Bestselling author and personal finance expert, Farnoosh Torabi, discusses her book on using fear to build wealth and career success. They explore childhood dreams, the value of financial literacy, and handling moments of extreme fear. They also discuss setting financial boundaries and recommend a book called 'A Healthy State of Panic' by For News.
Fear can be a helpful emotion that can lead to true wealth and career success.
Understanding the origins of fear around money can help individuals rewrite their financial narratives and challenge fear-based mindsets.
Deep dives
Understanding the Author's Background and Book Focus
In this episode of The Terry Cole Show, Terry interviews guest Farneesh Torabi, a leading personal finance expert and the host of the podcast So Money. Farneesh discusses her newest book, A Healthy State of Panic, which explores how fear can be a tool to achieve true wealth and career success. She shares her personal journey as an Iranian immigrant, how she developed a unique relationship with money, and her passion for storytelling and helping others. The book challenges the common belief that fear is negative and emphasizes the importance of understanding fear as a helpful emotion. Farneesh encourages readers to question their fear-based narratives and seek evidence of their strengths.
Recognizing and Examining Financial Anxieties
Farneesh addresses common manifestations of financial anxieties, such as avoidance and underestimating one's capabilities. She highlights the importance of acknowledging and questioning the origins of these fears. By understanding how fear around money developed, individuals can distance themselves from inherited fears and rewrite their financial narratives. Farneesh suggests seeking evidence of past accomplishments and reflecting on one's capabilities to challenge the fear-based mindset.
Creating Space for Constructive Fear
Farneesh encourages listeners to create space between themselves and reactive fear. Instead of succumbing to immediate reactions or making hasty decisions, she advises taking a moment to breathe, read the situation, and educate oneself. By gaining knowledge, individuals can make more informed choices and bridge the gap between fear and action. Farneesh shares a personal anecdote of handling fear in a high-stakes broadcasting situation to illustrate the importance of creating space between fear and decision-making.
Establishing Boundaries around Finance
One of Farneesh's boundary struggles relates to establishing a financial boundary: not working for free. She emphasizes the need to recognize the value of one's expertise and not undermine it by offering services or work without fair compensation. Farneesh challenges societal expectations and biases that often lead to women accepting unpaid work. She encourages setting financial boundaries, even if it means saying no to certain opportunities or negotiations. By recognizing one's worth, individuals can prioritize paid engagements and maintain a healthier relationship with money.
I am so excited to have my pal, bestselling author and personal finance expert, Farnoosh Torabi, on the show.
We are talking about her new book, A Healthy State of Panic: Follow Your Fears to Build Wealth, Crush Your Career, and Win At Life, which Newsweek chose as a "Best Book of 2023." I don't know about you, but the title definitely resonates with me!
In this conversation, Farnoosh shares how she shifted from being limited by fear to constructively responding to fear. She also offers a few tips you can use if you struggle with fear around money and reveals what we can learn from fear if we allow it a chance.