JOMO vs. FOMO: Trade Your Liabilities for Assets - MFI Series1, #7

Do you know the difference between an asset and a liability? It's okay if you don't; they don't teach that in school. The Fear of Missing Out (FOMO) drives us to buy liabilities such as new cars, boats, jewelry, and huge houses. It also makes us look for fast money in stocks and crypto. The Joy of Missing Out (JOMO) teaches us to buy assets that produce passive income. It tells us to build wealth slowly with stable investments.  Trading in your liabilities for assets will be a shock to your mindset.
Society teaches us to be consumers until we die. However, building passive income streams, living below your means, and investing for the future will lead to happiness beyond your imagination.