The term “FOBO” was coined by Harvard student Patrick McGinnis, and many people relate to it.
The fear of missing out on a better option could lead consumers to either make the wrong choice or even halt their decisions all together.
A study published by the University of Pennsylvania categorized people as satisficers -- those who made decisions based on “gut feelings” and were OK with “good enough" -- and maximizers -- those who relied on research and other’s opinions when making decisions.
While maximizers had 20 percent higher starting salaries out of college, they were less satisfied with their jobs than satisficers.
So how can you get the best of both worlds?
If you’re making a decision and its outcome won’t matter in one year, just go with your gut. But for major life decisions, meet in the middle with research and pros and cons, but pick the option that excites and challenges you.
“And what the research shows us is that if we do new, novel, and complex things, so things that are really hard, we’ve never done before, that’s where we’re gonna get the biggest bang for our buck," Partnership Specialist Brittany Calvert said.
In a study from Columbia University, it was shown that if people were given fewer options, they were more likely to make a decision.
If you’re faced with an overwhelming amount of choices, an article from Forbes advises to “de-clutter," and ask yourself “what is the motivating factor of this decision?”