3 Tips to Make Good Financial Decisions
Most Americans do not make Good Financial Decisions. Heck! Our country is Trillions of Dollars in Debt and That Financial Habit Did Not Start Recently. Check Out How Much Debt We Are in As a Country! It is Mind Blowing! These financial decisions have been going on for Decades and Most People Follow What Our Country Does.
Most People Spend More Than They Make and Follow What Everybody Else is Doing! Here are 3 Tips To Help You Make Good Financial Decisions!
1) Take Your Time! – We live in an instant gratification society that wants to get things done immediately and have results very quickly! Therefore, building wealth will take time and the best financial decisions come from research, study,vetting, and proper due diligence. Look at How Banks and Insurance Companies Make Their Money. Their process is called underwriting ,which allows them to look at the Risk and Reward before they put their money into something. Start Thinking Differently.
2) Look At All Of Your Options! – When You Pick Out Your Clothes, Eat Your Food, Choose A House, Buy A Car, Start a Relationship, Watch a Movie….. Do You Only Look at One Thing? Most People Place Their Money Into One Market Or One Thing With Their Money. They do not look at multiple options, but for some reason get lazy and complacent and stay captive to one entity. There is wisdom in being diverse and looking at all of your options when you are making financial decisions.
3) Get Educated! – All of These Processes Go Together, but Education May Be The Most Important! We come into this world putting 12-20 Years of Academic Education. After we graduate school, then we pour our time into our careers over a 30-40 Year Span of time on Average. Most people do not take the time to get a Financial Education! Most do not ask the Question, What works? What doesn’t? Why Does it That Way? Who Does That Benefit? What is the Cost of Doing it That Way Versus This Way? Get Educated by Asking Questions Like That!
I do not have a problem with the 401(k), but mostly that everybody uses the 401(k) to put their money into some fund in Wall Street. There are mostly no questions asked or very little or no education into why or where they are putting their money. These questions above are either ignored. I like a verse in the Bible in the Book of Hosea that says, “ My People Are Destroyed for a Lack of Knowledge” . As we all Know, Knowledge is Powerful and will Lead to Tremendous Prudence as We Make Financial Decisions!
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