It has been a while since I’ve been back to Halifax. The sights and smells, food and people, are somehow the same yet entirely different all at the same time. Amidst the hum of a bustling waterfront and historic cobblestone streets, I'm reminded of how fortunate I am to call the east coast home.
Last week I had the privilege of attending Michelle Obama’s talk at the Halifax Scotiabank Centre. I was invited to join a table of eight, consisting of some of the top female business leaders from across the region. This group of amazing women were carefully curated by a close friend and fellow entrepreneur, Nicole Myles-Brook, President of Big Erics.
It’s a humbling moment to sit in silence and listen to intimate stories shared by a trailblazing personality such as Michelle Obama. Her core messages around managing fear, personal growth, and resilience resonated with not just my personal beliefs but also my professional philosophy as an Investment Advisor and Financial Planner. You might wonder, what could a Michelle Obama talk possibly have in common with financial advice? Surprisingly, quite a lot.
In this post, I’ll share my thoughts on how her advice can guide us to not only live better but also manage our finances with purpose and perspective.
1. Embrace Being "Comfortably Afraid"
Michelle discussed the concept of being 'comfortably afraid' and how it empowers us. In the world of finance and business, fear is often perceived as a negative emotion. However, if we rethink fear as a motivator and as a sign of growth, it takes on an entirely different meaning. Just like investing in stocks during a downturn might feel intimidating, stepping out of your comfort zone can lead to better returns in the long run.
2. Thinking Small to Win Big
“Think small to handle the big stuff”. As entrepreneurs our strength is to dream big. Yet, when building a financial foundation, it's essential to break down big goals into smaller, more manageable tasks. Setting aside a modest amount every month can lead to a substantial nest egg, it’s the consistent actions that lead to significant accumulations over time.
3. Step Out of Other People's Mirrors
The advice to “get ourselves out of other people's mirrors” really resonated. In the financial world, there's a constant stream of opinions. It's easy to let external noise shape our financial choices, be it investments or business decisions. Recognize that everyone's financial journey is unique, and while advice is welcome, making choices based on others' opinions might not yield the best outcomes for you.
4. Fueling Motivation from Doubt
Using others' lack of faith as a catalyst is powerful. Think about the times when someone said you couldn't achieve a financial goal or thought your business idea was far-fetched. Channel that doubt into determination. Let naysayers be the reason you push harder, save smarter, and invest wiser.
5. The Strength in Your Circle
It's no secret that the company we keep influences our trajectory. Michelle stressed the importance of surrounding ourselves with supporters. Similarly, in wealth management, having a network of mentors, advisors, and peers who uplift and guide you can be the key to unlocking opportunities and navigating challenges.
6. Empowering the Next Generation
Michelle's emphasis on sharing information and empowering the younger generation struck a chord. In finance, the ripple effect of knowledge can't be overstated. Educate the next generation on money management, investments, and entrepreneurship. When we uplift others, especially young people, the entire community benefits—they’re the future.
Our financial wellness isn’t just about numbers, but about growth, resilience, and understanding our own unique situation. Michelle’s talk is a great reminder that, in both life and finance, it's the small, consistent actions that pave the way for big outcomes. Here's to embracing fear, thinking wisely, and investing in a brighter, more purposeful future!
K.