FOMO (Fear of Missing Out) is a term that is already familiar, but there is another term that describes the opposite of FOMO, which is Joy of Missing Out (JOMO).
The basic concept of the term JOMO refers to the opposite feeling of FOMO. The application of this JOMO concept is considered to be able to increase the level of happiness in living everyday life. In addition, JOMO also reflects the joy of not participating in events or activities that are considered less important or less interesting. In contrast to FOMO, the application of JOMO can help reduce stress and anxiety levels, as well as improve one’s emotional well-being, balance, and calmness. The application of JOMO in daily life can have a positive impact, especially when it comes to investment management.
In investing, JOMO means being satisfied with your investment plan and not being swayed by other people’s investment decisions that may look tempting.
To understand what JOMO is, starting from its definition in general and crypto investment context, its adverse effects, how it differs from FOMO, and how to apply it in life, check out the full review below!
What is JOMO?
Quoted from Psychology Today, JOMO is the feeling of being content with what one has and living fully in the moment. JOMO includes stopping comparing yourself to others, being more mindful of how you spend your time, and saying “no” to something you don’t want.
JOMO is the feeling of happiness and satisfaction when missing out on certain events or experiences, especially those others consider important, especially on social media.
JOMO emerges as a response to social pressure that can cause anxiety due to feeling obligated to take part in events that others consider important. It attempts to avoid feeling left behind and the pressure to always go with the flow without wanting to.
Unlike FOMO, JOMO emphasizes using time for yourself, relaxing, and realizing that not all social experiences or popular trends should be pursued and followed.
JOMO in Crypto Investment Context and Examples
In crypto trading and investment, the term JOMO describes traders’ decisions that do not follow the mass of other crypto traders. Most traders have the potential to make inappropriate decisions in trading, mainly due to being influenced by momentary hype, to avoid potentially significant losses.
For example, there was a significant bullish movement during Bitcoin’s bull run in 2020-2021. In this context, many people may be tempted to buy Bitcoin at the price peak and hope to gain further profits from the increase. However, after Bitcoin reached its highest price in November 2021 of $69,000 or the equivalent of almost IDR 1,000,000,000, it then experienced a decline of up to 60%. JOMO traders who sold or did not buy Bitcoin during the rally then became the ones who profited. They have the stance of successfully preserving their capital to re-enter Bitcoin trading at lower levels than when FOMO no longer dominates the market. This event occurred in June 2022, marking Bitcoin’s latest price low.
The Bad Impact of FOMO and JOMO as a Solution
As discussed earlier, FOMO focuses on what others have, directing the individual’s attention to things outside themselves.
People who experience FOMO tend to involve themselves in external comparisons rather than internal reflection. It can be concluded that FOMO can cause a person to try to present themselves as someone else, not as themselves. This statement was made by Assistant Professor Darlene McLaughlin, a psychiatrist at Texas A&M Health Science Center College of Medicine, as quoted by Women’s Weekly. However, that’s not the only thing to consider. There will always be other people who have something one does not have. Despite trying to pursue them, one may never have enough. This situation is certainly not favorable for mental health.
On the other hand, JOMO emphasizes feeling satisfied with what one has. Automatically, individuals with JOMO will always feel enough with their current condition. Of course, being content does not mean stopping pursuing goals or trying to improve. One can still do both, but by being content with what one already has in the present moment. In addition, there is Michael Gogol, a market watcher, who is one of the few traders who adhere to the JOMO approach and are not lulled by overly optimistic predictions of Bitcoin at the end of 2021. A month before the Bitcoin price peaked in October 2021, he reduced his crypto exposure, and by May 2022, he expressed relief at the decision.
FOMO, arising from the drive to make money fast, drives many traders to believe they can double or triple their investment in days, weeks, or months by investing in crypto. High-risk trading such trades can harm the mental well-being of traders, creating stress and causing a lack of sleep.
To avoid getting caught up in FOMO, there are a few steps that traders to convert it to JOMO, among others:
- Develop a structured trading plan;
- Keep a crypto trading journal to monitor your trading patterns and decision results;
- Analyze crypto trading potential by considering fundamental and technical analysis;
- Ignore emotions and stick to your trading plan while adapting to market conditions and personal needs.
Difference between JOMO vs FOMO
The opposite of Joy of Missing Out (JOMO) is Fear of Missing Out, commonly called FOMO. According to a report by TIME, FOMO refers to the fear of being left behind by other people’s activities or possessions in the present moment. FOMO often comes with the belief that what others have is better than what one has. This contrasts with JOMO, which focuses more on satisfaction with what you have today.
For example, when someone gets promoted (A), returns from a foreign vacation (B), or has just had twins (C), someone who fears being left behind (D) may experience FOMO. It can be concluded that D felt FOMO because he was afraid of being left behind by the achievements of A, B, and C, which were all happening simultaneously.
How to Apply JOMO in Life?
Applying JOMO (Joy of Missing Out) in life has various advantages and positive impacts on anyone. This is due to JOMO’s ability to create a more positive atmosphere in life, build inner peace, and provide space for individuals to pursue what is truly meaningful. Here are some ways to apply JOMO in life, namely:
- Know What You Want
The fear of missing out often sets in when people around you achieve something. You can prevent this feeling by understanding what you want rather than just going with the flow.
It is important not only to know what you want but also to focus on pursuing it. Break down your desires into concrete steps, then take those steps consistently to achieve your goals.
For example, if you want to change your career direction, decide on steps such as learning the necessary skills, updating your portfolio, searching for jobs, and practicing interviews.
When people around you achieve milestones, such as a promotion, you don’t need to feel left behind because you know that the real goal is to change your career direction, not get a promotion.
- Avoiding Social Media
FOMO often arises through social media. On these platforms, people tend to show the best sides of their lives, which can trigger feelings of missing out. It’s important to remember that everyone has a downside that isn’t always visible.
If social media is a trigger for FOMO, then consider opening it less often. Focus on yourself, do your hobbies, or pursue your dreams without being influenced by other people’s achievements that may only appear on the surface.
Conclusion
In conclusion, JOMO is the feeling of happiness and satisfaction when missing out on a particular event or experience, especially one others consider important, especially on social media. In investing, JOMO means being satisfied with one’s investment plan and not being swayed by other people’s investment decisions that may look lucrative.
Meanwhile, ways to apply JOMO in life include knowing what you want and avoiding social media. Furthermore, it is also important to remember that the JOMO approach must be considered in one’s crypto investment journey. By applying the JOMO concept, investors can create a more positive atmosphere, improve emotional balance, and achieve investment goals with more peace of mind and satisfaction.
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