Imposter syndrome has always been an obstacle for new investors to overcome. Even when young and eager professionals enter the market with all the theory and knowledge behind them, it’s a shifting market. Everyone who invests in it needs a level of support, guidance, and control – three things that multiple lockdowns made difficult for people.
Still, the thing about imposter syndrome is that it can be overcome. There are ways for investors to wrestle back control of their portfolios and make decisions with clarity and confidence. To understand how you can feel more in control, we first need to break down the elements that take control from us.
What is imposter syndrome?
The Harvard Business Review describes imposter syndrome like this:
“Imposter syndrome can be defined as a collection of feelings of inadequacy that persist despite evident success. ‘Imposters’ suffer from chronic self-doubt and a sense of intellectual fraudulence that override any feelings of success or external proof of their competence.”
There are some key indicators in there we should isolate. The first is inadequacy despite the evidence. Overcoming imposter syndrome requires context – this context shows us why our feelings actually don’t reflect reality.
In reality, we all start investing at the same point – or at least we come in with the same basic knowledge or none at all. Succeeding with investments is a matter of patience and constant learning. Yet, the feeling of inadequacy can persist even when we see success.
In fact, imposter syndrome shows itself most often during success – it makes us feel unworthy of the things we’ve achieved. When that happens, it’s important to remember that you are accomplishing something. Your success is rooted in reality and deserves to be celebrated.
Why is it so easy to fall into?
The tricky thing about imposter syndrome is what we mentioned above – it manifests in moments of success. It can often be a way to justify feelings of doubt that persist even after you achieve your goals. That’s what makes overcoming it so hard, but it can be overcome. Let’s look at some ways to defang imposter syndrome no matter where you are in your investing journey.
How to overcome imposter syndrome
Imposter syndrome can leave you feeling like you don’t deserve to be where you are. That can make it challenging to make decisions and take a proactive role in your investment career.
Overcoming imposter syndrome isn’t as simple as telling yourself that you’re good enough (although you absolutely are) because it can attack you in many ways. As a result, we need several mental, emotional, and social tools to help us cope when it rears its head.
When it comes to investing, we also need a bit of financial guidance to feel secure in our goals and strategies. So where can you start?
1. Relax
The most important thing to do is breathe. Because imposter syndrome is rooted in doubt, it can be easy to let it swallow you up or convince you that every step you take is wrong. Taking a moment to gather your thoughts can prevent irrational decision-making. More importantly, it can put you in a mindset to better assess the situation.
- Are you really failing, or do you just feel as though you should have?
- Do you feel others deserve your success more than you?
- Do you feel undeserving of the things you’ve already achieved?
These are the questions imposter syndrome tries to embed in us. The third question is particularly telling because it doesn’t focus doubt on the future but on events that have already happened. That can be one of the most significant indicators that you may be experiencing imposter syndrome.
But what if you can’t break down these false questions on your own?
2. Find a community
Investing has several learning curves between beginner and expert. This can make it difficult to separate genuine obstacles from the self-doubt of imposter syndrome. Reaching out to a community within your sector can help alleviate this stress in several ways.
Communities are full of like-minded individuals. You’ll find people who have wrestled with the same feelings and questions as you have. You may find people who have made some of the investing mistakes that come with a lack of control: rushed decisions, wrong expectations, and inconsistency due to decision anxiety.
Knowing you aren’t alone can be half the battle at times. The other half is learning from a community that understands the issues and doubts you’re dealing with.
3. Take back control with knowledge
Since investors syndrome seeks to separate your feelings from actual reality, knowledge can be a powerful way to put yourself back in the driver’s seat. Opens is all about giving you access to the knowledge you need to invest with complete control of your decisions.
Imposter syndrome can be put in its place with a bit of education. Not only does knowledge help you make informed decisions, but it also lends context to the environment you’re working in. This context helps to ground us in the actual problems and opportunities that need our attention.
The investing world is full of tons of amazing resources like investing courses and books, here are our top lists:
7 Best Online Stock Market Courses & Classes for Beginners in 2021
Top 18 Best Investing Books to Read for Every Investor (2021 List)
4. Practice makes perfect
A great way to feel more in control is to take a step out of the real world, and into the realm of stock market simulators. Not only can you try out your newfound knowledge, you can test out some riskier investments without having to worry about losing money.
5. Get help from the professionals
Opens members receive a recommended stock that has been curated by industry experts. Our team of analysts have the tools and experience to help you proactively build your financial future and invest with a quiet confidence.
Don’t let imposter syndrome keep you from your investment goals. You’ll receive a single stock recommendation each month, curated by industry experts and presented in a clear and focused one-page memo. You’ll also receive access to a platform full of programmes that will allow you to grow your financial knowledge, overall, all at your own pace.
Opens is for anyone interested in saving time while investing with confidence. It's an ideal resource for the novice that needs guidance and is tired of throwing money away with guesses and gambles. But it's also a perfect fit for the experienced investor that wants a faster and more efficient way to arrive at the perfect stock or significantly increase their knowledge.
Finally, you can afford the analysts the big funds use. No more gambling, no more guesswork. Instead, save time, slay stress, and start investing with confidence by joining Opens today.
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