Are you afraid to tell your inner child no? Why is it so difficult to tell ourselves no, but we don’t think twice to say no to others? What if I told you that saying no to ourselves from time to time is healthy. Saying no allows our brains to really comprehend what we are about to do. Saying no also allows us time to rationalize our decisions and do our part by seeking wise counsel. By seeking wise counsel I don’t mean seeking advice from our friends who will just tell us “do what makes you feel good.” If you only seek advice from these friends I would strongly advise you to STOP! Seeking advice from these friends is like seeking advice for finances from somebody who has loads of consumer debt, or fitness advice from a couch potato. I’m not sure about you, but if I’m seeking advice for something I’d seek it from somebody who would be completely honest with me AND is an expert on the topic. Not somebody who is just telling me to do it because it’s what I want at this moment even if it’s not in my best interest.
Seeking wise counsel can be done a few different ways:
- Internet Searching: This one can be a bit tricky when doing research for non-purchased items. There are many sites out there that post their own agendas and make it sound real and validated, so please proceed with caution when searching the internet for the purpose of gaining knowledge on a topic. There, now that we got that disclaimer out of the way let’s get back to researching for purchases. When searching for purchases the internet is a very useful tool! Using the product reviews from multiple sites allows you to gain knowledge that will help you make an educated decision. When we mention product reviews we don’t just mean from the store you are looking to purchase the item from, we are talking about reading different blogs and using other store reviews of the product. This will provide you with input from various locations as well as thoughts & opinions from different people.
- Advice from others: For this we recommend seeking out people you trust and who have the knowledge in the area you have questions for. I wouldn’t seek knowledge from somebody who doesn’t understand computers and get their input on one I was looking to purchase. Seek people out who really understand, and if they don’t know they will tell you.
- Ask store associates: You will sometimes be surprised with the knowledge of store associates. Some of them really understand the products you are inquiring about and can offer some great input. They may even recommend a better product for the same or cheaper cost!
- Ask yourself: Yes, you read that correct, it says “ask yourself.” List out the pros / cons for the purchase you are contemplating. Doing this really gets you thinking about the product and how it will fit into your lifestyle. It will also help you come to the realization of why you desire the product. When doing this don’t forget to make sure you aren’t inhibiting your long term financial and life goals. Make sure you really way in the opportunity cost of your purchase (if it’s a very large purchase like a car, boat, house, etc…). Opportunity Cost in its simplest explanation is… If I buy this now, I lose out on doing that. If I buy this TV & entertainment center, I lose out on fully funding my IRA. If I buy this boat, I lose out on taking a nice family vacation. This is key to making a wise decision!
Saying no to our initial urge allows us to really make a sound and wise decision. It allows us to be content for now and do our homework to really make sure this item is what we want to buy. Delaying gratification up front can go a long way in making the best purchase for your hard earned dollar!
Follow us on Facebook: @crossroadzcoach
Crossroadz Coach
“Changing your tomorrow starts TODAY!”
Crossroads Financial Coaching LLC