Be brave with your finances

Excerpted from an article from another article:

In a March interview with Bill Simmons, celebrated business thinker and author Malcolm Gladwell offered an interesting theory on why many people don't do what they should:

"Why don't people work hard when it's in their best interest to do so? ... The (short) answer is that it's really risky to work hard, because then if you fail, you can no longer say that you failed because you didn't work hard. It's a form of self-protection. I swear that's why [golfer Phil] Mickelson has that almost absurdly calm demeanor. If he loses, he can always say: Well, I could have practiced more, and maybe next year I will, and I'll win then. When Tiger [Woods] loses, what does he tell himself? He worked as hard as he possibly could. He prepared like no one else in the game, and he still lost. That has to be devastating, and dealing with that kind of conclusion takes a very special and rare kind of resilience.

Most of the psychological research on this is focused on why some kids don't study for tests -- which is a much more serious version of the same problem. If you get drunk the night before an exam instead of studying and you fail, then the problem is that you got drunk. If you do study and you fail, the problem is that you're stupid -- and stupid, for a student, is a death sentence. The point is that it is far more psychologically dangerous and difficult to prepare for a task than not to prepare."

The same thing apparently holds true for most investors. The author of this Motley Fool article calls for bravery when investing:

"What's needed, then, is more bravery on our part, and fewer excuses. Yes, we may fail, but we need to try -- and we can always learn from our mistakes and improve. If we don't take action, such as planning and saving for retirement, we stand an even greater chance of failing."