Episode Summary:
In this episode, we discuss the concept of fear related to money and early retirement specifically. Based on a talk Maggie gave at campFI Southeast 2022, we dig into a discussion on fear and courage. We talk about what we’re afraid of, define fear, share the good and bad sides of fear, and discuss 8 ways you can conquer your financial fears.
Episode Notes:
Even though Maggie has accomplished a massive amount of things financially and has put herself in a position to retire at 41, she’s still afraid of a lot of things.
We talk through a few things related to fear:
- Everything Maggie is afraid of. It’s a lot of things.
- The definition of fear.
- The good and bad sides of fear.
- “Courage is not the absence of fear, but the triumph over it. The brave (wo)man is not she/he who does not feel afraid, but she/he who conquers that fear. -Nelson Mandela
8 ways to conquer your financial fears:
- Be kind to yourself. Accept that fear is normal, especially when you’re taking the path less traveled.
- Listen and learn. Educate yourself thru books, podcasts, youtube, blogs, and more!
- Know your numbers. Track your expenses + net worth. What gets measured gets better.
- Calculate your fears. Put #s against your fears, worst-case scenario them. You can deal with them.
- Remember, you’re resilient. Your skillset is strong; you can work again and do whatever is needed.
- Write it down. Write down your fears, imagine the worst, rank, and prioritize them.
- Breathe + Meditate. Leverage the science that proves breathwork and meditation can help you with fear and anxiety. And the good news is these practices are easy and free.
- Find your community! Surround yourself with like-minded supportive people. Your community is powerful!
Top 3 takeaways:
- Fear is normal.
- Courage is not the absence of fear but our ability to triumph over our fears.
- There are things you can proactively do to push through your fears, so do them!
Show References:
- campFI
- Book: Bag Lady Papers
- Friends on FIRE episode #27 – Why Tracking Net Worth Matters
- Friends on FIRE episode #15 – Expense Tracking Gone Wild
- Net worth tracking spreadsheet
- Expense tracking spreadsheet
- Friends on FIRE episode #130 | Where meditation and money meet
- Mostly Minimal Life: An introduction to fearFIRE