When it comes to money, fear is one of the most debilitating factors that will work against you in succeeding with the millionaire method. Fear can limit you, break you, second-guess you, and destroy you financially. It can cripple you to the point where you can’t act because you’re too afraid of the consequences. Either it’s the fear of investing your money, fear of not being able to enjoy life and have enough money to spend, fear of paying too much money in taxes, or whatever it may be. Fear and anxiety are severely crippling when it comes to your finances.
If you feel the fear when it comes to money or your future nest egg, remove yourself from the situation that you’re in immediately. Take a moment and go get some fresh air, or grab a pen and paper and begin writing out your thoughts. Write out why you’re afraid and try to react the opposite of how you would normally react. If you normally lose your temper, or begin to get agitated, do something to avoid that. Hit the gym, go for a run, or do some other stress-releasing activity. If you can interrupt the pattern and look at why you’re so fearful in the first place, you can work on correcting the problem.
Finally, think about your choices logically. If situations confront you where your emotions begin to take over, stop and really analyze that, and analyze how you want to react. If you’re very susceptible to spending money in certain situations, realize that and do something about it. Fix the problem by not putting yourself into those situations. If you spend too much money at the bar, or by going out for meals too often, then cut up your credit cards. Whatever you need to do, make sure that you make a logical and conscious decision, and don’t allow your thoughts and your emotions to control you. Learn to control them.
By taking control of your emotions, you can take control of your financial future. We can talk all we want about how and where to invest your money, how to generate more income, but none of that will help you if you can’t get control of the driver of the ship. If you can’t steer your mind in the right direction, even if you make good choices from time to time, you might end up jumping ship later on. When people get too comfortable, they begin to make poor decisions. And, it’s very easy to slip into this, believe me; I’m speaking from experience. But, as you make mistakes, you must learn from them. Don’t repeat the mistakes of your past. The definition of crazy is doing the same thing over, and over again, but expecting different results. Don’t repeat your same debilitating patterns. Make conscious changes, and be aware of your thoughts and your emotions.
The Millionaire Method: How to get out of Debt and Earn Financial Freedom by Understanding the Psychology of the Millionaire Mind by R.L. Adams
“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
— Charles T. Munger”
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