Fighting the Fear Of Missing Out (FOMO) is a serious challenge. In the first part of this FOMO series, we looked at some techniques to feed your future and not miss out on retirement.
Now is the time to start thinking long-term. Don’t worry about what you think you are missing now, focus on what you know you’ll be missing in your future without proper planning.
[bctt tweet=”Don’t let the Fear Of Missing Out wreck your future at the expense of the present.” #FOMO]This part of our mini-series finds yet another potential area in your future that we can use FOMO to feed your financial future — rather than your financial ruin.
Fight Your FOMO to Feed Your Future
Don’t Miss Out on Home Ownership
The biggest difference in wealth for older generations is the time in home ownership. If you’re renting, your housing money goes out the window each month – as a hefty expense. You’re not building any equity while renting and you have to keep making that payment as long as you live there. With a mortgage, the money you pay each month is still an immediate expense, however, it comes back to you as you build equity. Once you pay the mortgage off, your housing costs cost substantially less. Want to get really excited? Think about the potential income generated from the sale of your home after that mortgage has been paid off.
With a mortgage, the money you pay each month is still an immediate expense, however, it comes back to you as you build equity. Once you pay the mortgage off, your housing costs are substantially less. Want to get really excited? Think about the potential income generated from the sale of your home after that mortgage has been paid off.
Home ownership opportunities may seem distant if you’re burdened by student loans and credit card debt, so getting out of debt is the best way to ensure you can qualify for and pay a mortgage. That means cutting spending now and committing to paying off loans and credit cards with any extra money.
You’re not really missing anything by cutting back on a few nights out. More importantly, how cool would it be to have your friends come and hang out at your place instead – in your new home? Think of the memories you’ll create celebrating holidays and eating meals at your dining room table surrounded by family and friends. That’s the experience you’re investing in when you position yourself for homeownership.
We will be identifying one last future event that you are not going to want to miss out on in the last part of this FOMO series, coming soon.