By Frank Corrado, CPA, CFP®, RLP
May 10, 2022 – In Part I, we shared with you five of the specific traits and abilities within us that we either take for granted, underestimate, or misuse when building financial strength. Once understood, these “Hidden Superpowers” can carry us through challenging financial situations.
Here are four more for your consideration. Remember, with great power comes great responsibility.
6. Nostalgia
Letting our minds wander to the past can be guilt-inducing, but it shouldn’t be: Fond, nostalgic memories can boost our mood and make us feel whole. Matt Johnson, Ph.D.
With the challenges of the present moment and an uncertain future ahead, the past has never looked better. However, we’re routinely admonished to not “live in the past.” But is escaping into the past really such a bad thing, especially now?
Your past holds the total of all your life’s experiences. These experiences are individual outcomes of decisions you have made and probably turned out well. But indeed, a fair number may not have come to your choice conclusion – not mistakes or failures but learning opportunities that will guide you in the years ahead.
When you are in the moment and facing a challenge or difficult decision, do a quick “Google Search” of your past to determine whether you have faced a similar situation. If so, you will have the direction of what to do or what not to do, based on past outcomes.
Do not live in the past, but certainly use it as a “treasure trove” of information that allows you to cope with issues you are facing today.
7. Hope
The power to access the belief that things can get better, no matter the challenges, can quite literally change the world. David Feldman, Ph.D.
Few people would use the word “hopeful” to describe the state of our world today, but we also know that hope can exist even amid the pain.
At its heart, hope is a perception—but one that gives us the power to create reality. It’s a perception of something that does not yet exist. And my experience with clients shows that when people have hope, their goals are more likely to become a reality. When people have an apparent belief about what is possible, they’re more likely to take steps to make it happen
. Hope is a way of thinking that pushes us to take action. On the other hand, optimism focuses on the expected quality of that future outcome. They work very well together. There is a clear reason why optimistic people often live a more optimal life. Why? Because as indicated in Be Optimistic, Achieve Optimal, people with an optimistic outlook will most likely enjoy better health and more wealth!
8. Daydreaming
Far from a form of procrastination, an indulgence in fantasy, or a sign of an idle mind, daydreaming has been shown to deliver real-world benefits. Brendan Kelly, MD, Ph.D.
Goal setting is a process that defines a future outcome that would provide joy and happiness in your life. It is a critical step to help you make progress because, as they say, “If you don’t know where you are going, any road will lead you there!” Setting goals is at the core of the financial planning process because it dictates how best to utilize your financial resources. Remember, money is a means to an end and not the end goal.
Most people get this; they agree with the concept. The problem we most often experience with clients is that they can’t define or describe what that goal is. We tell our clients to “daydream.” We refer to it as “Visualization,” a process that provides the permission and personal space to leave the present behind and consider what an optimal life would look like. How would it feel? Where would you be? Who was with you? Describe what a typical day, week, month, or year might include. I would characterize this as “purposeful daydreaming.”
The Power of Visualization outlines ways for your daydreams to help shape your future reality. Visualization has been used for a very long time in sports. Muhammad Ali’s famous quote, “If my mind can conceive it and my heart can believe it – then I can achieve it,” is a testament to the power of visualization.
9. Restlessness
When boredom sets in, staying in one place can be bad for our mental health. Those with an urge to get out and enjoy new and different experiences may have a distinct advantage. By Jutta Joormann, Ph.D.
But wait a minute, earlier you said that having routines in life is one of my hidden superpowers? Now you are saying that being restless and looking for new experiences is another superpower. What’s up?
These two superpowers are not contradictory; they are complementary! I would suggest that you could leave boredom out of your routine and replace it with ways to “spice it up” when you are restless. I sometimes describe life as a continuum of experiences and the memories/feelings that define our life. It includes past experiences, those in the present, and the outcomes that you can control for the future. It seems that basic math principles would suggest that the more experiences you have, the more memories you would create, along with a flood of emotions, good and bad, that frame your understanding of your life.
Seize your power of “Restlessness” and find a way to reinvent yourself and your relationship with others. Sometimes Starting Over is the best strategy to follow.