Legacy Dad
New Contributor
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
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
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.