#Career101: Is fear-setting the new goal-setting?

So you have dreams and ambitions. But for some strange reason, something is holding you back from actually making a plan to achieve your goals. Relatable? You bet. For most people, that something is fear.

Whether it's starting a business, changing careers, or simply asking someone out, the fear of failure or the unknown can paralyse us.

And while traditional goal-setting provides a roadmap for achieving our desires, a new alternative approach called fear-setting offers a unique perspective on overcoming obstacles and taking action. Let us explain.

The power of confronting the worst
Fear-setting, popularised by author and entrepreneur Tim Ferriss, is a strategic process that involves identifying, analysing, and mitigating our deepest fears. Instead of the traditional goal setting process that is led by what you want to achieve, fear-setting does the opposite.

It encourages us to confront worst-case scenarios head-on, rather than avoiding them. The fear-setting exercise has five clear steps, which are as follows:

• Define
• Prevent
• Repair
• Analyse
• Reflect

Here’s what a fear setting exercise might look like

Step 1: Define
Instead of a traditional goal such as ‘Save $1,000,000 for retirement’, the first stage of a fear-setting exercise might look like this: ‘I have no choice to work in a job I dislike when I am 70, because I did not plan well financially.’

Step 2: Prevent
The next step of fear setting is to Prevent.
To avoid the undesirable fate of working a disliked job in your golden years, you need to consider what preventive measures can be taken. These include things like:

• Crafting a comprehensive financial plan, ideally with the guidance of a financial advisor
• Exploring alternative income streams can also help with financial security
• Developing new skills can also open doors to additional career opportunities, either now or later in life
• Cultivating mindful spending habits and avoiding unnecessary expenditures

Step 3: Repair
But in the worst case scenario where your preventive measures don’t work, it’s important not to lose hope. That’s what the Repair phase is for; realising that are steps you can take even when things don’t go to plan. In our example, they might be something like:

For example:

• Discovering hidden opportunities within your current role by requesting different responsibilities or a more flexible schedule
• Transitioning to part-time employment or reducing work hours can free up time for personal pursuits
• Tapping into alternative income sources, such as consulting, freelancing, or teaching, can supplement your earnings and provide a sense of autonomy
• Finding meaning and purpose outside of work through engaging hobbies, volunteering your time for a cause you care about

Step 4: Analyse and Reflect
The ‘Analyse’ phase of the exercise is relatively straightforward; you assess the probability and potential impact of the worst-case scenario. What are the likelihood of you working in a job that you dislike? How badly could it affect your mental wellbeing?

Finally, in the last stage of the exercise – Reflect – you consider the benefits of taking action; even in the event the worst case scenario occurs.

Why not do both? A Complementary Approach
But here’s the thing: Rather than viewing fear-setting and traditional goal-setting as competing methodologies, they can be seen as complementary approaches.

Goal-setting gives us a vision to strive for, while fear-setting equips us with the tools to overcome the obstacles that stand in our way.

By integrating both approaches, we can harness the power of positive thinking while also acknowledging and addressing our fears. This allows us to create a more comprehensive and resilient plan for achieving our goals.

Conclusion
Whether you're a seasoned goal-setter or someone who struggles with fear and procrastination, incorporating fear-setting into your personal growth toolkit can be transformative. By facing our fears head-on, we empower ourselves to take bolder actions, make more informed decisions, and ultimately, live more fulfilling lives.

Remember: The goal isn't to eliminate fear altogether, but rather to understand and manage it in a way that enables us to move forward with confidence and determination.

Early financial planning in your career can pave way for a successful financial future. Read more about budgeting, savings, debt management, and more here.