The Emotional Decision Dilemma

Key Takeaways

  • If you are angry or emotional about something, you usually end up making bad emotional decisions, especially when it comes to money.
  • You need to come up with a pre-set technique such as counting to ten or taking big breaths to disrupt your emotions and bring you back to reality to make a good decision.
  • Having a technique to disrupt your emotions helps immensely when it comes to making financial decisions as it can keep you from making costly decisions and keeps you on track to grow your wealth successfully.

SMART Financial Goals

Key Takeaways

  • When creating a goal, use SMART to ensure it is specific, measurable, achievable, realistic, and timely.
  • You can use SMART to create a financial goal that will help you achieve something like buying a house, a new car, or to save money for something.
  • You can use the way your brain naturally operates to your advantage by creating a SMART goal.

Choose a Bank for Banking

Key Takeaways

  • Many financial institutions will say they can do everything, but they really only do a few things well.
  • Banks offer many products and services, but consider using them for what they are good at: banking.
  • Banks are good at checking and savings accounts, certificates and deposits, and consumer loans.

Learning, Earning, and Yearning

Key Takeaways

  • You are in the learning stage of life until you go out and get a full-time job.
  • There are two parts to the earning years: earning enough money to pay your bills, and saving enough money to prepare for the yearning years.
  • If you only focus on spending your money to enjoy life during your earning years, you will not have enough money later for the yearning years and will have to delay those yearning years well in to your eighties or nineties.