Episode 47: Making financial decisions in a crisis
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Let’s talk about making wise financial decisions the midst of chaos. This could be during a job loss, global unrest, or a pandemic.
My number one piece of advice is - if you can avoid making huge decisions during a transition. If you lost your job, gone through a loss, or a breakup, got a new job, had a baby, got married, moved to a large city or a small town. These are huge changes. Don’t make big decisions during this time. There is an adjustment period and now is not the time to decide to buy a home, or a car or new furniture or redo your kitchen. Wait until you feel more stable mentally and physically.
Don’t make decisions based on fear. Fear and irrationality go together. They’re like those creepy twins from the shining. They just want to play with you. There is no good outcome to a fear-based decision.
Let’s talk about making wise financial decisions the midst of chaos. This could be during a job loss, global unrest, or a pandemic.
My number one piece of advice is - if you can avoid making huge decisions during a transition. If you lost your job, gone through a loss, or a breakup, got a new job, had a baby, got married, moved to a large city or a small town. These are huge changes. Don’t make big decisions during this time. There is an adjustment period and now is not the time to decide to buy a home, or a car or new furniture or redo your kitchen. Wait until you feel more stable mentally and physically.
Don’t make decisions based on fear. Fear and irrationality go together. They’re like those creepy twins from the shining. They just want to play with you. There is no good outcome to a fear-based decision.
Mentions:
Resources to help improve your financial literacy.
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