New Ways To Think About Money When Making Decisions

financial literacy Jun 20, 2019

Leaving money out of decision making is a luxury afforded only to the extremely wealthy. The rest of us must count up the dollars and cents when it’s time to negotiate a salary, make a big purchase, or even choose a career path. I do want to encourage you to see your choices more holistically, rather than letting money dictate your decisions. As an Accredited Financial Counselor AFC® teaching money skills to college students and early alumni, I helped provide information and frameworks so that money is part of career and life decision-making. The more you know, the more empowered you are. Here are a few more ideas to consider.

Passion Has a Part 

“When you learn to focus on only taking on work and opportunities that align with your goals, you will begin to see a major shift in your life and business. You will enjoy your work a lot more, and you will become known for that specific niche or area of work instead of taking on anything that comes your way when blinded by dollar signs.” Stop Wasting Time Making Decisions Based on Money by Brandon T. Adams, The Ascent

Understand the Power of Your Emotions

“We make the best decisions when we can achieve a careful balance between emotions and logic. When your emotions run too high, your logic will be low, which can lead to irrational decisions…[for example] Excitement can cause you to overestimate your chances of success.” 4 Ways Emotions Can Screw Up Your Decisions by Amy Morin, LCSW, Psychology Today

Not Making a Choice IS a Choice

“If you waffle about how you should save for retirement or your kids’ college, or debate with yourself about whether to buy life insurance or draw up a will, and you research and think about it but ultimately take no action, eventually you may realize that there’s virtually no time left.” How to Make Good Financial Decisions by Geoff Williams, US News

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