118. Overcoming Financial Anxiety with Farnoosh Torabi | Financial Feminist

Intro

In episode 118 of the “Financial Feminist” podcast, host Tori Dunlap sits down with Farnoosh Torabi, a leading personal finance expert, author, and podcast host. They discuss overcoming financial anxiety and how fear can be a superpower for achieving true wealth and career success. Farnoosh shares insights from her new book, “A Healthy State of Panic,” and offers valuable advice for navigating fear and finding financial empowerment.

Main Takeaways

Overcoming Financial Anxiety

• Fear of failure can be all-consuming but it’s normal and can be an opportunity for growth
• Financial anxiety is a common issue, affecting 52% of US adults in April 2023
• Women are more likely to experience financial stress than men, with 56% reporting negative effects on mental health
• Having style role models and experimenting with fashion can lead to feeling happier in life
• Money memories from childhood can shape one’s relationship with money as an adult
• Parents should teach their children to be prepared for uncertainty and to take ownership of their own financial and career success
• The traditional path of going to college and coming out debt-free may not be the only or best way to achieve financial success
• Watching the zig-zags and ups and downs of someone’s financial journey can be a valuable education on how to live with money
• Personal accountability is important, but it’s also crucial to work somewhere that nurtures and fosters growth
• It’s important to recognize when a job isn’t the right fit and to be open to learning from mistakes
• Fear of failure can hold women back from pursuing opportunities and living a fulfilling life
• The fear of failure can be a nudge to tell us that our standards for success are out of whack
• Failure is not a defining moment or identity, it is a passing thing that has a lot to teach
• The book “A Healthy State of Panic” breaks down nine types of fears to help readers feel empowered and know what tools to use
• Fear can be a catalyst for positive change
• Tracing the fear narrative helps us get closer to who we are and rewrite the story if needed
• It’s important to challenge our fears and consider the benefits of earning more money, including the potential for power
• Power can mean different things, including the power to uplift, bring people together, support, and heal
• Red flags can save you money, time, and energy
• Being financially independent and true to yourself can lead to finding the right partner

Stand-up Comedy and Fear

• Pursuing childhood dreams, such as performing stand-up comedy, can bring joy and fulfillment
• The economics of stand-up comedy are terrible, but social media has made it possible for talented people to get discovered and make it in the big leagues
• Posting a clip of stand-up comedy on social media led to a literary agent reaching out and asking for more material, which eventually led to the creation of a book called “A Healthy State of Panic”

Fear and Career

• Fear of failure can show up early on in one’s career
• It’s important to ask why one is feeling like a failure and if the job aligns with personal values
• Women often identify with failure as part of their identity
• Failure can be a superpower if one learns from it and knows who they are
• Fear of failure can be all-consuming and make one feel like they don’t deserve to move forward
• It’s important to reconcile with the fear of failure and take the learnings from failures to the next thing

Fear and Money

• Money is just a tool, but we give it a lot of power and have many fears surrounding it
• Tracing the fear narrative helps us get closer to who we are and rewrite the story if needed
• Women often face questions like “Isn’t it enough?” when it comes to earning more money, while men are encouraged to pursue more
• Fear of earning more money may come at the cost of relationships or being vilified by loved ones
• It’s important to challenge our fears and consider the benefits of earning more money, but also pay attention to what is truly important and find a healthy solution

Overcoming Fear

• Seeking professional help is important for those who feel their fear is holding them back and for those who feel that external factors are making everything feel existential
• To start being more comfortable or aware of your fears, grab a piece of paper or your phone and write down whatever fear you’re feeling. Get specific about the outcome you’re afraid of
• Reframe the fear by writing down what you’re trying to protect. This will make the fear feel more tangible and will lead you to do the thing you want to do
• Fear is a stimulant that is there to protect us from danger, but danger means different things in an evolved world

Summary

Overcoming Financial Anxiety and Fear

Farnoosh Torabi, a personal finance expert and author of “A Healthy State of Panic,” joins Tori Dunlap on the “Financial Feminist” podcast to discuss overcoming financial anxiety and fear. They highlight the prevalence of financial stress, particularly among women, and emphasize the importance of childhood money memories and teaching children about financial responsibility. Farnoosh shares insights on pursuing childhood dreams, the power of failure, and the role of fear in shaping our relationship with money. They also delve into the fear of failure in careers, the benefits of earning more money, and the importance of challenging societal expectations. Farnoosh provides practical advice on overcoming fear, seeking professional help when needed, and reframing fears to take action towards personal and financial empowerment.

Stand-up Comedy, Fear, and Success

Farnoosh shares her personal journey of pursuing stand-up comedy and how social media has created opportunities for talented individuals to showcase their skills. She discusses the economics of stand-up comedy, the power of social media in getting discovered, and how a clip of her comedy led to the creation of her book, “A Healthy State of Panic.” Farnoosh highlights the importance of pursuing childhood dreams and finding joy and fulfillment in life.

Overcoming Fear in Career and Personal Life

Fear of failure in careers is a common experience, particularly for women. Farnoosh and Tori discuss the impact of fear on career choices and the importance of aligning personal values with job choices. They emphasize that failure is not a defining moment or identity but an opportunity for growth and learning. Farnoosh shares insights on reconciling with the fear of failure, taking ownership of one’s financial and career success, and finding workplaces that foster personal and professional growth.

Fear, Money, and Financial Empowerment

Farnoosh and Tori explore the fears surrounding money and the power we give it in our lives. They discuss the societal expectations placed on women regarding earning more money and the fear of losing personal freedoms. Farnoosh encourages listeners to challenge their fears, consider the benefits of financial empowerment, and find a healthy balance between financial success and personal values. They also emphasize the importance of recognizing red flags in relationships and jobs, making informed financial decisions, and being true to oneself.

Overcoming Fear and Taking Action

Farnoosh provides practical advice on overcoming fear and taking action towards personal and financial empowerment. She highlights the importance of seeking professional help when fear is holding one back or external factors are causing existential distress. Farnoosh shares a simple exercise of writing down fears and reframing them to understand what one is trying to protect. She emphasizes that fear is a stimulant meant to protect us from danger, but in an evolved world, danger takes on different meanings. By understanding and challenging our fears, we can move forward and achieve our goals.

Conclusion

Fear is a common experience that can hold us back from pursuing opportunities and living a fulfilling life. However, by understanding and embracing fear, we can harness its power for personal and financial growth. Farnoosh Torabi’s insights from “A Healthy State of Panic” provide valuable guidance on overcoming financial anxiety, navigating fear in careers, and finding empowerment through financial independence. By challenging societal expectations, seeking professional help when needed, and reframing our fears, we can rewrite our stories and achieve true wealth and success.