Earlier this week I listened to a podcast with Mel Robbins & Steven Bartlett (Diary of a CEO) discussing decision-making. It struck a chord with me, and I felt the insights were too valuable not to share with you.

I’ve been secretly working long and hard on something that is launching next Wednesday... Because, when I was in hospital a few months ago, I decided I needed to shake things up.

I decided that I had been playing too small and now was the time to change that. And it was scary. Immediately my brain panicked and said ‘What if no one likes it? What if no one joins? What if I spend a huge amount of hours and cost into building something that doesn’t work?’ I almost ‘what if’d’ myself out of it.

Then this little voice inside of me, from Bed 4, Level 8 South Ward of St Vincents Hospital in Sydney whispered ‘But what if it’s great? What if it’s the gamechanger people need right now? What if it means you can help all those people who feel stressed, lost and overwhelmed with their money right now feel more confident, calm and on-track?’... and with that, I knew I needed to lean in.

Listening to these podcast powerhouses helped solidify a few things for me that I see all the time in how people approach their money actions.

Decisions make destinies.

Apparently, we make about 35,000 decisions a day. A day! Is it any wonder people are feeling fatigued and overwhelmed?

But there are two types of decisions that have a very important distinction:

Type 1 Decisions – These are decisions that you cannot come back from. They should be carefully considered because their impacts are irreversible. The problem is, you will never have enough information to know exactly what to do. 100% certainty never exists. So in comes the 51% rule (coined by Obama) - which says get to 51% and when you do, make the decision and be at peace with it.

Type 2 Decisions – These are decisions that can be altered. Most people spend most of their time ruminating type 2 decisions...which are very often not worth the time nor unpaid manual labour we spend on them. Because we get fixated on making the ‘perfect’ decision we often get overwhelmed, confused and we stall on making any decision. Which, is of course, still a decision. We waste time, money, effort and heartache on decisions that in the grand scheme of things, aren’t as important as we might think they are.

I see this all the time. People let fear, one of our most powerful emotions, drive their decisions. They want 100% certainty before they move. Which is never possible when you are making most investment decisions.

They would rather not try something than have the painful sense of failure. Only to see, in hindsight, that not making the move was probably the biggest failure of all.

I’ve been reflecting on this personally a lot over the last few days. I have made bold and fierce choices in my life... some haven’t gone exactly to plan, but others have exceeded my expectations. But, I never had all the answers before I metaphorically threw myself off the cliff hoping the wings would arrive. None were done without fear. I have been terrified at most turning points of my life and I say that only so you know, if you’re scared to make brave choices too, that you shouldn’t wait. That you can’t wait! Because you will stall and stay still forever. Hoping for the ‘perfect time/situation/income/role/partner/magic unicorn’ to arise.

Start now. Start scared.

Making mistakes is how we have all learnt and evolved for a millennia. You are going to muck things up, and that is perfectly fine and normal. Not every money decision you make will be the right one. But you will learn, grow and fine tune your skills.

Fortune favours the brave. And for me, bravery isn’t the absense of fear... it’s the recognition of fear and taking action anyway.

What decisions are you currently stalling on because of fear? Are they type 1 or type 2 decisions? And what is the impact for you if you keep stalling?

What if you got that massive boulder of a problem and you smashed it into tiny pieces to make it less heavy and burdensome? What if you just took one seemingly small action or task this weekend and worked on it?

Next week we are launching a brand spanking new monthly money community. It’s centred on three things: Investing Knowledge, Financial Accountability & Community. It will be one of, if not the, most affordable money memberships available by a licensed Financial Adviser in Australia. Because I want you to have the confidence, capability and coaching to build the life you want. And I’ve decided to make it my mission to help a hell of a lot of people get there.

Yes, I am nervous... but I am also really excited. Because I know that the decisions you (and I) make, ultimately become your destiny.

Jess

PS. If you too want to listen to that podcast episode, here is the link.

PPS. If you, like me, are nosey and you want to know more about what’s coming to you next week... I can’t reveal all the secrets just yet, but imagine something that will give you regular live investing insights that you can implement straight away and a framework so you stay on track to achieve everything you want in your one big precious life. Stay tuned, more info will be landing in your inbox next week.

Have a money dilemma?

Money dilemmas can be a nightmare! They can leave you up all night ruminating about what to do, have you feeling alone and isolated or just plain ol' stuck. So, we are here to help. I am going to tackle one a week and give you my unbiased, no BS general thoughts on how to tackle your conundrum. We would love for you to send yours (or someone you know) in. 

Obvs all of this is general advice only... especially important to note any and all of the comments above do not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs.