#032 Defeating 12 Hard Truths About Why You Won’t Change
Question: Why do people wait for things to get so bad before they change?
This is one of the most interesting financial statistics of the pandemic. Credit card debt has gone down despite people being out of work for weeks and months at a time.
As of March 2021, consumers had paid down a record $83 Billion in credit card debt in 2020! According to Wallethub, that is a record.
It is only the SECOND time in THIRTY FIVE YEARS that we’ve ended the year owing LESS than we started with. Can you guess the first? 2009 when the Great Recession hit.
Quote - “Sometimes, it takes a natural disaster to reveal a social disaster.”
All the data is very readily available. I can promise you there will be a major economic or natural disaster every 10 years. Then factor in personal disasters that will inevitably happen. Medical problems. Divorce. Bankruptcy. Laid off.
So if we know this will happen, why aren’t better prepared? The answer isn’t “access to information.” We have that!
There’s a lot of reasons and the ones I’m going to list are a mix of culture and being human. Two very hard forces to against.
1) We are indoctrinated at a young age about how to live and key skills are purposefully left out.
2) Your environment is holding you back.
3) You’ve tried before, failed and don’t want to try again for fear of failure.
4) You don’t react well to criticism.
5) There is not enough PAIN to cause meaningful change.
6) Poor role models
7) Little to no support for changing
8) Don’t know how to change
9) Fear that weaknesses will be exposed
10) Requires a change of values
11) Undermines self-confidence (we are good at what we are doing now)
12) Not intrinsically motivated for change.
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About the Podcast
If working a 9-5 for 60 years so you can retire with a little money and die a few years later is what you want to do, then this is not the podcast for you.
Stephen is an executive coach that works with executives and entrepreneurs to build the life that they want, personally and professionally.
This podcast is about contrarian investment strategies around time, energy and money to build the 4 types of wealth and utilize lifestyle design to create the life we want. The interviews are with hi-earning individuals on how they make money so you can copy us and grow wealth too!
Reaching that first $100k milestone is crucial and then the game changes.
Learn how the wealthy view time, energy and money so you can apply these proven strategies to your life.
