FEAR
Beth Wendt, AIF?
Client Services Associate at Alliant Retirement & Investment Services located at Alliant Credit Union
Franklin D. Roosevelt famously said, “The only thing we have to fear is fear itself.” As part of Roosevelt's inaugural address on March 4, 1933, fear had many faces during the Great Depression of that era which had, at that point, firmly taken hold in our country. The entire sentence was, “So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself – nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance.” The popular, yet abbreviated quote takes on a deeper and richer context when heard in its entirety. I particularly like the last part, “…convert retreat into advance.”
In many ways, fear hampers our efforts to plan and save for retirement. I have often heard, “I’m not any good at fund selection; I am going to mess up my future.” And, more broadly, “I am afraid of doing the wrong thing!” Lastly, “I don’t know anything about this.” Both women, and men, of varying age groups, make these statements. Perhaps you have a similar statement swirling around in your head right now? How can we address this problem or even fix it?
Reading Sheryl Sandberg’s “Lean In”, I came across a quote from the landmark book, “Who Moved My Cheese?” by Spencer Johnson that tilted my perspective on managing fear: “What would you do if you weren’t afraid?” For me, if I wasn’t afraid I would be able to tackle certain situations very differently.
If you weren’t afraid about making certain choices about your 401k account, would your balance be different or your opinion of what you’ve achieved to date be different? Would you feel as though you are adequately prepared for life after work?
Getting out of our comfort zone lands us somewhere between uncomfortable and horrified. After all, who of us likes to feel badly or worse, fail? Solutions for overcoming fear as it relates to retirement planning are available. There is a Financial Consultant, Financial Advisor, or Education Specialist attached to your plan. Ask her or him for help. Learn something new. Challenge fear and convert retreat into advance.