Fear can be the greatest motivator, but it more often than not stops people in their tracks. I was reading a recent article by John Carran on the power of fear in the markets and as those who read this article regularly will know, I could not help but draw a parallel with the boys’ cricket team I coach.
The boys have struggled this year – but the biggest detractor is their fear of getting out when batting and bowling a wide as they run up to the crease. In the last three weeks I have been working on getting them to just play their shots and bowl with a clear mind.
If we could all learn to use a little bit a fear as a motivator, but at the same time just play what you have in front of you, the game becomes a lot more simple.
Business people and investors are much the same. Fear can be the one thing that will get in the way of them achieving their goals. Nelson Mandela has been credited with saying that the only thing between success and failure is you. This fear stops planning and logically problem solving and means people can end up leaving things to chance.
I hope you can wage war upon your natural fear. Make sure you get out of the way of you and start planning for success, utilising the services of a financial planner.
The article is based on personal opinion and may not be representative of the views of Goldridge Ltd. Josh Hoskin is an authorised financial adviser with Goldridge Wealth Management. A copy of his Disclosure Statement is available free on request. This article is not personalised advice under the Financial Advisers Act 2008. Readers should not act on any suggestions in this column without taking professional advice that takes into account their current circumstances and appetite for risk.