#185 Fear Setting: How To Transform Apprehension Into Achievement ft. Peter Kim, MD - Passive Income MD

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#185 Fear Setting How To Transform Apprehension Into Achievement ft. Peter Kim, MD
Episode #185

#185 Fear Setting: How To Transform Apprehension Into Achievement ft. Peter Kim, MD

In this episode, Dr. Peter Kim shares effective strategies for Fear Setting that will transform your apprehension into achievement. Discover how you can enhance your decision-making, perceive risks accurately, take action, and embrace a more fulfilling life.

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.

13.21 Min • November 14

Episode Highlights

Now, let’s look at what we discussed in this episode:

  • Premeditatio Malorum: The Premeditation of Evils
  • Defining, Preventing, and Repairing Fear
  • Think About the Benefits and Cost
  • Actions You Can Take to Prevent Fears from Happening
  • We Suffer More in Imagination Than in Reality

Here’s a breakdown of how this episode unfolds.

 

Episode Breakdown

[00:48]

Premeditatio Malorum: The Premeditation of Evils

Peter opens by discussing the philosophy of stoicism, focusing on what can be controlled in a situation and accepting what cannot be controlled. 

He emphasizes visualizing worst-case scenarios to mitigate fears and take action, relating it to and putting in a central line in medical practice which shows how incremental learning and understanding worst-case scenarios can help overcome fears. He also mentions various fears faced by investors and entrepreneurs, suggesting that similar fear-setting and diving headfirst into fears can help in addressing and overcoming them.

“They [Stoics] really focused on figuring out what they could control in a situation versus what they couldn’t. They think that most people tend to stress and worry about things that are not in their control.” — Peter Kim, MD.

[04:52]

Defining, Preventing, and Repairing Fear

Dr. Peter continues by introducing a three-part strategy for overcoming fear: defining the fear, preventing the fear, and repairing the fear. 

Defining the fear involves identifying the worst-case scenarios and putting them on paper, such as the complications of putting in a central line. Preventing the fear involves mitigating the risks and minimizing the chances of the worst-case scenario happening. Repairing the fear involves identifying solutions and seeking help if the worst-case scenario does happen. 

The strategy is applicable to various fears, especially those faced by investors and entrepreneurs.

“If the worst case does happen, what could you do to repair things? Who could you also ask for help?”   — Peter Kim, MD.

[6:06]

Think About the Benefits and Cost

Peter stresses the importance of considering the benefits and costs of taking action versus inaction in making decisions. 

He shares a personal scenario of considering reducing work shifts and the fears associated with it, emphasizing the need to define the worst-case consequences of taking action and explore the potential negative outcomes. His fear of financial instability, impact on relationships, and job security along with questions he asked himself as he discerns what steps he can take are highlighted.

Dr. Kim also mentions his experience with fear assessment at a Tony Robbins conference, underscoring the significance of addressing and understanding one’s fears in decision-making processes.

“But how many of us think, what if you don’t take action? Because there are consequences too. You make an action every time you decide to do something or not decide to do something.” — Peter Kim, MD.

[08:35]

Actions You Can Take to Prevent Fears from Happening

Peter moves the conversation forward by sharing the next step which is to reflect on what actions one could take to prevent their fears from happening.

Relating to his experience of reducing work shifts, he shares his example of the process of defining, preventing, and repairing potential negative outcomes. The step includes various actions to mitigate financial risks, such as assessing income, discussing with family, and seeking additional income sources.

He also talks about the benefits it could bring when taking action, including more family time and reduced work stress, which are weighed against the costs of inaction, such as missing out on family events. Despite initial fear, his experience of eventually creating more income streams and increased family time is an encouragement to others to confront fear and take action in similar situations.

 “I decided to cut down my shift, it was scary. There’s no doubt there was fear there. But now I had a clearer idea of the fear and the risk involved. So I started dropping one shift, then two shifts, and next thing you know, I got to drop all my nights and weekends. It helped push me to create more income streams to totally replace my income. Gave me the time to start new businesses, gave me the opportunity to spend more time with my family and kids, be there with them, travel more.” — Peter Kim, MD.

[11:43]

We Suffer More in Imagination Than in Reality

Peter closes by urging everyone to address fears directly and use fear setting or fear journaling exercises to confront and understand them. 

He encourages facing fears rather than avoiding them and suggests surrounding oneself with a community that promotes action and forward movement.

Instead of denying these fears, declare them, say them out loud, admit them, give them the credit they deserve, then find the courage to overcome them.Matthew McConaughey

By sharing the above quote from Matthew McConaughey, he solidifies the need to acknowledge fears and find the courage to overcome them.

“Let’s surround ourselves with people who think like this, find that right community of people that are moving forward, taking action. So ultimately, let’s let this help us make better decisions in life, see risk for what it is, and live more fully.”  — Peter Kim, MD.

We talk in depth about all of this and more in our course–Passive Real Estate Academy. Want to learn everything about investing in real estate with confidence? You can grab your seat right here!   

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