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Are You Afraid of Failing?

August 13, 2012 By Shane Ede 15 Comments

As I was watching the USA basketball team on their way to a gold medal in the Olympics yesterday, the commentators said something that stuck out to me.  I don’t remember it verbatim, but it went something like this: Is it joy on their faces, or relief?  The commentator went on to say maybe it was a bit of both, after all, this was a team that wasn’t supposed to lose.  So, yes, in a way, there was some relief in the fact that they didn’t lose when they weren’t expected to.

someecards.com - You're great at pretending to be successfulWhich got me to thinking.  Are we afraid of failing?  And the answer is, of course we are.  We’re afraid of failing at lots of things.  It’s another of those learned fears that we aren’t born with.  Watch any young child trying something, and you’ll notice that they fail several times before they finally get it right.  Sometimes they just learn that something just doesn’t work that way, and find the way that it does work.  If that square peg doesn’t fit in the round hole, they’ll eventually find the square hole that it goes in.

But, somewhere along the way, many of us gain a fear of failing.  So much pressure and expectation is laid upon us to succeed, both by our parents and by society at large.  No longer is it something where we’re learning something new (even though we usually are), but expected to get that new thing right on the first try.  And, like the USA basketball team, when we do get it right, we are just as full of relief that we didn’t fail as we are full of joy that we succeeded.

Do or do not.  There is no try. ~Yoda

That quote is probably one of the most quoted lines of dialogue in the entire Star Wars series of movies.  David Brin, a sci-fi author thinks that and many of the other actions of Yoda make him “about the most evil character that I’ve ever seen in the history of literature“. Why does Brin hate Yoda so much?  It’s better if I let him say it:

unable to name for me one scene in which Yoda is ever helpful to anybody, or says anything that’s genuinely wise. “Do or do not, there is no try.” Up yours, you horrible little oven mitt! “Try” is how human beings get better. That’s how people learn, they try some of their muscles, or their Force mechanism heads in the right direction, that part gets reinforced and rewarded with positive feedback, which you never give.

I’ll repeat it for you.  Trying is how people learn.  When we try, and succeed, that’s positive feedback and that success is reinforced.  When we try and fail, that’s negative feedback.  We learn that the action we performed and failed is the wrong way to go about it, and then go about trying to find a new way to go about that action.

There’s also a very nice commercial that features Michael Jordan talking about how many times he’s missed shots, lost games, and been counted on to make the game winning shot and missed.  He goes on to say that it’s because he failed all those times that he was as good as he was.

So.  Why are you afraid of failing?  Failure is a part of the learning process.  It’s how we learn how things work, what methods will succeed, and how we make ourselves better.  Don’t be afraid of failure.  Be afraid of not trying.

Shane Ede

Shane Ede is a business teacher and personal finance blogger.  He holds dual Bachelors degrees in education and computer sciences, as well as a Masters Degree in educational technology.  Shane is passionate about personal finance, literacy and helping others master their money.  When he isn’t enjoying live music, Shane likes spending time with family, barbeque and meteorology.

www.beatingbroke.com

Filed Under: Financial Miscellaneous, ShareMe Tagged With: failing, failure, fear of failure

Breaking Your Money Superstitions

July 13, 2012 By Shane Ede 7 Comments

Did you know that when you were born, the only things you were afraid of were loud noises and falling?  It’s true.  Anything else is a learned fear.  Now, it may be true that you can learn a fear at a young enough age that you won’t actually remember where the fear originates, but it’s still a learned fear.

Stop and think about that for a minute.  What are some of your fears?  Each and every one of them is a learned fear.  And if something is learned, it can be unlearned.  Or, at least corrected with proper learned knowledge.  Take today for instance.  It’s Friday the 13th.  Well known as the day of bad luck.  Walking under a ladder today, or breaking a mirror today is double bad luck.  Isn’t it?  Well, it’s something like that, I’m sure.

Superstitions and fear have done their fair share of damage throughout the years.  The first good example that comes to mind would be the Salem witch trials.  All those innocent women burned at the stake.  It’s especially heinous when, after watching The Wizard of Oz, everyone knows that you pour water on a witch if you want to get rid of them.  Less mess too.

Merry Crisis and a Happy New Fear by Robinsoncaruso, on Flickr

Seriously, though.  Your superstitions about money, and fears about money are learned.  Somewhere along the way, you decided that the superstition or fear was a valid one to have.  Money superstitions are just as much hocus pocus as crazy Quaker witches.  Today, Friday the 13th of July, 2012, take a few moments to really think about the superstitions and fears that you apply to your money.  Then, do something small that goes against those fears.

Have a fear of losing it all?  Take a handful of change down to the river or lake and toss it in.  It’s not everything.  Just some random bits of metal in a circular shape.  Not only can you make more, but you’ll likely get along just fine without it.

What are your money fears and money superstitions?  Share them below, and let’s all compare and see how common some of them are?

And remember, there are babies all around the world being born today that have none of them, until we teach them to them.

Shane Ede

Shane Ede is a business teacher and personal finance blogger.  He holds dual Bachelors degrees in education and computer sciences, as well as a Masters Degree in educational technology.  Shane is passionate about personal finance, literacy and helping others master their money.  When he isn’t enjoying live music, Shane likes spending time with family, barbeque and meteorology.

www.beatingbroke.com

Filed Under: Children, Financial Miscellaneous, ShareMe Tagged With: money, money fears, money superstitions

Bank Makes an Error in Your Favor – What Do You Do?

June 20, 2012 By Shane Ede 19 Comments

This article on CNN caught my eye the other day.  It’s about an “Accidental Millionaire” who discovered that a keying error by his bank resulted in him having a $10,000,000 line of credit instead of a $100,000 line of credit.  Instead of notifying the bank of the error, he withdrew 6.8 Million of it, disbursed the money into overseas accounts and then promptly fled the country.  About 2 and a half years later, he was caught and brought back to New Zealand to stand trial for his theft.

The whole thing brings up an interesting question though.  Obviously, the right thing to do would be to notify the bank of the error, so that it could be fixed and all could continue on their way.  And, I think it’s fair to say, most of us would do just that.  But, what if it was for such a high amount of money?  Sure, if the bank makes a $10,000 error, you’ll let them know.  But, what if they make a $10,000,000 error?  Just how tempting would it be to do just like this guy did, take the money out and put it into overseas accounts where it couldn’t be recovered by the bank, and make a run for it?  Even if you knew you could make it 2.5 years before getting caught, would it be worth it to live like a multi-millionaire for that amount of time?

Prison cells © by miss_millions

I think that the penalty would likely be high, and will likely involve some jail time, but would all that be worth living the rich life for a few years?

I can’t see where it would be for me, personally.  But, obviously, for this guy, the answer was that it would be worth it.  Or, maybe he truly thought he could get away and not get caught.  I’m not sure how one really thinks that they’ll be able to get away with something like that.   But, he obviously did, or at least thought the trade off was worth the possible penalty.

Me, I’ll settle for making my money the old fashioned way, and making it work for me.  The trade-off of not making it as fast as he did, but staying out of jail is well worth it.

What are your thoughts on that.  Would you trade a few years of living as a millionaire on the run be worth the possible penalties?

Shane Ede

Shane Ede is a business teacher and personal finance blogger.  He holds dual Bachelors degrees in education and computer sciences, as well as a Masters Degree in educational technology.  Shane is passionate about personal finance, literacy and helping others master their money.  When he isn’t enjoying live music, Shane likes spending time with family, barbeque and meteorology.

www.beatingbroke.com

Filed Under: Financial Miscellaneous, Financial Mistakes, Financial News Tagged With: accidental millionaire, bank error, bank makes an error

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