There’s plenty to be afraid of and this time of year your neighbor’s front yard may be trying to flaunt it with spiders, skeletons and creepy witches stirring smoke up in the driveway.
Let’s start by talking about fear itself.
Recently I had fear described as a choice between two options; both with a punny way to remember the options using a F.E.A.R. acrostic poem. Is that right? I believe this is attributed to the great Zig Ziglar – guy with the coolest of cool names.
We are afraid of what we don’t know and don’t understand. I get it.
Not sure what could be under your bed as a kid? Stuff of your nightmares.
Unsure if that spider is deadly just like the beasts of Arachnophobia fame? Someone else can find out.
Everything can get exaggerated and blown out of proportion in our minds when we just don’t know what’s on the other side.
Same is true for our finances.
Don’t know how much money you need in retirement? Afraid that the answer will be that you won’t have enough time to save? Ostrich meet sand.
Not really sure how debt impacts your finances right now outside of making your monthly payments? Afraid that figuring it out will cause you to skip out on your favorite things? Problem for another day.
If it wasn’t obvious yet, I’m going to challenge you to the alternative; face everything and rise. Making a decision to read this blog post is in fact a choice to face those fears or turn over a rock that you don’t know what kind of creepy crawlies are underneath.
I’m not the only one challenging you to think about fear differently.
Famous Fear Quotes from Famous People
Real people. Real fear.
Think you’re alone in your fears? You’re not. Here are a handful of examples of fears from my own clients.
- “My biggest fear is that something big/bad might happen and the business will crumble because we don’t have a sustainable infrastructure.”
- “My biggest personal fear is that if anything happens to my husband, I won’t be financially secure on my own.”
- “I know I have already mentioned it but my mental health is getting in the way. I am working on it and doing the things I need to do to get better. My motivation is just at an all time low so I know I am not putting all the time I need into this business like I should. That then gets into my head where I feel like I am not productive or worth doing this. Sorry that got deep but just being honest. My barrier is me.”
- “My biggest fear is that I won’t be able to turn this into a profitable business.”
- “I say (and believe) that I don’t have a “mind for business”. I loathe wasting time by designing services/products that no one shows up for. “
- “Fear of engaging with people, fear I’m making the wrong decisions for my life, fear that what I’m doing will have no impact. That I can never help solve the problems I want to.”
- “Biggest fear would have to be that I don’t know if I have the personality to be a leader. I am much more reserved and often feel like I’m not qualified.”
- “I fear that my revenue will never rise past a slight creep upward.”
- “I fear that I do not have the skills or education to be able to do this by myself, and even though I feel like I know what I want to do with the business, I just can’t figure out how.”
- “I fear that I will always be in a state of unknowing and stress, unable to enjoy and take time for myself personally.”
- “I’m afraid of letting my Mom down.”
- “I’m afraid of our kids going without something, and people’s opinion.”
- “I fear failure.”
- “I’m afraid I won’t know how to handle money if my husband is gone.”
Told you it was legit. Those are real and raw responses, and I bet you resonate with one or more of those. Let’s transition into addressing those fears and worries, and turning them into WINS!
Addressing your Fear
1. Acknowledge and Understand Your Fear
The first step in overcoming fear is to acknowledge it. Identify what specifically you’re afraid of—whether it’s financial instability, business failure, or something else. Understanding whether your fear is rational or irrational helps you address the root cause effectively. One of the follow up questions to what you fear needs to be…what is the likelihood that that nightmare fear comes true? For MOST it’s unlikely to come to fruition – especially since they’re actively taking steps to address their gaps with help from a coach. Awareness is HUGE!
2. Educate Yourself and Build Skills
Knowledge is a powerful antidote to fear. In both personal finance and entrepreneurship, continuous learning can provide the confidence you need to make informed decisions. Take the time to educate yourself on financial management, investing, and budgeting. For entrepreneurs, building skills in areas like marketing, leadership, and business strategy can significantly reduce anxiety and increase your ability to handle challenges.
You don’t have to face your fears alone. Whether in personal finance or entrepreneurship, seeking advice from a mentor or coach can provide invaluable guidance. Joining accountability groups or communities of like-minded individuals offers support, encouragement, and shared strategies.
3. Shift your Mindset
Your mindset plays a crucial role in how you perceive and handle fear. Instead of seeing failure as a setback, view it as an opportunity to learn and grow. Whether you’re managing your finances or running a business, focusing on progress and growth rather than perfection can help you move forward with confidence. Embrace a mindset that welcomes challenges as stepping stones to success. I say it often – we’re looking for progress over perfection. There will be no perfect plans, that’s simply not sustainable.
4. Create a Budget, Personally & Professionally
Having a clear plan is essential for overcoming fear. In personal finance, a budget allows you to track your spending, save systematically, and set achievable financial goals. And not surprisingly a business budget/plan can do the exact same thing allowing you to manage the ups and downs of entrepreneurship.
Taking action is one of the most effective ways to combat fear. For example, automating your savings and bill payments can reduce the stress of managing money. Don’t let fear paralyze you—start with small steps and celebrate each win, no matter how small.
5. Build an Emergency Fund
Financial security is a significant factor in reducing fear. Building an emergency fund provides a safety net for unexpected expenses in your personal life, while an emergency fund can prepare your business for unforeseen challenges. Knowing that you have a backup plan in place can ease anxiety in a very real way.
During the early months of COVID my husband and I had a powerful experience with the emergency fund and emotions surrounding it when more than half of his upcoming in person filming events were canceled. You can read more about that story here.
6. Practice Mindfulness and Focus on Your Vision
Practices like mindfulness, meditation, prayer, and stress management techniques can help you stay calm and focused in the face of financial or business challenges. Regular physical activity can also alleviate stress, clear your mind, and improve your overall well-being, making it easier to tackle fears head-on.
Reconnect with the passion and vision that drive you. In both personal finances and entrepreneurship, keeping your focus on the bigger picture can help you push through fear. Whether it’s achieving financial independence or building a successful business, let your purpose and goals inspire you to move forward, even when fear tries to hold you back. You have to have a big enough reason, or why – to keep you moving forward when the process is tough.
Financial Fears Snuck up on Me
When I started coaching, addressing financial fears wasn’t on my radar. Crafting budgets, plans and wiping out debt were top of mind. But the wins that I feel most proudly associated with are those where fears are tackled and put to bed. Challenges are overcome and generations are changed because someone was courageous enough to face their financial fears.
Go ahead, wince at the spider on the ceiling, and turn on ALL the lights when you’re home alone – but don’t let financial fears get in your way anymore.
Thank you for joining me on my journey to influence.
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