There are many ways fear can hold us back in life. The fear of rejection, loneliness, missing out, being exposed as an imposter, uncertainty, financial struggles, failure, endings, and losing our freedom can all prevent us from reaching our full potential. However, according to Farnoosh Torabi, author of “A Healthy State of Panic: Follow Your Fears to Build Wealth, Crush Your Career, and Win at Life,” fear has been unfairly criticized.
Torabi, a personal finance expert and host of the podcast So Money, believes that fear can actually be beneficial. She argues that instead of letting fear control our decisions, we should view it as an emotion that helps us navigate the world. In a recent interview with Yahoo Finance, Torabi explained why a healthy state of panic can be good for us.
Torabi emphasizes that the pursuit of constant happiness is unrealistic. Fear, on the other hand, is an emotion that has helped save us in many situations. It is an evolutionary benefit that protects our lives. Rather than ignoring or fighting against fear, Torabi suggests that we listen to it and use it as a guide.
One area where fear often arises is in our relationship with money. We fear abstract concepts like recessions, stock market crashes, and bank failures. While these fears are legitimate, Torabi believes that we can use them as motivation to take action. Instead of spiraling into anxiety, she advises personalizing the fear by considering how it would impact our own financial situation. For example, if we fear a layoff during a recession, we can create a plan by examining our budget and identifying areas where we can cut back.
Torabi also shares her own experience of acting on her fear regarding the stock market. She realized that as she entered her forties with more financial responsibilities, she needed to reassess her investment portfolio. By listening to her fear, she decided to become more educated about her stocks and adjusted her allocation based on her risk tolerance and life stage.
While scaling back her stock holdings may impact her retirement savings, Torabi recognized the trade-offs and made changes to compensate. She increased her cash contributions to her retirement savings portfolio to make up for the potential smaller return. Torabi believes that when we follow our fears, we need to be aware of the risks and be willing to put in the work to overcome them.
Torabi also discusses how our childhood experiences shape our relationship with money. She encourages individuals to recognize that they have the power to decide what kind of financial life they want to live, despite any negative influences from their upbringing. By understanding the root of their fears, individuals can challenge and change their beliefs about money.
One fear that Torabi personally confronted was her fear of financial ambition. As a woman, she didn’t trust that she could pursue more money without sacrificing her relationships and personal happiness. Society often portrays financially ambitious women as morally flawed, which added to her fear. However, Torabi realized that her fear stemmed from a desire to protect her time and relationships. She found ways to pursue her career without sacrificing what was important to her.
Finally, Torabi addresses the fear of never making enough money or feeling rich. She defines richness as having access to resources rather than a specific dollar amount. The fear of never feeling rich can be overcome by redefining what richness means to us and focusing on the resources we have access to.
In conclusion, fear has been unfairly criticized. Instead of letting fear control us, we can use it as a guide to navigate life. By listening to our fears and taking action, we can build wealth, crush our careers, and ultimately win at life.
