[Podcast] What you don’t know about Imposter Syndrome could hurt you as an investor

Have you ever felt like everyone else knows what they’re doing when you have no clue? 

Do you sometimes believe your success is all about luck, but your failures are all you?

Do you wonder when the fraud police are going to come to kick down the door and drag you from your desk? 

If the answer is yes to any of these, welcome to the imposter club! 

The good and bad news is that it’s not a very exclusive club and almost all of us will be a member of this club at some stage in life. 

In today’s podcast, I’ll have a chat with Louise Bedford, who has a degree in psychology, about what’s going on in your brain when you feel like a fraudster and how to try and push through those feelings. 

What is Imposter Syndrome, and how does it affect you?

• The term “Imposter Syndrome” was coined by psychologists Pauline Clance and Suzanne Imes in the 1970s
• An estimated 70% of people experience these impostor feelings at some point in their lives
• Three main components of Imposter Syndrome:
  • Feeling like a fake 
  • Disregarding praise and achievements
  • Attributing successes to good luck
• If investors don’t correct their thinking, they’ll self-sabotage

Lies Imposter Syndrome Tells You

• Lie #1: You have self-doubt, so you will fail
• Lie #2: You can’t admit vulnerability
• Lie #3: You’re not ready
• Lie #4: It’s a matter of time until you blow it
• Lie #5: They don’t mean that praise, they’re just being nice 

How can you get rid of Imposter Syndrome?

• Refuse to give your “inner lunatic” any light
• Practice self-awareness
• Take credit for small triumphs
• Keep a journal to record your thought patterns and your wins
• Seek constructive criticism on small matters
• Seek professional help if you need it

Links and Resources: 

Michael Yardney

Metropole Property Strategists

Louise Bedford – The Trading Game

To read more about Pauline Rose Clance and take the Impostor Syndrome quiz, click here

Some of our favourite quotes from the show: 

“If you suddenly come into wealth, whether it’s through property, whether it’s in lottery, whether it’s inheritance, I just see people over and over again sabotage themselves.” – Michael Yardney

“I’m prepared to bet my money that spring’s going to come after winter this time too because it always has.” – Michael Yardney

“I’m prepared to fail knowing that I’ve just found something that doesn’t work, and I’ll get to the next level.” – Michael Yardney 

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