What is Keeping You From Trying

As I sit here and look at the title I typed yesterday, it is clear that my thought process blends right into the very title. See I had the idea, but I stopped there, my mind got distracted and my writing froze. Now this morning I looked at it again and thought... start writing. What is the worst thing that could happen? In the worst-case scenario I write it, decide to publish it, and the few people who read think, OK that was a waste of time.

Now take the case above and apply it to almost anything. Too many times we freeze in our path to accomplish something because we have a fear of the unknown. Now my worst-case scenario was not that bad, it doesn't cost me any money, but yesterday, failing to take action cost me hours of not getting this published. Which could have had an impact on someone that I was trying to reach, or another client, or who knows. What have your fears of failure cost you?

This is the question we have to ask ourselves when we fail to take action. In another case, I give financial advice now because I have learned from my past mistakes. During some of those mistakes, I learned a great deal, including a recent failure with my kid's 529 plans. As I made the move to investing, I reached out to some Investors, interviewed them, and decided upon one that I thought seemed like he had my best interest in mind. Over the past year, I have watched those plans and others he set up do nothing but lose, with no word from him about what could be done. Now I know the market has not been good, but this was beyond the market average.

Over the past year, I have tapped into many resources and educated myself on the various mutual funds available, their cost, and how best to proceed. Early this year I moved some plans over to my control. Only then did I finally hear from him. When I responded I heard nothing more. Then last week I looked at the 529s and said enough, made a few phone calls, and moved them into my control. Why? Well, I learned the plans he put me in were terrible, the fund options were not strong, and the real deal breaker. The fees were 3.5% which is significantly higher than most mutual funds you can find. Now the cost of my ignorance is about $10,000. Minus the tax break I received for funding them over 2 years. Would I do it again? Yes!! It taught me how to look at funds and helped me to take a step into the investing world.

Where are you holding back? Where are you failing to take action because of the fear of the unknown? What are the worst-case examples? Then if there are some really bad options, who can you consult to help reduce the risk of those things happening?

As I teach people to take chances, trust their instincts, manage their finances, and more it pushes people into a zone of discomfort. The only way you can get past that is to go into it. Take the chance, go for it, learn from it, and in reality my guess is you will probably succeed in more ways than you thought were possible.