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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or relying on old strategies can lead to poor decisions, particular when the approaches rely on assumptions that are no longer valid.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.

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Stu Varidel AR 324007 and Your Choice Financial Planning Pty Ltd ABN 80124246877 trading as Heart Financial Advisers CAR 323623 are authorised representatives of Sentry Financial Services Pty Ltd ABN 30 113 531 034 & AFSL 286786.

Warning The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of your Adviser before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Heart Financial Advisers and Heart Mortgage Services nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.

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