Why do we worry about Money? Some of us regrettably major in worry. Worry is sometimes easier than picking ourselves up off the ground, scraping together good solutions, and having faith that things will work out.
One reason we worry is because of our lack confidence managing money. Consequently, we shy away from investing, eliminating debt aggressively, and maintaining adequate solvency and insurance. Lacking confidence with money often stems from incompetent education.
Fortunately, we can become more confident and better equipped to manage our finances through experience and learning. After all, confidence is not the absence of ability but a lack of belief in your ability. Read a few personal finance books like The Millionaire Next Door, The Wealthy Barber or Rich Dad poor Dad. I also strongly recommend you read “The Financial Fitness Blueprint” by Courtney Carroll. Courtney will also be speaking at the September 29th Thornhill Wealth Forum meeting.
Confidence is not the absence of ability but a lack of belief in your ability.
Closely related to lack of confidence is fear. Anyone over 12 years old has made financial mistakes. In fact, expecting everything to be perfect would be more irrational than expecting some minor missteps. Fortunately, not all missteps, including financial flubs, are mission critical. Thus, we shouldn’t be so terrified of making them that we paralyze our progress. It was Henry Ford who stated “Failure is the opportunity to begin again, more intelligently.”
Worrying also makes us feel like we are doing something. This is why it is vital to distinguish between busyness and productivity. Just because we are doing something pertaining to a problem doesn’t mean we are solving the problem. I consider it this way: you’re productive when there is an authentic alignment of your actions and your goals and when those actions correspond to incremental improvements in your situation. Anything else is deception.
Financial worries have been linked to stress, anxiety, diminished quality of life, and depression, and decline in physical health. 2 Additionally, worrying robs you of the strength to fight. It causes you to focus on how big the problem is instead of how big you are. The goal isn’t to deny that cares and concerns exist but to instead focus so much on the endgame or answers that they become more real to you than the challenges you face. Don’t bank on getting lucky by worrying. Make your luck today.
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