Money is still something we are reluctant to talk about with others. This means that often we make financial decisions on our own and unless we have great advice, we may be left worrying about whether we have done the right thing.
Here are some examples where being unconfident about money can have poor outcomes when it comes to your financial planning for the future.
Know what you are worth
The last time you applied for a job, how confident were you in negotiating your salary? Did you go in prepared to ask for more? Do your research and be confident about your value so you can earn what you’re worth.
I’m not sure I made the right investment decision
Buying high and selling low is a tell-tale sign of unconfidence. No matter how well-designed your portfolio is, there will be times when it goes down. Will you be confident enough to stick by your investment decisions through hard times? Or will you panic and sell low with the rest of the herd?
Keeping up with the Joneses
Maybe you thought buying a Ford Fiesta was a smart money decision. Maybe your neighbour thought it made more sense to buy a Range Rover. It may sound strange, but people often base their spending on their perceptions of how their neighbours are spending. Forget the neighbours! There is no reason to think they know better than you. If you were more confident, you’d just assume your decision was right for you, allowing you to stick to your own budget and financial values… not somebody else’s.
The key is awareness. The next time you’re making a decision that could impact on your financial and life future, just ask yourself: how does this feel?
If you feel nervous or worse still, you postpone making vital decisions because they are too hard, pick up the phone for a quick chat. Having a trusted adviser, someone you can ask and bounce ideas off can be very valuable and probably won’t cost as much as you think!
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