Most people are scared of making large investments…
…whether the money is meant to establish a stock portfolio or set up a small business.
It’s scary to part with money that took a long time to save up, especially if you’re worried you’ll never get it back.
I see people every day who want to start their own business and become financially self-sufficient, but they are held back by the fear of losing their investment. All of them want to know: How do you get rid of the fear of parting with a large amount of money?
The truth is, you can’t. Everyone has some fear when it comes to making large financial investments even if they’ve done it a dozen times before. The best advice I can give you is to do your due diligence, invest in a system that you believe in, and channel your fear into motivation.
I Was Scared to Part With My Money, Too
Fear is kind of the point, actually. Look at it this way: If you spend $50 on business education, how motivated are you to make that education work for you?
Enough to make back that $50?
Maybe. You might read through the materials and come up with a few ideas, but most people aren’t going to follow through with what they learn in a low-cost course.
Now consider spending several thousand dollars on the same business education. Will you be more motivated to earn your money back and become successful? Definitely.
I invested $40,000 in my first digital marketing business, and I was terrified that my investment might go to waste. Once I’d parted with the money, however, there was no choice but to make it work, so I did.
Because of my fear of losing everything, I spent long hours marketing my business, talking to leads on the phone, sending emails and learning from experts. Eventually, it paid off. It’s safe to say I’ve more than recovered my initial investment.
Focus on Tasks That Bring in Money
Improve your business skills through quality education, and implement them immediately. Don’t waste time making lists and playing around on your company’s social media profiles when you should be creating lead pages, building an email list and posting ads.
If you want to recover your investment and start bringing in real money, you’ve got to learn how to prioritize and property manage your time.
The author of “The Psychology of Winning,” Denis Waitley, said: “Time is an equal opportunity employer. Each human being has exactly the same number of hours and minutes every day. Rich people can’t buy more hours.”
The point is, once you educate yourself and invest in starting your own business, the only thing stopping you from making money is procrastination and distraction. Come up with a business plan and follow it, completing the most important money-making tasks first every day.
Conquer Your Fears
Though a 2012 survey showed that 44 percent of Americans believed they could go into business for themselves, only 6 percent of adults are self-employed.
Why have so few people followed through on their self-employment dreams? Thirty eight percent of would-be entrepreneurs say their fear of bankruptcy kept them from investing in themselves.
If you don’t conquer your fear of failure, you’ll never change your life. You’ll wake up tomorrow with the same job, the same salary and the same schedule. On the other hand, if you manage to convert that fear into motivation, you’ll be able to work on your goals until you reach and exceed them.
The only way you can ever fail is by quitting.