Resilience – 4th of 4 Mental Skills Needed for Financial Success

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Financial objectives generally take 1-3 years to achieve. During this time something it’s likely something won’t go according to plan. Resilience is what will bring us back inline and keep us moving towards our goals.

Resilience is the capacity to recover quickly from difficulties; toughness.

You can’t test for resilience like you can mental disorders. You only know how resilient you are when you are presented with the opportunity to recover.

It’s only when you’re faced with obstacles, stress, and other environmental threats that resilience, or the lack of it, emerges: Do you succumb or do you surmount?

The New Yorker – February 11, 2016

Hare some DOs and DON’TS to become more resilient

DOs

1) Take time to process the feeling. Resisting our feelings only makes them grow.

2) Go back to the first three mental skills – Do you still believe you can achieve your goals? Do you still have the desire? Are you keeping your commitments?

3) Keep perspective – How big is this setback in regards to your overall goal? If you were over budget $500 two months in a row, how big is this in regards to your overall goal of paying off your debt?

4) Learn from it 

One recent study . . . found that young scientists who experienced a significant setback early in their career actually went on to greater success than scientists who had seen early wins.

The New Yorker – February 11, 2016

5) Make a plan to avoid the same mistake.

DON’Ts

1) Don’t blame yourself. You can’t blame yourself to success. 

2) Don’t give up

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