Are there times when Never is better than late financially? That question comes up in finances all the time. FOMO or Fear of Missing Out is a strong driving force for some.
- Should I get into Bitcoin or cryptocurrency now ?
- Should I join in on the latest Reddit pump and dump scheme ?
- Is this the bottom of the market and should I buy options?
- Should I buy a house now? Should I rent?
Spoiler Alert, no, is the answer to the above queries (except the last one, that is up to you).
Now I am most certainly not talking about paying off debt. In the case of debt late is better than never. Being on time, however, is the correct answer.
In investing being “late to the show” can be problematic. Sometimes it is better to just ignore it, and try to find something else.
If you bought into the Tech Boom in 1999, you most likely lost your shirt, if you didn’t bail out. Some folks, however, who were in at the ground floor, might only have been lightly singed by the great drop. If you got into Debt Financing in 2007, again, maybe should have given it a pass.
If your friend invites you over for “just a party” but you get wind of it being an Amway recruiting party, never is a better choice.
Certainly with Ponzi Schemes Never is better than Late.
The Fear of Missing Out (FOMO) can make us jump into things at the wrong time. Better wait than late, is a better view.
I am sure there are times when getting there late does not matter or even affect the outcome, but you miss out on choices. Saving for retirement, buying real estate and investing in general are just a few examples that time is meaningful.
I haven’t been bothered by an Amway cult member in years but I am frequently pestered by the people of Gano coffee to change my life by joining them. The coffee is made from mushrooms and I think it has some sort of brain washing drug in it because the pyramid shaped sales force just won’t take no for an answer.
I must hang out with a less “tubular” crowd haven’t heard of the Coffee Cult (yet).