Did you know that we really aren’t in control of our own financial choices? I know it seems strange, but our brain (at a very unconscious level) is in control. That seems okay, right? Given, that “we” are our brain?! Right? But, unfortunately no. Our brain is often on auto-pilot and we don’t even register our behaviors. When we’re buying that big car, spending thousands on our credit cards, making a purchase at the clothing store.
Just like we often wake up and work on instinct, or drive to work without thinking, much of our financial choices are made without any forethought or deliberation.
That’s not good. It’s also the reason that nearly 75% of Americans are worth less than $0 (meaning, they owe more than they own)! Not good if you ever want to retire. Or be financially free.
How do we reverse that? How can we get back on track financially?
I have a few suggestions: 1) don’t make any decisions in the “spur of the moment”. I want you to stop, think, and breathe for at least 60 seconds. Do I want this? Do I need this? Is this the right choice? Is this what somebody outside who was guiding me would recommend? Spend some time deliberating. and 2) Please consider your financial plan. Is this in my budget? How does it fit with my money allocation model? Wait, do I even have an optimal allocation model? What is that? I’ll give you more info on this in coming posts.
Mindfulness and Money go hand in hand. Let’s get comfortable with that. I want all of us to succeed financially. We deserve that after this COVID nightmare!!