Updated: Sep 23, 2022
At one of the firms I previously worked,
a very senior VP, shared with us a vulnerability.
He revealed the thing that drives him.
It was fear of failure.
For others, it might be greed.
In the 1987 movie "Wall Street,"
Michael Douglas as Gordon Gekko gave an insightful speech where he said,
"Greed, for lack of a better word, is good."
6 years ago, I feared I would end up poor, broke and alone.
It didn’t matter how much money I had in the bank.
It didn’t matter how little money I spent.
I visualized myself living in a crappy apartment off the 10 freeway in Houston with my 3 kids.
The reason I was scared:
- I was dependent on a boss to pay me at my job.
- The popularity of indexing was displacing me as a stock picker.
- I was also dependent on my husband to finance our lifestyle.
Back to “Wall Street”, Michael Douglas is driving in his Limo with Bud Fox,
The men spot two men at the crosswalk on Park Avenue.
One is a homeless guy and the other is a guy in a suit.
“Tell me the difference between these two men?” Gordon asks Bud.
Early in my career, I read the book, “Only the Paranoid Survive” by Andrew Grove
Fear drove me to make a major pivot in my career.
I decided to become a financial advisor.
Signed up for an online program and studied trusts & estates, insurance, taxes, financial planning and investment management, for 6 months and passed the 6-hour CERTIFIED FINANCIAL PLANNER ™ exam.
When we have so many directions and options, the paradox of choice occurs.
Fear can help us focus on the one thing that’s most important to us.
Fear, for lack of a better word, is good.
Warren Buffett once said that it is wise for investors to be “fearful when others are greedy, and greedy when others are fearful.”
Your Friendly Wealth Engagement Guide,
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