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| Forum name | General Discussion |
| Topic subject | Personal Finance folks...removing emotion from financial decisions |
| Topic URL | http://board.okayplayer.com/okp.php?az=show_topic&forum=4&topic_id=12792796 |
12792796, Personal Finance folks...removing emotion from financial decisions
Posted by double negative, Tue Apr-28-15 12:21 PM
Above all it seems like the biggest enemy of building wealth, smart spending, saving, investing are emotions.
Money is inherently an emotional thing. It represents frozen potential.
So, how does one remove the emotional aspect from money?
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12792807, investing, set it and forget it unless you really know the market
Posted by legsdiamond, Tue Apr-28-15 12:28 PM
but the everyday spending and large purchases.
want vs need
and really being honest about what we need. I damn sure haven't mastered it but I think impulse shopping is our #1 enemy.
How many big items have we purchased that we REALLY needed at that point in time?
just my opinion. I damn sure have work to do.
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12792810, similar to managing emotions in other areas of life
Posted by SuiteLady, Tue Apr-28-15 12:32 PM
don't make your decision based on how you feel at the moment
and just like in other areas of life, it is HARD
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12792811, Its hard especially for Black folks
Posted by DaHeathenOne76, Tue Apr-28-15 12:33 PM
Since we are denied wealth but what I find that helps is breaking it into little pieces and being patient.
The notebook challenge helps quite a bit if people are compliant and then moving them on to the envelope system.
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http://www.iamsharandajones.org/help
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12792815, CASH IS KING!!!
Posted by legsdiamond, Tue Apr-28-15 12:36 PM
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12792816, I have to tell the wife that we probably should go away for her Bday
Posted by Buddy_Gilapagos, Tue Apr-28-15 12:36 PM
It just wouldn't be financially prudent to do so.
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"Everyone has a plan until you punch them in the face. Then they don't have a plan anymore." (c) Mike Tyson
"One of the most important things in life is what Judge Learned Hand described as 'that ever-gnawing inner doubt as to whether you're
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12792840, change your mindset about money
Posted by luminous, Tue Apr-28-15 12:53 PM
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12792845, this was easiest for me to do when i was single.
Posted by Deadzombie, Tue Apr-28-15 12:55 PM
dealing with other people -> family makes things hairy and harder.
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