20-video series #12: Crush the fear of failure, and resolve to never, ever give in
Jan 05, 2023
Welcome to my new 20-video series, on the 20 Next Level Wealth steps to designing and then living your dream life.
The dramatic landscape changes over the past few years have created a unique opportunity for you to design and live your dream lifestyle.
In this 20-video series, which I filmed while travelling around Europe, I've aimed to articulate everything important that I've learned about personal finance, business, wealth, and designing an ideal lifestyle...into just 20 short blog posts!
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Never give up
As we saw in a previous video, part of the secret to attaining great results is allowing compound growth to flourish for as long as possible.
By doing so, you can continue multiplying your wealth for decades on end, to the extent that the results start to become almost unbelievably good.
Here’s a tip – the journey won’t be completely smooth if you aim for big results.
That’s a given if you think about it, and there will be ups and downs along the way.
The sunk cost fallacy
Slightly contradicting the point above, sometimes you have to know when to cut your losses on a bad deal, a bad relationship, or a bad investment.
You’ll experience all three on parts of your journey, and sometimes you need to draw a line under a sub-optimal experience rather than throwing good money after bad.
The New Year has been and gone but through that time of year it’s all too common to use phrases like ‘I might as well…’ (as in ‘I might as well finish the Christmas cake now I’ve started it’ or ‘I might as well not bother exercising now until mid-February’).
People adopt a similar approach to all kinds of things, from doomed relationships to watching the second half of an underwhelming movie.
The general theme is ‘I’ve started so I’ll keep going’, despite the diminishing or negative marginal returns.
Logically, we should ignore past costs, and only consider future costs and benefits when making decisions, but it’s incredibly difficult to do.
Partly that’s because we don’t value losses the same as potential gains (known as loss aversion), and people can be extraordinarily hard-headed about changing course, even when it’s clearly the rational thing to do.
The British and French governments continued to develop the Concorde, for example, long after it was clear to most partakers that the project would be a commercial disaster & should be scrapped on purely economic grounds.
Sometimes it’s better to know when to draw a line under things, and get back to focussing on the big picture.
Keep on keeping on
The reality is that life gets in the way sometimes.
And you can rest assured that will have good times, bad times, times when everything goes amazingly well, times when nothing seems to work, and times when you have deep regrets.
How do I know?
Because everyone does!
The trick to achieving the results you really want is to resolve to never, ever give up.
No matter what setback you suffer, you need to dust yourself off, get back up one more time, and keep going.
I discussed this further in the short video below.
Tune in here.
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