Comments on: 5 Tips To Making Better Financial Decisions

By: Ken

Ken — Fri, 05 Mar 2010 23:04:03 +0000

I have to say “sleep on it” is my fave. I also agree with Thicken that having an accountability partner is good as well.

By: Bernie Perry

Bernie Perry — Fri, 05 Mar 2010 00:50:38 +0000

Pretty good tips. But ala #4 you can’t always control #1 and #2. We often face happy or sad situations in which decisions need to be made quickly.

Fortunately, decision making is a skill and we can all learn specific techniques that help us be better at it.

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By: Thicken My Wallet

Thicken My Wallet — Thu, 25 Feb 2010 22:48:52 +0000

Great list. I would add finding someone to make you accountable to yourself. If you have a plan, make sure you tell someone so they help you stick to it.

By: ctreit

ctreit — Thu, 25 Feb 2010 22:01:05 +0000

This is a pretty good and helpful list. I like especially #2. This has worked well for me in the past. But I think some of these items like #1 “no emotional decision” may be a little difficult to implement. We are human after all and almost every decision – if not all decisions – we make is influenced by emotions.

By: Fern Alix LaRocca CFP®

Fern Alix LaRocca CFP® — Thu, 25 Feb 2010 20:03:11 +0000

Don’t forget that once you make a mistake it usually can be corrected! Don’t beat yourself up over it but find out how you can undo the damage as much as possible.
A lot of people just throw up their hands and say “oh, well!”
Successful people say – I blew it and now I am going to make it better.
(Hint! Hint! some mistaken trades can be undone if caught soon)

By: ElizabethL

ElizabethL — Thu, 25 Feb 2010 17:07:09 +0000

Here’s some tip son buying your first car that might be helpful!
http://www.londoffadvantage.com/blog/2010/02/first-time-car-buyers-what-to-know/

By: 2 Cents @ Balance Junkie

2 Cents @ Balance Junkie — Thu, 25 Feb 2010 15:15:34 +0000

This is some great advice. I especially like the “sleep on it” and “can’t control it all” tips. I would just add that you can control your stock market risk to some extent by adjusting your asset allocation. If you don’t want to take the risk, lower your equity exposure to a level where you’re comfortable.