Most of us are our own worst enemy. I know it’s true of me. It’s also true of many of the people whom I serve.

This post is about someone I recently had deep communication with. I changed my client’s name and other details to preserve their privacy, but the story is true.

Sam’s Situation

Sam is an affluent widower who uses his wealth to provide for some family members. He wants to simplify his financial life but still help his family. Sam owns apartments, but most of the units were recently occupied by tenants who are not paying rent.

This is a solvable problem. Our team is skilled at doing what is needed for Sam. The solution would be to dispose of assets that are inappropriate for Sam’s goals and then buy other properties that fill his needs and help him achieve his goals.

I explained an appropriate conventional solution that would provide the security and almost risk-free income that Sam wants. It has been about a month since we met face to face. When I call, Sam tells me he’s still dissatisfied with his current situation. He says the solution I proposed would solve his problem. He’s not ready to move yet. He will think more about the tenants who are not paying rent and how to lower his stress level.

This isn’t a unique situation.

Sam’s situation isn’t unique. I’ve encountered many clients who are aware of a solution to their problem but who won’t act. I admit that I’ve done it myself. Maybe you have, too. It seems like a fallible human thing.

These days, everyone knows that cigarette smoking is bad for you. We all know that being obese creates a host of health problems. Despite that, obese smokers are plentiful. Why?

Change is hard.

We are reluctant to change. Psychologists call it the “Status Quo Bias.” Status quo bias is “a non-rational or biased preference for the current way of doing things.” The “non-rational” part of that definition is important.

Sam understands why he should change. He doesn’t move forward because it’s emotionally more challenging than not doing anything.

What if?

Sam worries, too. He worries about whether the new investment will work out. He may worry about whether he’ll be comfortable with the new arrangements. Those worries pull him back from taking action.

You and me

Not moving ahead when we’re convinced we should is an example of being our own worst enemy. We’re convinced that we should do something to improve our situation. We know what we want to do. And yet, we don’t act.

Understanding helps. Now that you know why you’re not acting, perhaps you can muster the energy and courage to move forward.

~

Don’t email or call me, but have you ever been your own worst enemy?

If you later decided to make a change for the better, what enabled you to do so?

-o0o-

Terry Moore, CCIM, is the author of Building Legacy Wealth: How to Build Wealth and Live a Life Worth Imitating. Read his “Welcome to My Blog.”

Click here and find out how Terry and his team can help you make the most important financial decision of your next decade.