Always Do This Before Making Financial Decisions

It’s free and easy — and might help you avoid costly errors

Decisions, decisions.

You make them every day — big and small, good and bad.

Think about the worst decisions you’ve made. Have they typically involved:

  1. Your marriage?
  2. Your personal finances?
  3. Your health?
  4. Your job?

The National Foundation for Credit Counseling asked this very question in a poll last year. Can you guess which of the above was the answer given by a whopping 80% of the respondents?

An answer that popular is an easy guess. It’s No. 2, of course. The worst decisions you make in life usually involve your personal finances.

Only 9% said their worst decisions involved their marriage, 8% said health and just 3% said their job.

What’s frustrating to me about this — if you’re among the 80% — is that we can fix your problem. That’s why my colleagues and I are financial advisors.

If you admit that the worst mistakes you’ve made in life involve your finances, why not ask for help so you can avoid repeating the mistakes you’ve made?

If you’re unsure about whether a certain financial move is wise, simply ask. But do so before you act. It’s a lot easier to avoid a problem than it is to correct one you’ve created.

I suggest you talk with a fee-based, objective financial advisor. If you don’t have one, just call us; we’ll be glad to help.

Originally published in Inside Personal Finance May 2014

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