How FOMO Keeps Us Poor | How Even High Earners Can Be Broke While Looking Shiny
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- Опубликовано: 1 окт 2024
- Hi everyone, it's Eileen. In this video, I talked about FOMO shopping and buying things to impress people. As much as I want to say I'm different, I actually spent years doing FOMO shopping. While things might look shiny on the surface, deep down I was worried about my financial security. In fact, FOMO shopping is the reason why even very high earners can become broke. This of course means getting stuck in the perpetual rat race. Since learning about intentional living, I haven't been giving in to FOMO as much, and I don't feel the dire need to impress anyone. I've come to realise that being financially secure is the best feeling in the world-- better than any sense of envy I might get from people (because of a new designer bag I don't even like that much) xx
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#luxuryminimalist #fomo #designershopping
Thank you for watching this video about how FOMO shopping / the urge to impress people can keep even very high earners poor xx
My life has changed one afternoon when I realized what I really enjoy is looking at beautiful things. A pair of high heels that I can't walk in, a classic designer bag that is too much during school runs, or new makeups that don't match my skin tone. I started to tell myself, these beautiful things are like piece of art to me, and I do not need to own many of them.
yes. and for me, all my beautiful things are stored away in my closet where I can’t even see them! so silly.
That’s so relatable. Thanks for sharing xx
Absolutely agree
Great vid! Lets redefine the acronym F.O.M.O to mean Fear of Money Out.
Haha love it! xx
I think a lot of what we see in terms of FOMO is people who have a severe lack of an individuality mindset. They are more concerned with wanting to fit in. I've seen several comments over the past few months about these trends being a type of "community" but I don't buy that at all. The Stanley cup craze is just bizarre to me. And like you said, having one or even two, fine, but a whole collection COMPLETELY defeats the purpose. We need to buy things because we love them and they will enhance our lives, not because it's the in thing to have. I always find the studies they do on women's closets interesting and how we only wear a small percentage of what we own most of the time and the rest just hangs there. We need to do better about using things to the max and resisting the idea to purchase something just because it's the thing to have. Lots of things to think about in your video, good one Eileen!
So many golden nuggets here, thank you for sharing xx
But isn't that what RUclips is all about? For the most part people getting other people to click on their links and buy things period I missed the older RUclips days when you could actually learn something . I for one am a leader, not a follower. I never bought into the stanley craze.
You remain wise...You learned well by mistakes because You changed. What a marvelous example You set Eileen 🌺
Thank you xx
I think FOMO is human nature, everybody has a learning curve, just be mindful do not go extreme on things, and sometimes one really has to pay the price in order to learn
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Eileen, love your video ！ I did have a share of similar experience some 10 years ago. Brand/gimmicks and quality do not always correlate （more often they don't） and FOMO essentially exploits buyers‘ psychology. Have almost got rid of impulsive buying these days ☺️
Happy for you ❤️
When I was in my 20s I always had to have a different outfit. I would go shopping on the weekends for the work week so that I would have a different outfit everyday. I wouldn't wear anything twice. I would look at past fashion shows and try to recreate different looks. I specifically chose a profession where I didn't have to wear a uniform. My priorities are different now. I am in my 40s, having financial freedom, thinking about retirement, my health are more important to me now.
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You’re a natural psychotherapist!! 🙏🏼
I just brought a pair of shoes a half size too big because they were name brand, and on sale. This is not something I do often. I am the person if it's on sale I can't pass it up for a good price.
I did that too! It’s irrational but tempting xx
Hummm I don't know what FOMO means? I'm trying to figure out what each letter stands for . Love your video's
FOMO - Fear Of Missing Out ❤
@@malous709 Thank you so much!!!!
@@malous709 , thank you.
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Great video.
I have felt the same for a few years now.
I still love luxury items, but now limitation is the key. I have given away so much in the last couple of years. I don’t even try to sell. Just giving to people I know will use and appreciate the items.
Thanks for sharing!!xx
You're so right, Eileen! I noticed that every time I visit luxury shops, I start to adjust my previous budget to buy something that before I used to consider expensive, but after comparing it with higher prices items it becomes a good deal!😅😅 That's so dangerous!😂
So true! I think that’s why we get sucked into buying lots of small leather goods because they’re relatively cheaper and they look so cute xx
I don’t believe in FOMO when it comes to luxury items. I am a big bargain hunter and prefer to buy preloved so there will always be a second, third or fourth chance to get it. I have noticed over many years that there’s often a big markup on special edition items for a while. But if you wait a few years until they are no longer the it item they tend to go down, sometimes a lot.
Thanks Eileen! I love your videos about minimalism and I'm glad I came across it while I was still early in my "luxury" journey. I'm happy I didn't go overboard and was able to (for the most part), recognize fomo and waited for it to pass :) I think it's also good for anyone trying to not give into fomo to try a few tips that you've mentioned, spending less time on social media, but to replace it with something that doesn't encourage spending. It's too hard to say "low buy" without a goal to counter that such as, in order to do a "low buy", my goal is to save x amount and increase that so that there is no room for buying anything because you are busy trying to reach your new savings goal! Just some thoughts and what's worked for me in the past!
Totally agree! Having a “why” for your low buy is such a stepping stone xx
I have spent most likely around 20k in clothes throughout the years. I buy and not end up wearing them, then I donate. I stopped buying unless I need something!
yeah I think sometimes it's worth investing in high quality items, lately I find bedding (duvet cover, sheets, mattress) is totally worth $$$$ my old self will buy luxury bags and use Ikea bed sheets. but after investing in a good linen duvet cover, I understand the value in everyday luxury items, I don't care to impress people rather I want to spend items that truly improve quality of life. Good sleep is important to me now.
Spot on Eileen. I can relate to this so much. I'm having to stop buying luxury handbags, it was slightly getting out of control.
I thoroughly enjoyed this video! I have been reflecting on this lately myself so it was nice to listen to your points and perspective.
Great video! Do you still have your Tiffany engagement ring?
On what occasion would you wear these bags? I love your collection. Like I love my nkuwan
Thank you so much for this video, I have truble in buying expensive wine, which is not so different on buying luxury bags sometimes... next time I will think better about this. Thank you!
Haha i m lucky i dont have FOMO, so i dont buy luxury goods or fancy cars. Now in my 50s, my husband n i dont need to work anymore, we own multiple investment properties atound the world n my kid has a trust fund that ensures she is financially taken care of for the rest of her life.
I completely get the whole being surrounded by x will make you want it. When I would watch certain lux channels that would have haul after haul. There were more things I wanted. Once I stopped following them, the least I wanted. I realized it was best not to know. If I truly wanted/needed it then I would find it.
Very relatable xx
❤ your video. Thank you for sharing Eileen.
Thank you xx
Great level-headed conversation
Thank you so much xx
Can't wait for 60K Subscribers and Eileen your contents are just wonderful you are my truly truly inspiration and I wish you have a wonderful week ahead🥹♥️🥹✨
That’s really kind of you, thank you xx
So true! I made an "intentional spending list" for this year but still I get so tempted by others from social media😅
I agree with you not to consume shopping related social media is really crucial to stay focused 💪
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I am lucky I can’t be overly influenced but boredom and Covid gave me bag FOMO. The only things that give me FOMO now are your jumpers - I love them all 😂. Your channel and Benita Larsson are my favourite minimalism channels.
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Those Stanley mugs have lead at the bottom. I wouldn't buy one myself.
As always an amazing and insightful video.
Glad you enjoyed it xx
What you says is true, Thanks 🙏
Happy for you ❤
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@@ColourfulNoir your welcome
Hi Eileen, I love your videos as always. Today I noticed your recommended Everlane leggings are on 70% off 😊. I know you also like Topshop skinny jeans. Apart from these two could you recommend any other trousers that comfortable (not too tight) to wear?
Thanks for letting me know! To be honest I’ve tried several brands but always go back to topshop xx
Outfit repeating is an argument against luxury items, since luxury items often stick out and raise eyebrows by design. So if you want to get maximum use/maximum style, buy no-brand. This includes very obvious ‘quiet luxury,’ like the oran sandals that everyone knows are Hermes!
Thanks for sharing xx
Dont they sell screen protectors in the UK? 😢
I did have it on but it didn’t stop the crack 🥲
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The short duration of car ownership is crazy to me. I live in Spain and they have the same mindset. I see so many brand new cars everyday to the point that I often say "if you wanna see the newly released models, Spain is the place" 😂
Interesting! Thanks for sharing xx
@ *lvguci* You are so well-informed about luxury accessories and bags. You've obviously done your due diligence and the comparison to the US is very informative...because of course, I live in New York. thank you very much.