#578: Fear blocks smart money moves. Ask Harvard Business Review advisor Dr. Margie Warrell, who guides Fortune 500 companies through strategic risk-taking. Her client roster includes NASA, Morgan Stanley, and Google. Her understanding of courage started at home. Her 13-year-old daughter landed an Australian TV role. She flew to LA for acting classes. There, she learned the hard truth: Success meant waiting tables for 20 years. The daughter's verdict was clear: "Mum, I don't want it enough." This reveals what Dr. Warrell calls the courage gap. It's the space between your current life and the life you could create through brave action. For investors, this gap appears daily. It's the distance between dreaming of financial independence and taking concrete steps toward building wealth. Drawing on her doctoral research and Fortune 500 consulting experience, Dr. Warrell outlines five critical steps to bridge this gap: 1. Focus on what you want, not what you fear.  Our brains have a negativity bias — we're twice as sensitive to potential losses as potential gains. This explains why market downturns feel more intense than upswings.  2. Rewrite your story.  The narratives we tell ourselves shape our actions. Perhaps you see yourself as "too risk-averse" to start a business or "not smart enough" to understand investing. Reframe these stories so you can take smart financial risks. 3. Embody courage physically.  Fear lives in our bodies — whether it's anxiety about making your first investment or launching a side business. Try simple practices like deep breathing when facing big financial decisions. 4. Step into discomfort.  Growth and comfort can't coexist. Every successful investor and entrepreneur started as a beginner. Financial literacy and business acumen develops through consistent practice. 5. Find the treasure when you trip.  Market corrections, failed business ventures, and investment mistakes are learning opportunities.  Dr. Warrell emphasizes that courage isn't about waiting until you feel confident — it's about acting despite your fears.  This applies whether you're making your first stock purchase, buying your first rental property, or quitting your job to start a business. The takeaway: While you can't control market conditions or business outcomes, you can control your response to financial fears.  Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate. (0:00) Introduction (3:54) Fear's impact on financial decisions (6:13) Case study: Risk-reward in property investment decisions (10:28) Psychology of wealth decisions (14:21) How negativity bias affects investment choices (18:09) Five steps to bolder money moves (21:23) Navigating market uncertainty (26:52) Physical techniques for managing investment anxiety (31:28) Real example: Leading through market volatility (37:42) Finding clarity in financial goals (43:34) Why comfort zones limit wealth creation (47:59) Small steps toward investment confidence (53:11) Learning from market setbacks (58:38) Balanced approach to investment failures (1:02:51) Building long-term wealth resilience Resources Mentioned in the Episode: Website: Dr. Margie Warren Book: The Courage Gap Connect with Dr. Warrell on LinkedIn: Dr. Margie Warrell Follow Dr. Warrell on Instagram: Dr. Margie Warrell Interview with David Novak: Episode 534 For more information, visit the show notes at https://affordanything.com/episode578 Learn more about your ad choices. Visit podcastchoices.com/adchoices

#576: The world's greatest investors have a secret: they're weird.  When one young fund manager met Bill Miller for the first time, he refused to shake hands. Instead, he locked eyes and declared: "I'm going to beat you, man." William Green joins us to share what he's learned from decades of conversations with investing legends — from the hyper-competitive to the deeply philosophical.  These conversations reveal that success isn't just about strategy; it's about understanding yourself and playing to your strengths. The best investors are mavericks who think differently. They're willing to look strange, be lonely, and diverge from the crowd. Templeton demonstrated this during WWII. When Germany invaded France and markets crashed, he bought 104 stocks trading under $1 — including 37 bankrupt companies. His contrarian bet paid off 5x when markets recovered. But Green emphasizes this isn't just about getting rich.  His decades of interviews reveal deeper wisdom about building a good life: Great investors focus on what they can control. They can't predict markets, but they can manage their behavior and emotions. They embrace simplicity. Jack Bogle advocated owning low-cost index funds rather than chasing complex strategies. They understand odds and risk. Howard Marks asks "What's the consequence if I'm wrong?" before making decisions. They play to their strengths. Charlie Munger says if you're 5'3", don't try to be a pro basketball player. They live below their means. As investor Tom Gaynor notes, "If you're living within your means, you're already rich." Green shares a practical framework called HALT PS — don't make important decisions when Hungry, Angry, Lonely, Tired, in Pain, or Stressed. This applies beyond investing to daily life. The conversation explores how to build resilience before market crashes through healthy habits, self-awareness, and preparation. Green notes that many successful investors practice meditation and read widely across disciplines. Even legends make mistakes. Bill Miller saw his assets drop from $77 billion to $800 million during the 2008 crisis. But he rebounded by staying true to his principles and learning from failure. Green's key message? Focus less on getting rich and more on building an "anti-fragile" life aligned with your values and strengths.  The best investors aren't just good at making money — they're skilled at creating lives of meaning and purpose. Find more from William Green at williamgreenwrites.com or on his podcast Richer, Wiser, Happier, featured on the We Study Billionaires feed. Timestamps: Note: Timestamps will vary on individual listening devices based on dynamic advertising run times. The provided timestamps are approximate and may be several minutes off due to changing ad lengths. (01:00) Meeting Sir John Templeton in the Bahamas (04:02) Templeton's WWII stock strategy during market crash (12:00) Wisdom vs survivorship bias in investing stories (14:55) Why great investors recommend index funds (23:34) Prioritizing freedom over wealth maximization (39:27) Bogle's client-first philosophy (51:32) Living below means for market volatility (01:01:37) HALT PS conditions leading to poor choices (01:06:45) Using data for better decision making (01:11:13) Bogle's emphasis on simple investing (01:14:30) Danoff's "stocks follow earnings" strategy For more information, visit the show notes at https://affordanything.com/episode576 Learn more about your ad choices. Visit podcastchoices.com/adchoices