Key Takeaways
- There are a lot of emotionally driven triggers out there to buy things we may not necessarily need.
- Before making a big purchasing decision, ask yourself a few questions to determine if you really need it, or you just want it, and how the purchase will affect you and others.
- It’s important not to get caught up in the emotions of the moment when you make big decisions that can affect your finances.
In marketing, many times they’ll use scarcity tactics like, “You’ve got to get it today,” or “If you don’t get it right now, the price goes up,” or “There’s only two left, so dial now.” These kinds of tactics can force us to make a quick decision. It’s no different than, “A new puppy, a dream house, a shiny new car, an exquisite watch. I want it, I want it, I want it!” Those are all emotionally driven types of triggers that don’t necessarily fit what we’re trying to do financially.
You can, however, delay these decisions, which is a good thing. You can ask a friend or seek advice. You can even count to 10, which helps move you to thinking with your prefrontal cortex, the rational part of your brain. It’s even better if you ask yourself good, powerful questions, because that will do the same thing more quickly. For instance, you could ask yourself the following questions:
- Do I need it, or do I want it?
- Will this decision affect someone else?
- Is this decision on the track where I’m going in life?
- Is this decision part of what I feel is important to me about my meaning, value, and purpose?
- Will this decision delay something else I’m trying to achieve?
There are lots of great questions you can ask yourself, but after you’ve asked about three or four of them, and it still makes sense to make the purchase, especially if it’s a big-ticket item, then you are probably on the right track.
It’s important not to get caught in the emotions of the moment and all the drama and excitement and everything that can come with something that you desperately want, but perhaps don’t need. Maybe it’s going to cause you more havoc in life than anything else. It’s about making good, smart decisions about your money to ultimately grow your wealth successfully.
Until next time, enjoy!
Gary
