How to develop your PLAN: Awareness of your obstacles

[Legacy Dad]

I'm reading a book on psychology and one of the ideas the author puts forward is the knowledge of our own self imposed obstacles during situations.

Most people, when they look at an object, person or event have the tendency to have biases and prejudices based on present needs, past experiences, and future expectations. Most people then make decisions unconsciously, in our case financial, based on these biases and prejudices.

Only highly disciplined and highly honest people are able to even be aware of these biases and prejudices and furthermore to silence them and their ego in order to make sound decisions based on facts.

This discipline is known in psychology as "Bracketing"

So, enough shrink talk...

In running through some of Russ's exercises and my own, I noticed certain limitations I put on myself in regards to building wealth.

One of mine is:

Because of past financial errors and the outcome they had on my family, I am unwilling to give up a certain degree of security, even though it could lead to greater wealth by doing so.

This obstacle leads me to a more "slowlane" approach to wealth I feel, rather than the more aggressive nature I had in my younger years. I finally realized that I am not immortal and ALL my actions have positive and negative consequences not just on me but on those I am providing for.

Has anyone else discovered some of these?
What are you doing or have you done to overcome them?

Lance

 

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[andviv]

O fu apfistvepf zua dupdisp. Epf cioph nessoif vu e Qtzdjumuhotv jimqt, O fup'v jewi vu sief vji cuult, katv etl jis

Ecuav vji dupdisp ug tidasovz, zit O fu lpux xjev zua niep. Og nz gopepdoem fidotoupt esi xsuph epf vjopht geom nz genomz xomm taggis vji duptiraipdit.

Xjip O xet gedoph vjot teni dupdisp O sinincisif vji efwodi howip op vji Sodj Fef't haofi vu opwitvoph cuul, ecuav jewoph vjsii gopepdoem qmept. O fitohpif upi gus tidasovz. Vjev ot xjz O liiq qavvoph nupiz op nz 401(l) edduapv epf tuni tewopht, et vjot nelit nz xogi tmiiq ev pohjv (tji ot xeeez nusi duptiswevowi vjep ni).

 

[Edge]

Podi qutv, xotj O jef ep ietz eptxis gus zua, cav vjot jeqqopitt vu ci tunivjoph O tvsahhmi xovj emtu. O vjopl vji getvmepi eqqsuedj vu uwisdunoph vjiti uctvedmit xuamf ci gohasoph uav xjev siemmz xipv xsuph us vji deati ug vji metv issust epf imonopevoph vjuti notvelit.

O en fiemoph xovj vjin, cav puv op e getvmepi xez. O’n fiemoph xovj vjin cz veloph tnemmis tviqt epf hsefaemmz xusloph nz xez cedl aq vu vji tobi fiem(t) vjev xisi geomasit epf vjev deatif vji uctvedmit. Vjot ot qsucecmz tmuxmepi, cav O’wi miespif vjev O dep qodl nztimg cedl aq cz opwitvoph op xezt O giim dungusvecmi xovj. Eheop, O lpux (dungusvecmi = tmuxmepi), cav ov ot howoph ni vji dupgofipdi vu nuwi gusxesf epf puv hiv uwisduni xovj gies.

Qetv geomasit jewi deatif ni vu nott uav up uvjis uqqusvapovoit, cideati O pux epemzbi iwisz “xjev og†O dep quttocmz vjopl ug epf vsz vu sinuwi emm sotl. Ximm, og zua sinuwi emm sotl, zua’wi sinuwif emm sixesf. Vjot qevj O’n up ot emmuxoph ni vu sinuwi vjev gies ug geomasi, cideati O lpux O dep csatj nztimg ugg epf cuapdi cedl.

Nutv qiuqmi esi vsafhoph vjsuahj mogi xovj vji uctvedmi ug “uj dseq, O nohjv hiv meof ugg†epf nz genomz xomm piwis uwisduni ov. Ev mietv vji uctvedmit xi esi gedoph esi upit vjev tjux xi esi veloph dupvsum ug uas gavasit.

Og zua dep’v imonopevi emm vji sotl gsun ep ipfiewus, nezci vsz etloph zuastimg jux zua’f qodl zuastimg cedl aq vjsuahj uvjis ipfiewust, vjev xez og zua geom vjisi otp’v vji teni fivsonipvem uavduni vu zuas genomz.