The Smart Passive Income Online Business and Blogging Podcast SPI 552: My Personal Money Story
Feb 18, 2022
Dive into the fascinating world of personal money narratives and discover how they shape our financial habits. The speaker shares their own journey transitioning from a stable job to entrepreneurship, revealing the mental blocks that held them back. Explore the connection between childhood perfectionism and investment mindset, emphasizing the importance of positive language. Join them in reframing financial questions to focus on opportunities instead of limitations!
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Perfectionism Origins
- Pat Flynn recalls coming home with a 97% on a math test, only to have his father focus on the 3% he missed.
- This instilled perfectionism, impacting his childhood, self-esteem, and approach to risk.
Money Scarcity Mindset
- Flynn's parents frequently said phrases like "We can't afford that" and "Money doesn't grow on trees."
- This led him to save every dollar, take a less risky approach to life, and choose a secure job like architecture.
Risk Aversion and Investment
- Despite having time on his side, Pat Flynn's aversion to risk led him to choose overly safe investments.
- He prioritized avoiding losses, hindering optimal returns and limiting his exploration of potentially higher-yield opportunities.