Slow Down or Get Burned
We recently made a bad decision in one of my businesses. It’s not a life-threatening mistake, but it was serious enough to cause some heartburn and consequences. We haven’t made many bad decisions in the past, but this one was a doozie. In the moment I kind of knew there would be regrets, for one specific reason. We rushed to make a decision and did so under pressure.
Us humans rarely make good decisions when we’re under duress or facing time constraints. It’s a concept I talk to clients about all the time, yet here I was falling for the same trap. This topic is so, so, so important. Think back to the financial and career decisions you regret. Were you under stress or experiencing pressure to make a quick decision? The answer is probably “yes” in most cases. Common examples of bad financial decisions revolve around the following situations:
When we’re faced with a car accident or significant repair needs, which often leads us to quickly buy a vehicle we can’t afford.
When we’re house shopping and the seller’s agent tells us there are a few other offers on the table already, forcing us to make a snap decision.
When we experience a major medical or relational situation, resulting in us making impulsive financial decisions to self-medicate the pain.
When someone offers us a job but they need to know by the end of the day.
One of my primary objectives when working with clients is getting them to slow down, take their time, and be intentional about their decisions. It’s a simple concept, but it’s easier said than done when life is moving fast and feeling chaotic. There are probably 10-20 decisions made (or not made) each year that have the power to significantly alter our financial journey. If we can slow down and get those right (or at least not get them wrong), our future selves will be grateful.
Have an awesome and intentional day!