction on what you will do

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