Transforming fears into other, more constructive emotions, will not only improve your financial situation; it will improve your life situation. But how does one live a "fearless" life? If you want to create a financial future that is different from your current situation, it will be necessary to give up some familiar behaviors and take that necessary step into the unknown. If you try and find you cannot break free from fear, find a good counselor and resolve to uncover and dissolve your fears. Consider these words by Ruben Gonzalez, a three-time Olympic luge athlete and world champion, "Every time you do something you fear, you gain strength, confidence, courage, and faith. You must always stop and look fear in the face and do what you think you cannot do." The good news is that you don't have to hurl yourself down an icy mountain; there are less physically demanding techniques that can help you conquer your fears. By identifying your fear, you can take positive steps to overcome it.What are you afraid of? Thinking about your fear in a constructive way demystifies it. When you can put your fear into words, "I'm afraid I might fail," or "I'm afraid I won't understand," or "I'm afraid because I don't know what to expect," it gives you something you can tackle. It is no longer the unknown; you have taken the first step.
Continue by identifying what triggers your fear of financial management, investing, or financial planning, asking yourself one more question, "What's the worst thing that can happen?" Is the worst-case scenario something you can handle? It usually is. The awareness of the worst-case scenario eliminates the fear in you, fear that holds you back. Famous TV psychologist, Dr. Phil McGraw, refers to it as "the power of the what-if." In other words, once you know the "what-if," you will discover that it is not that difficult to be decisive and take action. And once you make that choice, you will suddenly find that you are unstuck. The secret to overcoming fear, no matter what that fear is, is to just do it. Once you do, fear's power is gone, replaced by, as Gonzalez said, "strength, confidence, courage, and faith." Not a bad trade. When asked recently about fear, many Olympic athletes and coaches talked about the various ways athletes deal with pre-event fear. They reported various strategies - from isolation to listening to music and even to crying. But when it is all over, the only tears are of joy or relief. For both the winners and the losers who faced their fear, there are no regrets, only satisfaction.
To get beyond her fears, Nancy examined the source. She realized that she was not afraid of a temporary financial setback but was very fearful of having her new business fail. Once she took the mystery out of her fear, Nancy felt empowered to take action. The inertia was gone. She called the creditors with whom she had made agreements, explained the situation, and asked for extensions. Because she had resisted the urge to avoid the problem and do nothing and instead acted quickly, her creditors were understanding. She then carefully examined her financial situation. She calculated how much of a reserve she would need to pay for her basic expenses, and she made sure she always kept this amount in her general savings account. Nancy made a conscious decision to stop worrying and let go of her fear. Within a week, the bounced check was replaced, and she was in a much more comfortable financial position. After weathering this storm, she realized she could handle anything. She replaced her fear with confidence, and her business flourished.
Remember you are in control as long as you believe in yourself and keep up your spirits. A positive attitude springs from believing that "I can do this!" or "I can do that!" Believe that you can do it, and you will maintain the positive attitude that is the first step to achieving financial competence. Learning to face our money fears head-on is the beginning of financial empowerment.When you are no longer hiding from your money fears, you can begin to fulfill your financial dreams. So take a deep breath and move forward. You'll be glad you did.
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