“Too many people are thinking of security instead of opportunity. They seem to be more afraid of life than death.”
— James F. Byrnes
Here’s a scenario we often see with our high-income clients: they come to us with a pretty firm idea of where they want to be in ten years’ time. They’ve done their homework, they’ve looked at their current spending habits and they’ve even earmarked a few property investment opportunities they’d like to explore with us.
We go through their wealth plan in detail and ask a few pointed questions. Almost immediately, it becomes apparent: their plan is not realistic. It’s not that it’s too ambitious, it’s not ambitious enough.
They’ve limited the scope of their growth and misjudged how much potential they truly have. It’s a form of self-sabotage that’s often subconscious.
So where does it stem from?
Fear: The Great Ambition Killer
Fear is a powerful motivator. In its purest form, it keeps us alive. We’re hardwired to sniff out potential threats to our safety, be it physical or psychological. Without it we simply wouldn’t survive.
However, fear can also hold us back from reaching our full potential and experiencing new opportunities. Here are four ways that fear can limit our growth:
#1 Fear of failure
This is one of the most common fears that hold people back. The fear of failure can prevent us from trying new things, taking risks, and pursuing our dreams. Fear of financial failure is especially potent: so much of our experience of life is tied into our ability to pay for it, and not just the luxuries but the basics that keep us healthy, happy and safe.
Wealth is created by managing risks - and you can’t create wealth without taking risks.
As business theorist Dr. Thomas J. Stanley said, “Before you can become a millionaire, you must learn to think like one. You must learn how to motivate yourself constantly to counter fear with courage.”
#2 Fear of change
Change can be scary, especially if it involves stepping out of our comfort zones. Fear of change can stop us from adapting to new situations and exploring new opportunities.
And yet true wealth creation is about embracing fundamental changes to your way of thinking. It’s about examining your core beliefs and challenging the ones that no longer serve you, or are standing in the way of your growth.
For example, you may believe that you’re not worthy of true wealth. You may have a warped idea of what a wealthy person looks like.
Beliefs operate as self-fulfilling prophecies. It’s why once you set a belief, you seldom question it. You take a belief for granted; it defines your “sense of reality”— what’s real, what’s possible, what you can do, what you deserve, what to focus on, what things mean, what causes things.
Changing these core beliefs can be at once liberating - and terrifying.
#3 Fear of rejection
The fear of being rejected or criticized can prevent us from expressing ourselves and pursuing our passions. This fear can limit our personal and professional growth.
Am I going to alienate people in my life throughout this process of wealth creation? What if people assume I’m greedy, or selfish for pursuing this?
Our fear of being rejected by those we value in our pursuit of a better life can make us overly cautious.
#4 Fear of the unknown
The unknown can be frightening, especially when it comes to making decisions or trying new things, such as an entirely new approach to our financial situation.
These approaches are often life-changing and involve no small amount of adjustments to a ‘new normal’.
Fear of the unknown can stop us from exploring new experiences and opportunities.
Overcoming our fears and creating an ambitious mindset
To overcome fear, it is important to understand and acknowledge it. Once we understand our fears, we can start to work on facing them and developing a growth mindset. Here are some steps you can take to overcome fear:
Practice self-awareness: Understanding your fears and how they affect you is the first step in overcoming them
Face your fears: Facing your fears can help you understand them and overcome them. Articulate your fears out loud: are you scared of failure? Of losing everything? What would that actually look like?
Embrace change: Change is inevitable, so embrace it and see it as an opportunity to grow and learn
Surround yourself with supportive people: Surrounding yourself with positive, supportive people can help you overcome your fears and achieve your goals. Furthermore, surrounding yourself with experts in financial wealth management will mitigate the fear of the unknown
Take action: The best way to overcome fear is to take action and do what you fear. Start small and work your way up
Fear can be limiting, but it doesn't have to hold us back. By understanding our fears and taking steps to overcome them, we can grow and achieve our financial goals.
If you’re ready to take that leap towards true wealth creation, we’re here to help! Get in touch today to start your journey.
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