Page 54 - Workbook2E

Your Financial Stress Profile—Evaluations Stressor No. 2 Financial Self-confidence from page 34
People have varying degrees of self-confidence in financial affairs. Self-confidence allows you to move ahead, accept new assignments, challenges, and responsibilities. A lack of confidence may make you feel timid and unsure, unable to move forward while others seem to be flying down the highway. However, overconfidence can be like an accident waiting to happen. Consider these recommendations based on the results of Your Financial Stress Profile questionnaire.
You currently feel self- confident in your financial affairs.
Avoid your possible tendency to be overconfident in your financial affairs. When you feel confident in approaching business deals, you may
not always take the time to thoroughly study matters before you move ahead.
Overconfidence can be a financial disaster waiting to happen. Bluffing your way through a deal may over- extend your resources and abilities.
Visualize the best and worst case scenarios. Might financial surprises wait to ambush you down the road? Consider the risks along with the possible rewards. Can you afford the results of a “big deal gone bad?” Could your ego stand the shock?
Avoid temptations to interfere in other people’s affairs. Allow them to manage their own affairs. Otherwise, you may discover their problems have become your liabilities.
You currently feel moderately self-confident in your financial affairs.
Your self-confidence mostly extends to familiar things. If you’re working in unfamiliar territory, be prepared for challenges and pressures that may bring you stress.
Attend classes or seminars to learn effective ways to manage your financial affairs. Read self-help books on personal financial growth. Consult with mentors or financial experts. Realizing you’re less confident with unfamiliar things can lead you toward greater knowledge.
Don’t delegate your financial responsibilities even if someone pressures you to. Your bank statement is YOUR bank statement. Your tax returns are YOUR tax returns. You may hire a bookkeeper, but it won’t relieve you of the responsibility for making your own financial decisions.
Learn and practice confidence- building techniques.
You currently feel fairly insecure in your financial affairs.
Make a conscious decision not to run away from financial matters that may trouble you. Ask yourself, “What about this financial matter is troubling me?” This allows you to focus on the specific area causing you to feel pressured. Often it’s something you’ve been avoiding that you can resolve simply by moving ahead now.
Often changing even one thing about a situation can change the direction your emotions are taking, and
stop you from stressing into
a state of emergency. Maybe it’s a poorly organized filing system or information center. It could be a cluttered work area, or the noise level of your environment.
Sometimes getting rid of the disorder, clutter, or noise allows you to see your situation more clearly.
Don’t feel guilty asking others for help in your financial affairs.
50 Workbook 2: Improve Your Financial Life