As Simple As a Name
A few years back, one of my clients had a big, big dream. It was the type of dream that practically everyone in his life (but for his wife and me) told him was "stupid." It was "reckless," "irresponsible," and "selfish." In other words, he had a pretty awesome dream!
Like many people who pursue crazy dreams, it can be tremendously scary to walk away from a decent income and start over at something much lower. In this particular family's case, they would soon experience a 70% decrease in their monthly take-home income. Therefore, we needed to make a plan!
For each of the nine months leading up to the scary transition, the couple would set aside a chunk of cash in their emergency fund. After bulking up this fund, they would then be able to take monthly draws from it, as needed, to supplement their monthly income in the early stages of their new scary life.
One problem: the mere idea of drawing down their emergency fund felt terrible. As the husband put it, "I'll feel like I'm failing.....an emergency. I don't want my life to feel like an emergency." Even though that's what the money was supposed to be used for, he couldn't emotionally or mentally get over the idea of drawing down on his bulked-up emergency fund to feed his family.
Therefore, I suggested something ridiculous. "Change the name of the account." That's why they pay me the big bucks (haha!). They thought it was a stupid idea, but the conversation continued. If they are setting money aside for this very purpose, then drawing these funds as needed is the fulfillment of the dream. It's not a failure, but rather the realization of the dream! Therefore, I suggested they change the name of that account from "Emergency Fund" to "The Dream Fund."
While ridiculous, it's exactly what they needed. It completely flipped the switch from a behavioral science perspective. Instead of viewing the depletion of that account as a loss, they experienced it as the planned execution of the greatest adventure of their lives.
Fast forward to today, and they no longer have The Dream Fund. They made it to the other side of their scary transition, and instead of having a dream fund, they are living their best dream life. It hasn't been easy, but it's been one of the most meaningful endeavors they've ever experienced.
I'm so proud of them, and I love thinking about their story. Sometimes, it's as simple as a name. We humans are weird beings. We tell ourselves stories and twist around our own thoughts. We get in our own way and sabotage our own best interests. On the flip side, if we can hack our own behavioral quirks, we can get to the other side of a truly amazing life. Yes, it's ridiculous. But also, yes, it's awesome.
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