By Jason Blumstein, CFA®
We’ve all heard the saying “What doesn’t kill you, makes you stronger.” It’s used in movies, countless motivational speeches, social media graphics, and even pop songs. The problem is that as human beings, we’re hard-wired with two conflicting ideas.
- One tells us that we need to keep striving to improve and achieve.
- The other tells us to avoid discomfort or anything threatening at all costs.
One idea serves to push us forward, and the other serves to protect us.
This is why I believe we find stories of achievement so inspiring, whether it’s overcoming extreme adversity or pushing through the smaller struggles of day-to-day life. When we see others achieve, it reminds us that we can do the same. We’re told as kids that we have the power to change the world—or at the very least, the world around us.
So, how can we harness this powerful mantra to positively impact your financial journey and help you build personal wealth? Let’s get our workout in…
- Embracing Failure as a Learning Opportunity??
It’s this force that drives things forward. It drives families to overcome tragedy and markets to overcome dips and drops. In short, it’s because no one wants to stay down. Look at the Miami Heat. After losing the Eastern Conference title last year and finishing as the lowest-scoring team in the league this year, they made it all the way back to the NBA Finals.
Many teams would take the results from the previous year, feel sorry for themselves, and continue the path of poor results. Losing is just as much of a habit as winning is. Not the Heat. The team instead, with the help of players like Jimmy Butler, used this as fuel to spur them forward and fight for a better result.
- Developing Resilience
I’m by no means comparing myself to the Miami Heat, but I’ve used adversity in much the same way. Which I was reminded of two weeks ago, as I spent many hours in bed due to throwing my back out. You see, when I was 10, things had fallen apart in my childhood, so I looked for a way to better my future. Luckily, I was blessed with the size and strength that I was able to use to excel at football. Through football, I was able to obtain a full scholarship to a great school and obtain a great education.
However, while playing college football, I injured my back and my football days were over. What did I do? Wallow and lament the loss? No. My injury didn’t kill me, it made me stronger, by allowing me to focus on my brain muscles, which then propelled me to build the dream business that I’m running today. I found the positive in a bad situation and used this setback as fuel to drive me forward.
- Taking Calculated Risks
Many of the businesses we know and love today wouldn’t be here if they bowed out after hitting some roadblocks. Every small business owner knows what it means to encounter a hurdle and work to clear it. The same goes for actors and athletes. Leo didn’t get every job and Brady didn’t nail every pass. Should they have quit after these shortcomings? I think that we can all agree that they made the right choice.
The common thread here is that when adversity arises, you have two options. The first is to quit and give up. The second is to overcome and push forward. Unfortunately, when it comes to wealth creation in this country, the former is often the case.
- Building a Strong Mindset
When we see downturns in the market or hear naysayers declare that the worst is yet to come, we bury our heads in the sand. Or perhaps you attempt to start on the path to wealth, but due to a lack of knowledge or early setbacks, you give up before you can make any real progress. Either way, we all fall victim to the tricks that our brains play on us to keep us safe. “Don’t go near that, it’s dangerous!” “Stay in your lane.” “Don’t ruffle any feathers.” We’ve all been told versions of this, and we’ve certainly thought of versions of this, too. To make matters worse, we get so bogged down in the day-to-day that we can’t see the bigger picture. The problem here is that it’s in the bigger picture that progress is made.
If Miami bowed out after their first loss of the season, they wouldn’t have made the NBA Finals. If I gave up after my injury, I wouldn’t be where I am today. If every small business owner, young professional, athlete, entertainer—or anyone, for that matter—gave up at the first hurdle, there wouldn’t even be a race. Just a bunch of people flat on the ground.
- Learning to Adapt
Getting down about the market and your future wealth is more often the easier choice. It’s easy to stop trying, to give up, and let go. What’s harder, but ultimately more powerful, is to get up and keep moving forward. Even if you don’t, the market certainly will. The market has gone through peaks and troughs time and time again. If history is a guide, it will continue to do so. What separates the winners from the losers are those that stay the course, while those who drop out of the race are typically left with regrets and thoughts of “what if.”
The winners ride the adversity and keep their eye on the bigger picture with the knowledge that better days will come if they stay on the right path. The losers may feel good about their decisions today, but they often lament these choices tomorrow.
“We’re Here to Pump You Up!”
We’ve heard the stories of people who “should have,” “could have” or “would have.” What they don’t tell you is that they simply got cold feet and listened to the voice of preservation inside their heads.
Wealth is never built overnight. It’s a process that takes time, careful decision-making and a great deal of self-control. This is why wealth rewards those who overcome and those who get up again and again. One bad month doesn’t make a bad year, and one bad year doesn’t make a bad decade. Even one bad decade doesn’t make a lifetime.
What doesn’t kill you makes you stronger!
So, is becoming wealthy simply an exercise in patience? Unfortunately not. There is a lot more to it than that. Luckily, you don’t need to learn every step along the way yourself—you simply need someone who can point you in the right direction and keep you from straying the wrong way. With the right advice and person in your corner, you too can achieve your goals of personal wealth and financial freedom. To start your journey, get in touch with Julius Wealth Advisors today.
Jason Blumstein, CFA® is the CEO and founder of Julius Wealth Advisors, LLC (www.juliuswealthadvisors.com) a registered investment adviser. He is also the host of “The Big Bo $how” podcast, available on Spotify and Apple Podcasts. Jason has been investing and educating himself on personal finance since the age of 10. His company’s mission is to empower people to live their best financial lives, while fostering an ecosystem of integrity, knowledge, and passion. Jason resides in Englewood with his wife and two kids. He can be reached at 201-289-9181 and/or [email protected].
This piece contains general information that is not suitable for everyone and was prepared for informational purposes only. Nothing contained herein should be construed as a solicitation to buy or sell any security or as an offer to provide investment advice. The information contained herein has been obtained from sources believed to be reliable, but the accuracy of the information cannot be guaranteed. Past performance does not guarantee any future results. For additional information about Julius Wealth Advisors, including its services and fees, contact us or visit adviserinfo.sec.gov.
