Many people might be experiencing FOMO or the fear of missing out in relation to investing in Apple #aapl or Tesla #tsla stock so I wanted to share a quick insight on the topic.
I recently decided to buckle down and eliminate some consumer debt that I’ve accumulated. The plan: eliminate unnecessary expenses, pause investment contributions, and aggressively pay down debt. If you know me, you know that I LOVE Apple stock and with the opportunity to invest at a lower price point I became tempted to buy more! Literally EVERYONE on social media is talking about buying Apple or Tesla due to the split and I’d be lying if I said I wasn’t experiencing a fit of FOMO myself.
I decided however to stay the course and stick to my plan.
The thing is, Apple and Tesla (hopefully) will be there as well as many other opportunities to invest in the future. It’s great that people want to invest and I am a huge advocate for it, however not to the detriment of YOUR financial plan.
Personal finance IS PERSONAL and therefore what works for me or the next person isn’t necessarily going to work for you. In fact what worked for you 6 months ago may not work for you today. The key is to be honest, be intentional, have a plan, and stick to that plan, whatever it may be.
Also NEVER invest money you can’t afford to lose.
I am someone who can help with that plan, but there are many resources out there that can help as well. Don’t succumb to the fear of missing out. Do what’s best for you.
Originally posted on Medium.com