#184 Overcome Your Fears By Visualizing Success ft. Peter Kim, MD
In this episode, Dr. Peter Kim shares valuable insights on how to conquer fear by visualizing success in the world of finance and business. Discover the stoic mindset, learn effective strategies, and gain the confidence to use fear to your advantage.
Are you looking for a community to encourage you as you begin, or want to accelerate your business to the next level? Then join thousands of physicians who share the same journey of creating their ideal lives through multiple streams of income by joining us in our Facebook communities such as Passive Income Docs and Passive Income MD.
Thank you to MLG Capital for sponsoring this week’s episode…
For 35 years, MLG Capital has excelled in intelligent real estate investments and building investor relationships. Their funds prioritize diversification, cash flow, and low leverage, offering a robust hedge against inflation. Ideal for medical professionals and other accredited investors seeking stability amid market volatility. Making smart, relationship-driven investments.
Episode Highlights
Now, let’s look at what we discussed in this episode:
- The Way I Approach Fear
- Fear is Completely Normal
- Top Fears of Investors and Entrepreneurs
- The Impact of Fear in Our Lives
- How to Overcome Fear
Here’s a breakdown of how this episode unfolds.
Episode Breakdown
The Way I Approach Fear
Peter opens by recognizing fear as our main obstacle to taking action and achieving what we want in life.
Contrasting it with his wife’s more cautious mindset, he admits that his previous personal approach to fear was avoiding it rather than confronting it directly. However, his perspective changed after watching a TED Talk by Tim Ferriss, the author of The Four-Hour Workweek.
“If you talk to my wife, she thinks I don’t have fears, because I just go ahead and I do things that I want to do and I don’t necessarily think about all of the consequences.” — Peter Kim, MD.
Fear is Completely Normal
Dr. Peter continues by emphasizing that fear is a natural and necessary human response. It has aided our survival in the past, shielding us from danger, and enabling us to respond with flight or fight when needed. Now in modern times, fear can manifest in various forms, including stress related to family, financial matters, and other challenges that jeopardize our well-being in today’s society.
“Now, when we think about fear, the first thing we need to realize is that it’s completely normal. We all have fears, it’s normal.” — Peter Kim, MD.
Top Fears of Investors and Entrepreneurs
Peter relates this topic to a recent conversation he had with investors and entrepreneurs. He lists common fears that arise among his colleagues including fear of failure, financial loss, reputational damage, missed opportunities, legal issues, being overwhelmed, and fear of rejection.
These fears often hinder most from taking action, leading one to analysis paralysis. Testament to this is his personal example of a friend who was unable to make a decision due to fear, resulting in a missed opportunity and unwanted consequences.
“We all want to make sure we don’t make a mistake, do no harm first, risk-benefit ratios, that it may keep you paralyzed from actually taking action.” — Peter Kim, MD.
The Impact of Fear in Our Lives
Dr. Kim continues by discussing how fear can hinder individuals from scaling or diversifying their businesses and investments. This includes innovating and adapting to new technologies, seeking external feedback, and collaborating with others.
He stresses the significance of conquering these fears in order to grow and improve, while also emphasizing the advantages of establishing communities and partnerships to receive support and learn from others. The instance of Blockbuster Video’s failure to acquire Netflix is cited as an example of how fear of change can result in missed opportunities and eventual downfall.
“You probably heard the story of Blockbuster who had the opportunity to buy Netflix for pennies on the dollar and they said ‘absolutely not. They didn’t need it.’ And now the tables have been turned, Netflix is still going. It’s huge, and blockbusters down to their very last store.” — Peter Kim, MD.
How to Overcome Fear
Peter emphasizes how fear can impede effective risk management, deter many from pursuing investments or starting businesses, and restrict their personal growth and progress.
He suggests that seeking wisdom from philosophers like the Stoics, who prioritize what can be controlled and accept what cannot, can aid in conquering fear. He recommends reading the works of renowned Stoics such as Seneca, Marcus Aurelius, and Ryan Holiday to gain a deeper understanding of Stoic philosophy.
In conclusion, he emphasizes the significance of reflecting on and confronting fear, highlighting how doing so can enhance outcomes and lead to more productive lives.
“They [Stoics] accept what they can’t control, because you can’t do anything about it anyway. So it doesn’t help you to stress about it. But the things that you can, to change the outcome, they put their focus on that, and go full force” — Peter Kim, MD.
