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As a money coach, I have learned that most life lessons are also investing lessons, and I am always interested in seeing how the two intertwine. Recently, I attended the Austin Women in Communication luncheon where life lessons were abundant, as savvy entrepreneurs Melinda Garvey, co-founder of Austin Woman magazine, Lorie Marrero, founder of Clutter Diet and Patti DeNucci (who I keep bumping into!), founder of DeNucci and Company were interviewed about overcoming fear. Let me share a few insights I gained from these remarkable women over the next few articles and how they relate to investing lessons.
Lorie Marrero shared the following nuggets:
Fear is the opposite of growth~ I love this because when we are fearful, we tend to do nothing with our money because we are afraid of losing it. Unfortunately, doing nothing usually means that money sits in the bank instead of being invested, and it doesn’t grow. It may even have negative growth after inflation is considered. Knowledge is the best way to overcome fear.
Do the thing that you fear the most~ I think more than ever, there is fear around our money. Fear leads us to avoid dealing with it, but investing it wisely always makes sense. This isn’t to say that risk is not part of that equation and that cash levels shouldn’t be higher at certain times, but investing, even in cash, should be a decision, not a default due to inaction resulting from fear.
Don’t Come Back from Hell Empty Handed~ How great is this? Did we learn from the financial crisis of 2008? I certainly did, as well as the bear markets of the early 2000’s, and 1987. Let’s use those investing lessons and apply them to be smarter and better investors. The upside to the downside of life is all the wonderful things we learn that can make our lives better once we get back on track, and getting back on track is sometimes part of the financial journey, as difficult as that can be.
Remember, one of the best ways to overcome investing fear is to gain the knowledge you need to take action. Be sure to check out my new 7 Steps to Deliberate Investing course (Courses tab) or private coaching (Services tab) to get a jump start. Become a Financial Woman and face your fears head on.
photo credit: alancleaver_2000