Never depend on single income. Make investments to create a second source.”– Warren Buffett
I often get asked “How do I grow my mind to help me grow my money?”
My answer consistently is, “Start by investing in yourself and your empowerment.”
If you did not know how to swim, you would not jump into the deep end of a pool.
The reason: Fear of drowning.
But that fear of drowning should not have to keep you away from swimming pools altogether.
You could start small.
From dipping your feet into the pool, to holding onto the walls as you learn to kick, to floating, to learning basic strokes.
It’s like that with investing, too — you start small, by growing your confidence, safety net, and investment knowledge first.
That way, you’re no longer held back by the fear of investing.
So, what exactly is fear?
Fear is the assumption that a particular action, decision, or choice is going to bring you more pain than pleasure, more negatives than positives, or more losses than gains.
When you begin anything that is quite “new” to you — like investing — it may feel as if you are entering a new world, causing you to experience moments of fear and insecurity.
But there are ways to overcome this fear:
1. Build a savings account that covers at least 3 months of your income.
Doing so will help you shift your mindset around investing because you now know that you have a financial cushion/safety net to fall back on.
Every month, before paying your expenses, put at least 2.5% of your income into your savings account. As you begin to grow confident in your ability to save, continually increase that percentage, aiming for 50% of your income.
2. “Invest” your energy in money
You can invest your energy by learning about money, talking about it, and regularly affirming that you are empowering yourself and expanding your financial knowledge.
3. List the benefits of saving and investing money
Take out a piece of paper or open a new document/note on your phone and list:
- The benefits of saving money
- The benefits of investing money
Remember, when listing these benefits, be sure to link them to your highest value or priorities or what is of highest importance to you.
If, for example, your highest value is family, think of how saving and investing will benefit your family:
- If you save and have your safety net you know you can fall back on, you will be less stressed about finances and able to be more present with your family.
- If you invest, you could do a lot more for your family’s future (send the kids to the best schools/universities, buy a better home in a better area).
Make sure that you have a big enough purpose for wanting to invest.
When you have a vision or a big enough “why” for growing your wealth through investing, financial growth becomes so much more important to you.
You will then be inspired rather than afraid because you know that you are working toward a plan to have the future you so desire.
So, what are your thoughts on investing?
Have you been growing your investment knowledge but still feel hesitant/fearful about taking that first step?
Have you had “negative” experiences with investing and are apprehensive about diving back in?
I would love to help you with what is holding you back. I help people to develop the right mindset for financial well-being.
Drop me an email at firstname.lastname@example.org or send me a WhatsApp letting me know what you would like my help with.
I will connect with you on a free discovery call to discuss the best way forward.
From my heart to yours,