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The Unseen Psychological Thread to Financial Well-Being: The Road from

FOMO to JOMO

Article in European Economics Letters · June 2024

DOI: 10.52783/eel.v14i2.1579

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European Economic Letters
ISSN 2323-5233
Vol 14, Issue 2 (2024)
http://eelet.org.uk

The Unseen Psychological Thread to Financial Well- Being: The Road from
FOMO to JOMO
CMA (Dr.) Shilpi Gupta* (Corresponding Author)
Assistant Professor, Amity University Chhattisgarh, Raipur, INDIA
E-Mail: [email protected]
Orcid Id: 0000-0003-4382-3616
Dr. Shweta Bajaj*
Associate Professor, AAFT University, Raipur
Email: [email protected]
Orcid Id: 0000-0002-8116-0449
Mr. Rishi Manik Das*
Asst. Professor, AAFT University, Raipur
Email: [email protected]
Orcid Id: 0000-0002-8606-5192

ABSTRACT:

“Fear of missing out single-handedly caused every single investment bubble in humanhistory. No other emotion is more
powerful than FOMO.”

— Naved Abdali (Author of INVESTING: Hopes, Hypes, & Heartbreaks)

FOMO is a psychological state that arises when one perceives that others are having morerewarding experiences than oneself.
In the age of ever-increasing connectivity and the constant stream of information, the fear of missing out (FOMO) has
become an undeniable reality for many individuals. This pervasive sensation, characterized by anxiety and unease triggered
by the fear of being excluded from rewarding experiences or social interactions, has captured the attention of researchers
across various domains. This paper will try to address the techniques of converting FOMO to JOMO amongst retail
investors of India investing in NSE. A person's financial decisions are greatly influenced by their psychological well-being,
their subjective happiness, and their sense of purpose and meaning in life (Kiran and Rao, 2005). The concept of positive
financial planning, which is evident in life planning, financial coaching, and financial counselling, is where financial
planning and positive psychology meet and lead to overall wellbeing of an individual. Clients can thrive when money and
well-being are integrated via financial planning and positive psychology. The paper will primarily focus on the relationship
of Rational choice theory and hedonist idea in psychology connecting the less travelled road of financial investment decision
of an individual.

Keywords: FOMO, JOMO, Psychological, Retail Investors, Well-Being Subject

INTRODUCTION:

The continuous updation of market conditions and changing volatility of the stock marketon various websites and channels
keeps the pulse rate of the intraday and long-term investors high. The fear of missing out, or FOMO, is a psychological
phenomenon that iscommon in the trading industry. It is typified by the paralyzing worry that chances will be lost if a
potentially profitable trade is missed. FOMO leads to high risk, irrational decision-making, unpredictable risk exposure, and
unforecastable loss to the investor. TheFOMO to JOMO conversion will prove the way from anxiety to profitable serenity.
According to Hetz et al. (2015), FoMO is the fear that others have something that the individual himself does not have, or
that others experience what the individual himself wants to experience. This anxiety can relate to investment returns also.

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“If the retail investors have used prudence and have invested in good stocks with strong fundamentals,they should not worry,”
Sethurathnam Ravi, former Chairman, of BSE, told India Today. The 21st century and the prolific growth of social media
addiction have brought anxiety and restlessness in the novel as well as experienced investors leading to FOMO. Anxiety
and jealousy lead to mental and physical non-wellbeing of the individual.
The paper will focus on the strategies to transform FOMO in trading to JOMO, which isthe freedom of disconnecting and
creating a wealth of strategic investment. This conceptcan provide a radical change in the novice as well as experienced trader’s
journey to capitalformation resulting in mental satisfaction and better performance. The market is always flooded with
distractions and a plethora of investments like cryptocurrency, bitcoin, andunicorn startups. People who are already dealing
with stress may be creating additional stress due to FOMO which potentially leads to stress overload and health issues
(Baker, Krieger, & Leroy, 2016). Even though FOMO and JOMO are frequently shown as opposing and antagonistic aspects,
in an immersive viewing environment, they can coexistand appear simultaneously. Consequently, individuals may encounter
the phenomenon ofFOMO and JOMO as simultaneous and interrelated factors (Chotpitayasunondh, 2016). The JOMO
lifestyle is often perceived as a deliberate rejection of the FOMO phenomenon, serving as a haven for individuals who opt
to lead a minimalist and modestlife (Rautela and Sharma, 2022). JOMO is enjoying the cancellations and making peace
with oneself, foregoing the urge to print money and

Source: Fastercapital. com-Rational Choice

Theory Self-determination Theory (SDT; Deci & Ryan, 1985) of human motivation provides a useful viewpoint for
understanding the fear of missing out. SDT states that effective self-regulation and mental health are based on the
satisfaction of three basic psychological needs: competence (the capacity to effectively act on the world), autonomy(personal
initiative), and relatedness (closeness or connectedness with others; Deci & Ryan, 2014). Many researchers relate FOMO to
the Rational Choice Theory. The rationalchoice theory holds that humans weigh the potential costs and benefits of any
action before determining how to proceed and that all acts are essentially rational. Human conduct is mostly driven by the
desire to attain the most possible advantage for oneself. When they have to make a choice, they may feel remorse about the
options not chosen (Scott, 2000) People will therefore find it difficult to select from a wide range of possibilities. Basic
need satisfaction is strongly associated with proactive behavioral regulation and overall wellbeing of an individual.
Individuals who experience FOMO canbe in a self-regulating limbo occurring from situational or frequent shortfalls in
psychological need satisfaction. But JOMO goes deeper than choosing a different distraction from your usual social media
messages. It’s a shift in mindset that can be powerful. “JOMO is the satisfaction one feels in the current moment, with
accompanying acceptanceof what one doesn’t have in that moment,” says Sullivan-Windt. “Life satisfaction increases with
intentionality and actively choosing things one finds fulfilling.
THEORETICAL UNDERPINNING:
Self-determination Theory (SDT; Deci & Ryan, 1985) of human motivation provides a useful viewpoint for understanding
the fear of missing out. SDT states that effective self-regulation and mental health are based on the satisfaction of three
basic psychological

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needs: competence (the capacity to effectively act on the world), autonomy (personal initiative), and relatedness (closeness
or connectedness with others; Deci & Ryan, 2014). Many researchers relate FOMO to the Rational Choice Theory. The
rational choice theory holds that humans weigh the potential costs and benefits of any action before determining how to
proceed and that all acts are essentially rational. Human conduct is mostly drivenby the desire to attain the most possible
advantage for oneself. When they have to make a choice, they may feel remorse about the options not chosen (Scott, 2000)
People will therefore find it difficult to select from a wide range of possibilities. Basic need satisfaction is strongly
associated with proactive behavioral regulation and overall wellbeing of an individual. Individuals who experience FOMO
can be in a self-regulatinglimbo occurring from situational or frequent shortfalls in psychological need satisfaction. But
JOMO goes deeper than choosing a different distraction from your usual social mediamessages. It’s a shift in mindset that can
be powerful. “JOMO is the satisfaction one feels inthe current moment, with accompanying acceptance of what one doesn’t
have in that moment,” says Sullivan-Windt. “Life satisfaction increases with intentionality and activelychoosing things one
finds fulfilling.
According to hedonist ideas in psychology, happiness is the result of a balance between pleasure and pain. This gave birth
to the theory of desires where well-being is measured by achieving the preferences and choices of individuals (Sobolewski,
2021). Desires theory assesses well-being by ranking preferences, utility functions, and the value of preference satisfaction
(Shiva, 2022). The Rational choice theory and Preference theory showcasing the behavioral aspects of investment can
strongly be related to the well-beingof an individual both mentally and physically. The feeling of pain in case of loss of returns
leads to FOMO. This pattern has the potential to prolong a period of unstable emotions, resulting in illogical choices and
possibly worsening losses. To successfully traverse the complexity of the market, it emphasizes the significance of
upholding a disciplined investment strategy, remaining educated, and skillfully managing emotions.

Source: Larry Cheung, C. (2023). My Investment Psychology and thought process assessed: How to dramatically control
your emotions with your investing and trading decisions.

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THE FOMO DEMONS:

The bubble risk, the wrong timing, the manipulated feedback, the irrational behavior, and half-knowledge lead to the
psychology of FOMO. This can prove disastrous for the economy and the individual both. In haste and indecisiveness
created by FOMO psychology, an investor invests more than they can afford to lose, and this leads to stagnation of the
portfolio and ultimate loss. The booms are less predictable, but the crisisis always pre-informed. The awareness of the
personal risk profile of retail investors is one of the most important ingredients for profitable investing.
The FOMO demons are more playful when a retail investor encounters the risk of imperfect timing. A stock might come to
an investor’s notice in its peak stage, and it musthave already delivered the highest returns. There is a 100% chance that it
will decline orgive a decent return in the future disappointing an investor’s perception of the highest return. These radar
stocks increase the psychology of FOMO. The anxiety and stress created by FOMO increases the risk of mental distress,
physical disturbances and emotional disconnections.
DRIVERS OF FOMO:

FOMO of investment is induced in a retail investor due to behavioral and societal factorslike:
The Illusion of Instant Wealth: Accumulation of Wealth is a long-term perspective withrational decision-making. The stock
market is not a magic band to generate profits overnight. It's a result of consistent and disciplined investment.
The Herd Behavior and Behavioral Biases: Assessing the impact of herd behavior and loss aversion on investment
decisions in the presence and absence of FOMO exposed thatFOMO partially mediates these relations (My IJOEM Paper).
Setting Unrealistic return standards: Markets experience ups and downs in cycles, andreturns can differ significantly
across a range of periods. Establishing irrational return requirements could disregard these facts of the market and cause
investors to lose faith inyou when you perform poorly.
Social Media Hurricane: A substantial volume of data, viewpoints, and feelings are quickly circulated across several social
media platforms, frequently sparked by a specificincident, debate, or hot issue. The information avalanche confuses the
investor. The glorious side of the story of others creates a sense of jealousy among the deprived and their decision-making
is impaired. The comparison trap showcase

Source: Wagg, L. (2023). What is FOMO in trading? characteristics of a Fomo Trader.

THE PSYCHOLOGICAL TRANSITION:

The psychological transition from FOMO to JOMO involves a radical change in the trading style of a retail investor. FOMO
cannot be forgone but the investors can be trained to see the other perspective of the story by creating financial awareness and
boosting theirconfidence in trading rationally. It will get easier to keep up a regular trading strategy toembrace JOMO. The
investment decisions will be more by the long-term objectives, andtrading discipline will get stronger. The short-term
benefits are to be kept aside and the focus should be diverted to long-term financial planning. The focus is to train the mind
to not only one trade in the market but the accumulation of You’ll understand that successin trading is not defined by one trade

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but by buildup throughout time of reliable, skillfullyimplemented tactics. Being conscious gives the power to direct and
redirect market expectations and base choices in a well-thought-of planned strategy. Uncertainty is the buzzword in stock
markets and every investor needs to be comfortable with this word. Having a disciplined attitude means realizing the long-
term effects of rash decisions andtrying to reduce the risks involved. Psychological development can be facilitated by
financial planners. Although positive psychology offers a framework for comprehending client well-being, financial
planners must be aware of their limitations. Thus, based on the client's circumstances, a financial planner might want to
collaborate with a mental health specialist.
EMOTIONAL ROLLERCOASTER:
Psychological resilience often motivates FOMO-driven trading to be backed with the tendency of a positive reaction to the
volatility of the market with equanimity. However,JOMO is more than just selecting an alternative diversion from your
typical social mediafeeds. It's a mental adjustment that has great potential. According to Sullivan-Windt, "JOMO is the
satisfaction one feels in the present moment, with accompanying acceptanceof what one doesn't have in that moment." "Being
intentional and actively selecting thingsthat one finds fulfilling increases life satisfaction." Investors frequently give in to
the pressure to act quickly out of concern that they may pass up profitable possibilities. Whenmarkets change, this fear is more
intense, and the worry of missing the next big move takes over. This tendency is made worse by the constant stream of
information available throughdigital media, therefore it is even more important for investors to be able to distinguish
between impulses motivated by FOMO and real chances.

Source: David Frost, D. (2020). Psychological pitfalls of a market cycle.

THE JOMO FACTOR- The Importance of Intentional Exclusion:

Negative emotions, when evoked under the right conditions, can be beneficial and have an important place in people’s lives
(Fokkinga, 2015). A prominent example of JOMO ininvestment is none other than Warren Buffett, one of the greatest
investors of all time. "The stock market is a no-called-strike game," he famously remarked. You can wait for your pitch
and not have to swing at everything.
The acceptance of the fact that every opportunity and every piece of information does notalign with one's long-term and
short-term objectives of financial freedom is the baselineof |JOMO. The nonaligned noise is to be avoided and the most
promising and tuned prospects advance.
JOMO encourages proactive selection over passive investment An in-depth valuation ofthe proposals, better comprehension
of market possibilities and expectations proper evaluation of possible risk return tradeoffs are encouraged.
JOMO embodies a heightened level of awareness and purposeful endeavor in one's interaction with new technologies
(Chan. et.al, 2022). The notion of the Joy of Not Observing (JoMO) pertains to the pleasure derived from the capacity to

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consciously choose not to engage in social interactions or follow them (Crook, 2015). The volatile market has new
developments, potential attractive opportunities, and extra growth offers.

Navigating the financial landscape with resilience from FOMO to JOMO

It takes resilience to navigate the financial world by shifting from a Fear of Missing Out(FOMO) to a Joy of Missing Out
(JOMO) mindset. This positive transition can be attainedthrough:

Comprehensive Investigation: Before investing a retail investor needs to conduct a fundamental and technical analysis of
the prospective shares, he is willing to invest. Thetrends given by brokers financial analysts and financial counselors are to
be studied. An investment keeping in mind the risk appetite of oneself always gives a better return thanimpulsive behavior.
An investor needs to recognize the possible dangers, evaluate the asset's past performance, and comprehend its
fundamentals.
Endurance and Patience: The attention is to be shifted from immediate rewards to long-term goals. Even if market patterns
are subject to change, a disciplined investor knows thatperseverance and patience are crucial. Refrain from pursuing the allure
of quick money and stick to your long-term financial objectives. Gaining a long-term perspective makes it simpler for
investors to withstand the volatility of the short-term market and helps them avoid making snap judgments prompted by the
fear of losing out on fleeting chances.
Diversification: One of the most important ways to reduce risk in your investing portfoliois to diversify. Spread your money
across several classes rather than concentrating all of iton one asset to lessen the effect of market gyrations on your portfolio.
As a vital risk management technique, diversification helps to maintain stability in the face of market volatility by
discouraging rash investments that are concentrated in one area.
Setting Strategic Objectives: The investing strategy must be well-defined and in line withone’s risk tolerance and financial
objectives. A well-considered plan serves as a roadmap,averting snap judgments that could result in financial setbacks.
Investors can avoid straying from their strategic objectives by periodically reviewing and modifying the planconsidering
evolving conditions.
Social Media footprint: Social media may be a great informational resource, but it's important to utilize it responsibly.
Reducing your exposure to success stories and sensationalized financial news can help you avoid making FOMO-driven
judgments. Thesecret is to strike a balance between avoiding information overload and remaining informed. Investors can
protect themselves from the excessive influence of FOMO- inducing content by carefully choosing which reliable sources
to interact with and by adopting a critical mentality. Recent studies explored the extent to which situational cues at a
particular moment, such as checking social media posts, could trigger FOMO (Hayran, Anik, Gürhan-Canli, 2020).
A combination of discipline, self-awareness, and strategic thinking. The risks associated with FOMO-driven impulsive
investing highlight the significance of disciplinein the financial sphere. Investors need to stick to a well-defined plan and be
alert to the demands of the current market. All the pointers of FOMO are not Pessimistic factors but checkpoints for
investors. FOMO makes you aware of irrational spending, over-debt, Emotional barriers, and psychological biases and
creates self-awareness.
There's a perspective that while JOMO (Joy of Missing Out) can bring peace and contentment by embracing the present
moment and personal boundaries, FOMO (Fear ofMissing Out) can sometimes serve as a motivator for exploration and
innovation.Psychologist Susan Albers highlights this by noting that FOMO can push individuals to step out of their comfort
zones, try new experiences, and gain inspiration from observingwhat others are doing. In essence, while JOMO fosters
contentment, FOMO can sometimes drive personal growth and creativity by encouraging individuals to seek out new
opportunities and ideas (Chaturvedi, 2024).

JOMO- THE ANTIDOTE:

JOMO can be defined as being appreciative of what is happening right now and living inthe present parlance is more
important than constantly feeling joyful, as both are positively correlated with the wellbeing of an individual. When an
investor chooses to make thoughtful, well-researched decisions over following the ebbs and flows of the market, they can
feel a sense of strategic advantage and gratification known as "JOMO."
Avoid Information overload: Avoid being misled by news headlines or social media posts shared by strangers or those
with little to no investment experience.

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Avoid Herd Behavior and Behavioral Biases: FOMO can lead to false overconfidenceamongst the investors leading to
hasteful and irrational decision making.
Alignment with Individual Financial Objectives. Every investor has a risk appetite anda return expectation depending on
their internal and external circumstances. To embraceJOMO, one should not be swayed by the financial buzz and be focused
on long-term financial strategy.
Timing of Investment: The JOMO attitude prevents an investor in the most unfavorableconditions by inculcating patience
and thorough understanding.
Opportunity can be a frantic bid: JOMO encourages you to take a pause, reflect on theprobabilistic investment outcomes,
and bat at the right pitch. It's a helpful reminder that,despite their seeming appeal to a wider audience, it's acceptable to turn
down opportunities that don't fit with one's primary area of skill or understanding.
Digital Detox and Intentional Omission: Detoxification is not to miss profitable opportunities or to consider every
investment tip but it’s the thought of patiently welcoming novice and future opportunities with more confidence and vigor.
There is nopenalty for letting go of an opportunity but encapsulating the mindset of embracing uncertainty.
Social Media Platform: It's crucial to understand that JOMO refers to being choosier and only attending the activities you
truly want to go to, rather than severing all ties withthe outside world and bidding farewell to your social life.
Developing a Trading Plan: A trading plan develops a mind flow for the utilization of funds and the expected return
timeline. The planned traders rely on the fundamental andtechnical analysis of the stocks and hence stay out of the hustle
following a disciplined timeline.
Resilience: To better handle the unavoidable highs and lows of investing, investors strengthen their emotional toughness
and resilience. They modify their tactics, take lessons from past mistakes, and keep an eye on the big picture when it comes
to their financial objectives.
Prioritizing Offline connections: Experiencing others in person enhances one's sense ofbelonging and connection. The
"bonding hormone," oxytocin, is released during human contact like hugs and handshakes, and fosters sentiments of
closeness and trust. This is important for the healthy well-being of a person.
CONCLUSION:
The concept of multi-baggers is a myth if the fundamental and technical analysis of the stocks is not done. Calculated
FOMO is beneficial but irrational perceptions based on FOMO contribute to the mental suffering of the investors. Financial
health is as importantas physical and emotional health, so tempting and fast cash lucrative opportunities need to be given a
thought. Financial wellbeing can help in improving the mental and physicalhealth of an individual. The behavioral biases
heading to strong illusions of control needto be loosened and facts and figures based on fundamental and technical analysis
need tobe focused on. The black-and-white financial intelligence of the investor is just a pinch of salt in the story of
investment success. The unconnected part of the market threads isto mix well with the trends in the market and the futuristic
vision of the companies.
The market can generate profit anytime with its diverse investment opportunities. Thetiming of investment is to be struck
right. Sustainable growth of money is the need of thehour. A genuine investor seeks returns over an extended period
rather than returnsquickly. There is a thin line of difference between investment and Gambling. MomentumTrading is not
everyone’s cup of tea. Boundaries and Motivations can give heavy returns.Real-time interaction with those around you, the
environment, and your inner wisdom are all important aspects of JOMO. One has entered the JOMO journey when we lose
track of our online buddies and instead concentrate only on our financial goals and the strategies to achieve them. FOMO
is a short-term perspective and JOMO is realized in the long term. An investor must be aware of how he is influenced by
lapses and misses in his perceptions and influence of the crowd. The Retail Investors’ perspective on trading is insightful
and grounded. Indeed, maintaining a psychology and mindset that sees each day as a fresh opportunity in the market can
help alleviate the fear of missing out (FOMO) that many traders experience. Recognizing that trading is a journey requiring
time, patience, and dedication can help traders focus on the process rather thanfixating solely on individual trades as
potential life-changing events. By embracing a long-term approach and managing expectations, traders can cultivate
resilience and a healthier relationship with the ups and downs of the market. It's important to note that while there may be
some perceived advantages to experiencing FOMO, it's essential to manage it in a healthy way to prevent it from causing
excessive stress, anxiety, or dissatisfaction. Accepting the Joy of Missing Out (JOMO) can benefit one's physical and
emotional well-being. Finding a balance between staying connected and engaged while also prioritizing self-care,
mindfulness, and meaningful experiences is key to overall well-being. Although FOMO is frequently perceived negatively

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but depending on how people channel and manage their fear of missing out, it can also have good effects. Absolutely,
acknowledging both the positive and negative aspects of FOMO canindeed lead to a constructive equilibrium, allowing
individuals to harness its motivating elements while also embracing the Joy of Missing Out (JOMO) for higher returns in
investment and overall well-being, leading to a better lifestyle.
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