How to Recognize Financial Fear and Defeat It with Justin Buonomo
Sep 11, 2024In a recent episode of the "Keep What You Earn" podcast, Shannon sat down with Justin Buonomo, CEO and founder of Journey to Financial Freedom, to discuss a pressing issue many entrepreneurs face: financial fear and how to conquer it. This candid conversation provided deep insights into the nuances of financial anxiety and actionable strategies to take control of your financial destiny.
Justin emphasized the notion of financial control, observing that many people willingly relinquish control over their finances by hiring professionals and then taking a hands-off approach. He stressed, "The only person that has the ability to take full control and responsibility over your finances to get you the best results is you." Shannon agreed, comparing it to handing over the keys of your financial vehicle, jumping into the trunk, and ignoring the journey entirely.
This relinquishing of control is often rooted in an avoidance strategy, born out of fear. Financial fear can paralyze, leading individuals to avoid looking at bank statements, making budgets, or even opening letters from the IRS. But as Justin pointed out, this avoidance only fortifies the fear and prevents addressing underlying financial issues.
Shannon shared a poignant story about a client who received a letter from the IRS and was so frightened that she could only send a picture of the unopened envelope. They opened the letter together via Zoom, only to discover it was a simple notice about a change of address. This story illustrates how financial fears are often inflated in our minds. The effort, time, and emotional energy spent on worrying could often be avoided by taking that first step to face the issue head-on.
Justin noted the importance of addressing emotions and belief systems around money, stating, "Your external wealth is just a reflection of your internal wealth." Financial fear often stems from deeply embedded beliefs and past experiences. If you grew up in a household where money was a stressor, you're likely to carry those anxieties into adulthood. Shannon and Justin suggest shifting your perspective. Financial tasks should be viewed as opportunities for growth and steps toward achieving your goals, not as painful endeavors like a root canal. By associating positive outcomes with these tasks rather than pain, you can reshape your emotional responses and reduce anxiety.
Taking control of your financial situation starts with understanding that you are the driver. Both Shannon and Justin advocate for a proactive approach. Utilize financial professionals and tools as resources, not crutches. Remember, these professionals can guide and support you, but they can't take complete control of your financial journey.
Justin’s business, Journey to Financial Freedom, follows a four-step process to instill this control: implementing systems and enhancing mindset, developing tailored strategies, optimizing income, and ensuring financial resilience. These steps help clients become financially unshakable by increasing income and making prudent financial decisions, making you resilient regardless of external variables.
Shannon also touched upon the broader issue within the financial industry: the gatekeeping of information. She pointed out that the complexity and perceived inaccessibility of financial wisdom sometimes add to the fear. The financial industry, knowingly or unknowingly, perpetuates a system that seems impenetrable to the average person. Therefore, it’s essential to seek knowledge proactively and approach it critically.
In conclusion, conquering financial fear requires a blend of emotional intelligence, strategic planning, and proactive control. By understanding that you hold the reins and taking actionable steps toward your financial goals, you can transform fear into empowerment. Financial literacy and control aren't just dreams; they're journeys that start with acknowledging your fears and realizing that overcoming them is not only possible but also rewarding.
CEO & Founder of Journey to Financial Freedom, which provides financial coaching and consulting for business owners. Justin and his company help business owners take control of their finances and unlock new levels in their lives and businesses. Justin & JFF are extremely passionate about helping business owners live their dream life that is fueled and funded by their dream business.
Instagram: https://www.instagram.com/justin_buonomo/
Freebie (How to make AND keep more money): https://www.group.journeytofinancialfreedom.co/free-masterclass
What you'll hear in this episode:
05:34 Choose the option with a return on investment.
06:32 Embracing tasks leads to enjoyable progress.
11:44 Taxes can shift perspective and drive success.
15:33 Personalized finance advice yields optimal results.
19:31 Take responsibility, communicate clearly, go deeper.
22:00 Maximize business profits through optimizing income and margins.
If you like this episode, check out:
Silence These Voices In Order to Succeed
Want to learn more so you can earn more?
CFO On Demand click here
Visit keepwhatyouearn.com to dive deeper on our episodes
Visit keepwhatyouearncfo.com to work with Shannon and her team
Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
