Friday, December 6, 2024

How to Star in Your Own Reality Show 🎥

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THE SHORTEST WAY TO A RICH LIFE

How to Star in Your Own Reality Show

Alexander Green, Chief Investment Strategist, The Oxford Club

Alexander Green

I've spent most of the last 40 years showing everyday Americans how to reach financial independence.

For some people that means becoming a millionaire or a multi-millionaire. Others would be happy just to get out from under their credit card debt or pay down their mortgage.

Of course, the "number" necessary to feel financially secure varies dramatically from one household to the next.

Some want to be debt-free and retire in relative comfort. Others want to sample - or indulge their taste for - the best and most expensive things that life has to offer.

Yet, whatever their financial goals, many people have a tough time getting started. They think about how hard it is to pay down debt, save, and, toughest of all, forego spending so they can invest.

It's natural to feel overwhelmed. If not outright depressed.

There's an inertia - perhaps even a fear of failure - that keeps many from taking that first step.

For these individuals, I have a suggestion: Become a star in your own reality show.

Nielsen Media Research tells us that Americans love reality shows where contestants are put in high-pressure situations and challenged to "win" using every bit of intelligence, cunning, and resourcefulness they can muster.

If you're behind the eight ball financially, why not view your problems the same way?

I'll bet if you were in front of a national television audience - and in danger of being voted off the show - you'd come up with some pretty good ideas, ones that might surprise the people around you.

(After all, you know better than anyone else the wasteful or frivolous spending that holds you back.)

According to Mihaly Csikszentmihalyi, author of Flow: The Psychology of Optimal Experience, this is exactly what you should be doing.

He argues that the quickest way to increase your life satisfaction is to stop seeing your problems as difficulties and start viewing them as an enjoyable challenge.

(He isn't the first to articulate this notion, incidentally. For centuries, Buddhists have embraced difficult people and situations as opportunities for spiritual development. Without them, what chance do you have to practice compassion, tolerance, or forgiveness?)

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Facing your problems requires two things: a bit of imagination and a positive attitude. The payoff, in turn, can be huge. Whether you want to start your own business, get out of debt, or start down the path to financial freedom, you can begin by relishing the opportunity.

You might surprise yourself, too. Not only by achieving your goals, but by seeing how much satisfaction you get just moving toward them in a disciplined way.

I'm not saying it will be easy. It usually isn't. You will need to do whatever you can to increase your income and decrease your outgo.

But the size of the challenge is what will give you the greatest sense of satisfaction when you look back at the end.

Success - or the pursuit of it - validates your life. It gives you a reason to get out of bed in the morning. It also makes you feel good.

Neuroscientists report that challenges light up your left prefrontal cortex and give you a rush.

Competition - for love... for knowledge... for achievement... for financial security - ignites our passions, releases dopamine, and delivers a natural high. It is when we are competing that we learn, grow, and feel most alive.

That's why you should star in your own reality show. (One that, not coincidentally, actually deals with reality.) The obstacles in front of you will give you the opportunity to show the world - and yourself - what you're made of.

Be forewarned. Your financial situation will not change next month. But if you endure, your problems will not be able to withstand the onslaught of creative thinking, positive action, and persistence.

Moreover, you'll enjoy one of life's greatest pleasures: the feeling of earned success.

Why? Because you've completed "The Hero's Journey" - which I'll describe in my next column.

Good investing,

Alex

P.S. Two weeks ago, I wrote a column about Students For Liberty, a non-profit organization that helps build college students into young leaders by equipping them to defend personal, economic, and political freedoms. On Tuesday at noon ET, I will interview Jack Nicastro, an alumnus who will talk about how the organization is vital in helping students write and speak about, organize, and promote open inquiry and free markets. It promises to be a great session and I invite you to join us. It is, of course, completely free. To register, simply click here.

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