Bad Financial Decisions - The Behaviours that will Compromise You
Ever made a bad financial decision and regretted it ever since? It is very likely you were a victim of your own decision behaviours. Recognising these is an important step in making better decisions.
Here is our list of where most financial decisions go pear-shaped. The interesting catalyst to changing all of these is seeking assistance from a financial adviser which can over come all these issues:
Facts Failure to check facts, confirm assumptions or gather extra input – usually because the of over reliance on own assumptions. A financial adviser can sort the “wheat from the chaff” and give you concise and accurate factual information.
Strategy Have a clear objective and clear purpose. From here strategy is a means to your end. Compare strategies related to a proposed decision and you will quickly distinguish ‘OK’ from ‘good’ and the “very best” decisions.
Anticipation We are generally good at anticipating negative events, we just don’t like to do so, or go through the necessary due-diligence. You can’t look at upside investment growth with remembering that all markets can fall! Again, you adviser can guide you here to appropriate anticipate all eventualities affecting your decision.
Outside the Square
Be prepared to make decisions independently of the status quos. Not all strategies are easily identified and relying on what worked before may not work now!
Indecision When making a decision based on constantly changing data, there is a danger in another analysis before making a decision, in the vain hope that the decision happen by itself. A financial adviser can assist you to make that timely decision.
Old Stuff Using old data or relying on old strategies can lead to poor decisions, particular when the approaches rely on assumptions that are no longer valid. A financial adviser can make sure you are dealing in the real world, with real time data and with the latest strategies available.
Google Sadly, you can’t find everything on Google. There is no substitute for trusted advice. Get close with your adviser.
Expertise Great decisions are made not just on the facts but more than knowing the facts and seeking knowledge and who to ask for help.