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  • 7 Ways We Blow Up Our Bus

Investing

13 Oct

7 Ways We Blow Up Our Bus

  • By Wayne von Borstel CFP®, CKA®, MSFS, ChFC®, CLU®
  • In Investing, Planning, Self-Help

In a prior post, I compared the journey of our lives to that of a bus trip, and discussed how important it is to assess who we’ve invited to join us. Those on our bus can either add energy to, or halt our journey. However, it’s equally important to make sure we aren’t unintentionally sabotaging our own success. After all, there are bombs we too carry.

 

We are all headed someplace. Most of us strive to be more successful, better looking, more likable, or healthier. We start off with a dream, a destination in mind, and then put into action what we believe will get us to where we want to be. If it’s a bus ride, we check the oil, fill the tank, map out the course, use a GPS, and bring food and other supplies. We know that if we don’t do many of these things we may not enjoy the ride or get very far.

When things don’t go as planned with our dreams, we often blame those around us, those above us, those we know, and even those people we don’t know for our bus breaking down.Can we really blame others when we are driving the bus? Or are we responsible for the bombs that keep blowing up our dreams?

In my 30 years of being a financial coach, here are the most common bombs I see people carrying onto their bus:

  1. A Transient View: The inability to have a long-term view and stamina for the long road ahead. Those who can only tolerate short trips, never get very far.
  2. Skepticism: Having no faith that taking action and implementing changes, even small ones, can make us better and make a difference.
  3. Chaos: Chasing our dreams without a fixed plan or system. Not having the forethought to think of alternatives to potential road blocks.
  4. Stubbornness: Believing that there’s one best solution and not exploring the alternatives. Putting all of our eggs in one basket and not being adequately diversified in our approach or investments.
  5. Procrastination: Believing that it will be easier to do something tomorrow than today.
  6. Negativity: Being easily influenced by negative viewpoints and bad news that discourages, depresses, and ultimately defeats thoughts of success. Responding emotionally, and in haste to the financial pornography we hear, ignoring truth and reason.
  7. Overconfidence: Having an inflated view of our own knowledge in a specific area.  Refusing to seek the assistance of an expert, just like refusing to stop and ask for directions when we’re lost.

So above are 7 bombs to your success, some of which you may have inadvertently brought aboard your bus. Get them off!!! Be persistent. Have faith. Have a plan. Take action. Diversify. Don’t listen to naysayers. Seek out a coach that will be honest with you, believes in you and your potential for success!

I wish you the best as you find and throw these bombs off your bus. In the end, it’s up to us if our bus is going to reach the ultimate destination of success, happiness and financial well-being.

Tags:financial planningFinancial successinvestingvon Borstelwayne von borstel
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Wayne von Borstel CFP®, CKA®, MSFS, ChFC®, CLU®

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