- The biggest inhibitor to winning with money is fear
- How we saw this manifest in the election this week
- How to discern between real fear and worry
- Why fear shouldn't drive our financial decisions
- Quote of the lesson from Zig Ziglar
On today’s special lesson of the show, I do an impromptu discussion on how fear is one of the biggest inhibitors of achieving financial success.
Today’s discussion was spurred on by the event’s this past week revolving around our election on Tuesday. When it became clear that Donald Trump was heading towards getting the magical 270 electoral votes needed the stock market futures, not the real stock market, dropped more than 750 points.
Of course then the next day on Wednesday the real stock market closed at an all time high. But it got me thinking to how fear drives so many of our financial decisions. Not just because of an election result but fear in our every day life.
A couple of things that we discuss today on fear and our money include
- Stock Market
- Credit Cards
- Starting a budget
- Changing careers
We’re all going to face fear at some point, it’s natural. But how do we differentiate between true fear and worrying about the worst case scenario? To me it is use judgement and test that fear. Am I afraid because I read something on Facebook or because I’ve thought it all the way through? Anytime I hear about the total collapse of _______ (Fill in the blank) I get skeptical. But I’ve realized personally that if I am doing something different to change my finances and I have some fear, the more I do that thing and get comfortable with it, the more the fear goes away.
My challenge to you today is to think about if there is any fear that you are facing that is holding you back financially?
If so why do you have the fear?
What is it preventing you from doing it?
What would be the positive result of you doing the action?
Below are resources mentioned in the show to help remove the fear from making changes with your finances:
- Free Financial Resources for Budgeting
- Life is going to happen, so let it happen with an emergency fund
- The most important thing to remember about investing
Today's quote of the lesson is brought to you by Audible.com
“F-E-A-R has two meanings: Forget Everything And Run or Face Everything And Rise. The choice is yours” ~ Zig Ziglar
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