Has the overwhelming scope of investing for retirement ever caused you not to invest at all? You are not alone. Beginners and veterans alike deal with psychological paralysis from time to time.

Another thought distortion we have is called “Disqualifying the Positive.”  This is when we feel like we take one step forward and two steps back. It sounds like, “Awesome! Great! I just put away $1,000 in the bank. That’ll never be enough to make a dent in my situation.”

-Foundation for Financial Wellness

Video Transcript

Our head trash and blind spots take a variety of forms. For example, we “Should” all over the place.

We say things like, “I should have more money saved before I speak with a financial professional.”

“I should have saved more.”

“I should have spoken with my significant other before I purchased that expensive car.”

OK.  You really should have done that.  But “Shoulding” ourselves is incredibly common.

For many of us it’s not “Shoulding.” Instead it’s “Magnifying” our thoughts. We literally blow the situation way out of proportion.  Some examples - We say things like:

“It will take me forever to pay off my debt.” 

“Dealing with this financial stuff is simply impossible.”

“I am beyond help.”

So while we believe getting right financially may take forever, or that our situation isn’t beyond help, believe me, it’s not beyond help.

Another thought distortion we have is called “Disqualifying the Positive.”  This is when we feel like we take one step forward and two steps back. It sounds like:

“Awesome! Great! I just put away $1,000 in the bank. That’ll never be enough to make a dent in my situation.”

Or “Wow, yeah I have money in a mutual fund, but I really don’t think I can save enough to retire.”

Finally we use  All-or-nothing Thinking, and “do it right or don’t do it at all” mentality.

For example you might say something like, “I don’t do any type of investing. I’m not a financial expert, and I would probably just mess things up anyway.”

I’m betting some of those might sound familiar, but the good news is that once you can identify the pattern, you can correct it.  

And, if these are familiar but not quite right, don’t worry!  We’re going to help you rewrite those scripts to improve your odds at a financially well-lived life.

If you would like to know more about negative thought patterns that you might use, we have a worksheet to help you identify what some of those potential negative thought patterns are. Click on the worksheet or go to the Resources Tab to download the Thought Barriers Worksheet.

OK, quick review for you to decide if you have any decisions to make or actions to take.

Are you “Shoulding,” “Magnifying,” or maybe “Disqualifying the Positive?” 

Be sure to download the Thought Barriers Worksheet and do your homework! Be honest with yourself, have these conversations with your significant other and agree to make decisions for healthier thinking and healthier financial behaviors!

As always, don’t forget. Take full advantage of your private counseling session. It’s included. It’s private. It’s confidential, and it’s always with one of our Certified Financial Wellness Counselors. To schedule that counseling session, simply click on the "Request Counseling" button.