As we continue to mourn the loss of Muhammad Ali, one of the most prolific athletes and fearless leaders of our time, I am reminded of his charm and wisdom – so infectious. This quote of his sticks out:
“Only a man who knows what it is like to be defeated can reach down to the bottom of his soul and come up with the extra ounce of power it takes to win when the match is even.”
Well, we can all take a page from Ali’s approach of turning defeat (and the pain that accompanies it) into power.
This is especially relevant when it comes to your money. Everyone goes through financial pain, and it is no joke. I experienced this most recently when one of my stocks, GoPro (Ticker: GPRO), went into the toilet. I said it – the stock is down 30% since the beginning of the year. PAINFUL as I see the red ink signaling that I have lost money! (Remember – I haven’t sold the stock yet so it still is a paper loss.)
So, what is one to do when pain comes your way as it has come mine?
5 Steps to Turn Financial Pain Into Power
- Acknowledge the financial pain to yourself. As easy as it is to curl into a ball, resist this temptation. One way to do this is to focus on what’s going right in your portfolio and recognize that it’s not all bad. Whether your pain comes from a bad stock or loss of income, acceptance is first.
- Share your financial pain with others who care. Notice I said those who care.Your trusted friends and family need to know what’s keeping you down. I trust you!
- Revisit your financial goal. You must ask yourself why you invested in a position and whether those reasons still hold up.
- Make a decision to mitigate your financial pain. If the financial goals are still valid, hold tight and assess whether you should invest more, wait it out more, or cut your losses.
- Move on, in POWER. Take your mistakes into consideration and make the next financial decision with the full comfort that you know a little more than you did before.
Other Helpful Resources to Motivate You This Week
I spent a lot of time this week digesting powerful video content in taking action and beingmy badass self. One that stood out is a song called “God’s Intentional” by Travis Greene. Regardless of where you fall on the spectrum of faith, I think you’ll get a kick out of the words – it’s one of my new favorites!
Go Get ‘Em