Do you ever feel like Superman or Wonder Woman? Meaning, do you ever feel like nothing can get in your way? You may feel that you have all the strength and power to overcome any obstacle. Impenetrable. Bulletproof.
It’s great if you feel that way because of specific actions that you’ve taken to get you there.
But feeling that way without putting in the right work FIRST could be dangerous to your financial well-being.
Reality Check: None of us reading this currently are actually superheroes.
World’s Largest Superman Statue, located in Metropolis, Illinois,
as part of the #MoneyProTour
So if you’re feeling like a Superhero because of some innate cockiness that’s more-“fake it til I make it” than anything else, you would benefit from coming to grips with reality.
Here are some examples:
#1 “I’m a great investor! I’ve been getting double digit returns for like, 5 or 6 years in a row. I do my research and stay educated on the stock market. I know what I’m doing.”
Where’s the problem?
See if you haven’t been Investing before 2009, like many of y’all young millennial peeps reading this, then you’ve never experienced a bear market. You’ve never dealt with great investments still losing value quarter after quarter after quarter. Never having been tested like this means that you’re Superhero attitude may cost you big if you don’t think thru how you’ll handle market corrections. For more read up on BehaviorRisk
Here’s another example.
#2 “I’m a healthy person- I eat right, exercise, and don’t smoke or drink like crazy, so I’ll always be good and healthy and able to work and make bank!”
Where’s the problem?
See, life can throw health curveballs at you out of the blue despite anything you do correctly. Accidents happen. Illnesses happen. I recently learned that the amazing Bruce Lee passed away at age 32 because of a brain aneurysm. Freak unexpected stuff happens. Feeling like Superman may keep you from signing up for the insurances that you really must have in place in order to live with Financial Freedom and Confidence. Be prepared for things that could happen and be catastrophic, and transfer the risk accordingly to an insurance company for as low of a premium cost as possible.
What does it mean to be a Money Pro and optimize your personal finances? Well, it’s a combination of being a little bit Superman and a whole lotta Clark Kent. Examining how your finances would stack up to different potential life events, like market crashes and sickness/injury as described above.
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