Fear of missing out can be a killer for investors

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[Go here to watch.]( Sponsored  --------------------------------------------------------------- The fear of missing out, or FOMO, can be a powerful psychological force — and it may lead unwary investors to lose bundles of money, according to financial advisors. A group of British psychologists defined FOMO as a fear “that others might be having rewarding experiences from which one is absent.” Financial advisor Josh Brown uses the term “animal spirits” to describe the concept of investors allowing their emotions to guide them. ‘People try to hit the home run’ It’s generally more prudent to “get rich slowly,” since investments that offer huge growth potential also tend to carry more risk and therefore bigger odds of loss, said Joseph Bert, a certified financial planner who serves as chairman and CEO of Certified Financial Group. It was relatively easy for investors to make money in 2021, a year when most asset classes seemed to head nowhere but up. Strong stock and crypto gains minted a million new millionaires. Various hype-men and -women and social media communities helped nudge investors to buy in last year.  The WallStreetBets community on Reddit also fed a frenzy in meme stocks such as GameStop and AMC. Rapper and music producer Jay-Z, NBA player Steph Curry, tennis phenom Serena Williams and other celebrities have also endorsed certain SPACs — investments that are quasi-initial public offerings — and were, until recently, one of Wall Street’s hottest trends. Depending on when investors bought in and sold, FOMO may have cost them big bucks. The Securities and Exchange Commission last year issued an investor alert about celebrity-backed SPACs. “Celebrities, like anyone else, can be lured into participating in a risky investment or may be better able to sustain the risk of loss,” the SEC said. “It is never a good idea to invest in a SPAC just because someone famous sponsors or invests in it or says it is a good investment.” How advisors overcome investors’ FOMO If a client wants to shift a lot of money into a “FOMO asset,” said Aldo Vultaggio, chief investment officer at Capstone Financial Advisors, he likes to discuss with them their probability of success reaching certain financial goals with and without those assets. The firm, based in Downers Grove, Illinois, ranked No. 77 on CNBC’s Financial Advisor 100 list. In other words, if a client is already on pace to have enough money to retire comfortably or to afford a kid’s college education, why take more risk? Vultaggio tells clients who are adamant about holding a FOMO-type allocation to a risky asset that they should generally limit their position to a low-single-digit percentage of their overall holdings and they shouldn’t invest with money they’ll need in the near or intermediate term, he said. The information provided is impersonal and does not provide individualized advice or recommendations for any specific reader or individual portfolio. The opinions are from 3rd parties, claims have not been independently verified by us, and we have not been compensated in any way to review the companies or symbols mentioned. [Read the original article here.](  ---------------------------------------------------------------  Author of Get Rich with Dividends Is Giving Away His Ultimate Dividend Package FOR FREE! Get Marc Lichtenfeld's Ultimate Dividend Package, including details on his #1 Dividend Stock... The Safest 9% Dividend in the World... 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