E236 Patrick McGinnis - How to Harness FOMO in Real Estate Investing and Make Courageous Decisions in Times of Uncertainty

Patrick J. McGinnis is an international venture capitalist, host of the hit podcast FOMO Sapiens, and author of Fear of Missing Out: Practical Decision-Making in a World of Overwhelming Choice.  Patrick coined the term FOMO (Fear of Missing Out), as well as the related term FOBO (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.   Tyler and Patrick discussed how real estate investors are affected by FOMO and FOBO, how FOMO can be leveraged for good, and practical decision-making in times of uncertainty. Highlights include: The circumstances that led to Patrick coining the term FOMO The major drivers and triggers of FOMO, and how to combat them Why decision-making is the cure to FOMO How FOMO can be leveraged in real estate investing The power of FOBO from an investing standpoint, and why it often creates analysis paralysis Several ways to make effective decisions in times of uncertainty How Patrick structures his investment thesis as a venture capitalist Connect with Patrick: FOMO Sapiens Podcast: https://fomosapiens.com Website: https://patrickmcginnis.com/ LinkedIn: https://www.linkedin.com/in/patrick-mcginnis/ Instagram: instagram.com/patrickjmcginnis Facebook: http://www.facebook.com/ItsPatrickJMcGinnis Twitter: twitter.com/pjmcginnis   The following books were mentioned in the show: The Fear of Missing Out by Patrick McGinnis The 10% Entrepreneur by Patrick McGinnis Man’s Search for Meaning by Viktor Frankl The Lean Startup by Eric Ries The Happiness Advantage by Shawn Achor   Are you a real estate investor looking to elevate your income, freedom & lifestyle? If so, optimize your daily performance by downloading our free guide, Raising the Bar - 5 Steps to Elevate Your Habits, at elevatepod.com.  In this guide, created by your host Tyler Chesser, you’ll learn why you do what you do, how to easily institute cues in your environment to trigger desired behavior, directly applicable steps to create a fulfilling future and much more. Get your free copy at elevatepod.com and kick-start your new habits today. Your future self will thank you! This episode of Elevate is brought to you by CF Capital, a national real estate investment firm. CF Capital’s mission is to provide property investment and asset management solutions to help investors like you maximize their returns by investing in high-value multifamily communities. If you are looking for risk-adjusted alternative investments in quality apartment communities, and are seeking tax optimized cash flow with appreciation upside without all the hassle of management, you might benefit from learning more about investing alongside our team. You’re invited to reach out and learn how you can invest with us by visiting cfcapllc.com. We’re also currently offering a free ebook called The Bottom Line - 10 Ways to Increase Cash Flow in an Apartment Complex. Whether you’re a new or an experienced investor, we’re confident you’ll find massive value in this resource. Get your free copy today at cfcapllc.com.