594: The Next Phase of FOMO with Patrick J. McGinnis

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In today’s episode of the As Told by Nomads Podcast, we welcome Patrick J. McGinnis once again to talk about the next phase of FOMO, also known as the “Fear Of Missing Out.” Patrick is a venture capitalist, a speaker, a writer, and the creator and host of the hit podcast FOMO Sapiens, which has surpassed 3 million downloads. He coined the term FOMO and the related term FOBO or “Fear Of a Better Option” in a 2004 article in the student newspaper of Harvard Business School. FOMO has since been added to the dictionary, and FOBO has become an increasingly popular framework to describe choice paralysis. Today, Patrick also shares his experiences on how FOMO has evolved during the pandemic and how you can make decisions right now, given the new normal we have today. There’s a lot to unpack, so stay tuned and enjoy the show!

Be Comfortable with Missing Out

Decision-making has become a big focus in Patrick’s framework to dealing with FOMO. After all, the Fear of Missing Out is, at its core, a decision-making problem. We make tons of decisions every day, but not every decision leads to the life we want. And with the world today, we are spoiled for choice so much that we often get overwhelmed by them. As a result, we end up making decisions based on fear rather than actual logic. Even when we get into analysis paralysis, choosing nothing is still a decision based on fear. And so, in a world of overwhelming choice, we all need practical decision-making. Luckily, in Patrick’s new book Fear Of Missing Out, he teaches us how to get rid of all the noise and tune in to what is truly important to us. Then again, choosing what we want is one thing, but moving on to avoid getting stuck in a cycle of regret is another. It will be difficult, sing most people struggle with letting go of what could be. But in the end, being comfortable with missing out and choosing what feels right to you and no one else will always lead to what should be.

Outline of the episode:

  • [01:56] Looking back at the episode where Patrick first appeared.
  • [04:04] How FOMO never left but instead evolved during the pandemic.
  • [06:37] Underestimating COVID’s impact and dealing with the trauma.
  • [08:03] What Patrick found to be the most helpful to come out of the pandemic.
  • [11:37] Why diversifying our investments is essential now more than ever.
  • [14:02] How to find a decisive way to make the right choices amid the new normal.
  • [18:36] A framework on decision-making to help us decide, let go, and move on.
  • [21:26] How FOMO and getting out of it can be applied to any aspect of life.
  • [26:31] Vaccine passports and the divide among the vaccinated and unvaccinated.
  • [38:42] How crises like the pandemic often show what our society is at its core.
  • [45:00] Why society should have a shared set of values and encourage critical thinking.

Resources:

Website: https://patrickmcginnis.com/

Book: https://www.amazon.com/dp/1492694940

Connect with Tayo Rockson and the As Told By Nomads Podcast on:

Personal Website: https://tayorockson.com

UYD Management: https://uydmanagement.com/

UYD Collective: https://tayorockson.com/uyd-collective


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