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How to Become a Financial Optimist

Enjoy the small joys in life

When living your life, you should definitely consider enjoying the small things. This applies to the financial field too: learn how to enjoy and celebrate every small win, as this will eventually lead to the great wins.

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How to Become a Financial Optimist

How to Become a Financial Optimist

https://www.success.com/how-to-become-a-financial-optimist/

success.com

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Key Ideas

Being an optimist

Being an optimist almost always provides you only with advantages. Including in the financial field. While you might be facing lots of stressful days, as we all do, there is certainly room for more optimism, financially speaking. For instance, a good start could be to focus on actions that lead to the improvement of your financial health, rather than on how bad your financial reality looks like.

Do not take setbacks too seriously

Throughout your life, you are bound to live some pretty frustrating moments, such as the one when you lose a job. The most important is that, when this happens, you do not lose yourself too. Remember that setbacks are only temporary and you can always find a solution to improve your situation.

Optimism rocks

In almost all aspect of our lives, optimism rocks. And so do optimists. This is why is important to surround yourself with optimist people, who share your perception of things, including when it comes to finances.

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SIMILAR ARTICLES & IDEAS:

Learned Optimism in Psychology
Learned Optimism in Psychology

This is a concept that suggests that we can always change our attitude and behaviour, be aware of our thoughts and stop our negative self-talk.

Learned Optimism is a positi...

Pessimism Vs Optimism

Pessimism is defined as the anticipation of good or bad things to happen in the future, while optimism is generally considered the opposite. Optimism can be defined as the individual difference variable reflecting the extent of which we hold positive expectancies for the upcoming event.

The ways in which we think affects our health, well-being and success, even though the situations are the same.

Benefits of Optimism
  • A positive impact on many aspects of physical and mental health.
  • Provides motivation to work harder.
  • Greater career success in life.

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Unrealistic Optimism
Unrealistic Optimism

The tendency to over-expect the probability of good things happening while negating the likelihood of anything bad happening is a common human trait.

Studies consistently ...

The Advocates for Pessimism

Pessimism, or having a bias towards a negative outcome, has a fan base too, as it seems that pessimists are immune to disappointment.

Their view of life already considers the worst possible outcome as the default one, and anything better than that can only improve it.

Loss Aversion

Losing something we already have is twice as much pain than gaining the same. This skewed feelings towards loss is known as loss aversion.

Expectations always dampen the feelings of happiness, always setting us up in advance for a dose of disappointment.

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Try making a budget
  • Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.
  • You can c...
Financial planning

 ...is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.

Maintain a personal balance sheet

It’s a statement wherein you can jot down your assets and liabilities.

  • Pull together your bank statements and other proofs of the liabilities
  • List down your assets like the bank balance, all investments, home value, and value of other assets.
  • Take a sum of all the assets to arrive at the total value of your assets.
  • List down your liabilities the (car loan, home loan, credit card balances etc.)
  • The sum of all the liabilities will show the value of the money you owe.
  • When you subtract the value of liabilities from assets, you get your Net Worth.

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