My First Million Emergency Podcast - I Just Lost $500k This Morning: Here's a Framework for Dealing With a Crisis
May 19, 2021
Learn how to cope with financial crises after losing a staggering half a million in a single day. The discussion highlights the importance of perspective when facing setbacks and shares impactful wisdom from mentors. Discover how viewing crises as temporary events can alter our responses and help maintain self-worth. A compelling story about transforming challenges from the dot-com bubble illustrates how adversity can become a stepping stone for growth. Embrace these insights to navigate tough times with a resilient mindset.
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Control Your Interpretation
- Ask yourself how you will interpret events and assign meaning to them.
- This helps you control your reactions and avoid letting negative events dictate your day.
Crises Reveal Inner States
- Crises reveal internal states of crisis, not external events.
- Reacting poorly to market fluctuations reveals a lack of conviction in your investment strategy.
Focus on the Whole Pie
- Don't overreact to individual events (slices of the pie).
- Focus on the bigger picture (the whole pie) and your long-term goals.