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Dr. Dolittle and the Pushmi-Pullyu with Wayne and Lisa Firebaugh

Dr. Dolittle and the Pushmi-Pullyu with Wayne and Lisa Firebaugh

Released Tuesday, 30th July 2019
Good episode? Give it some love!
Dr. Dolittle and the Pushmi-Pullyu with Wayne and Lisa Firebaugh

Dr. Dolittle and the Pushmi-Pullyu with Wayne and Lisa Firebaugh

Dr. Dolittle and the Pushmi-Pullyu with Wayne and Lisa Firebaugh

Dr. Dolittle and the Pushmi-Pullyu with Wayne and Lisa Firebaugh

Tuesday, 30th July 2019
Good episode? Give it some love!
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How confident are you in your ability to meet your financial goals? If you’re like the majority of Americans, your confidence level is probably not very high. Find out why our financial confidence seems to be going down even though the economy, as a whole, is improving, and what you can do to become more confident and capable of achieving your financial goals.

  • Before there was Mr. Ed or Rocket the Raccoon, there was Dr. Dolittle, a doctor that could talk to a number of different animals. One of which was especially interesting, the pushmi-pullyu, an animal that had a head on each end. The pushmi-pullyu was always confused about which way to go or what to do, which is how many people feel about their finances.
  • There was a study put out by FINRA that shows that financial capability, financial stability and overall confidence is going down, even while the economy has been improving.
  • Financial capability is our ability to reach our financial goals, whatever those may be for your stage of life. Stability is your ability to respond to unexpected changes in your life without getting derailed from your goals.
  • Lack of confidence means we are more reactive than proactive. Pilots train emergency scenarios specifically to build their confidence. Stress testing your financial plan and thinking about the “what if?” scenarios is a way to plan ahead and increase your confidence in your ability to handle those situations.
  • Acting creates capability and stability, and that all circles back to create more confidence.
  • The FINRA study found that 53% of people surveyed and 63% of millennials said that thinking about money gave them anxiety. It also found that 44% of people and 55% of millennials said that discussing finances was stressful. That’s the quandary of the pushmi-pullyu, where we are operating against ourselves.
  • 71% of people said that they had a high level of financial knowledge but only 34% had basic financial literacy skills. This is the major delusion that most Americans have and the trend seems to be accelerating.
  • Write down your goals and then write your confidence level that you will be able to achieve those goals. Once you’ve done that, write down why you feel confident or not. Once you have that, consider talking to somebody to get some perspective about how confident you should be.
  • One thing to keep in mind is if you are anxious about talking about money, that’s a very good sign that putting yourself through the rigors of actually doing it, is your best course of action.

 

To explore working with Wayne Firebaugh to fireproof your money, please call 855-WAYNE KNOWS or check out at fireproofyourmoney.com.

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