Better Financial Decision-Making

  • (mount soapbox...)


    Perhaps it's just me, but I'm concerned how a general lack of accountability is hurting people. Specifically in their finances.


    It's a fact of life that decisions affect what happens to us. Some decisions lead to good outcomes. Others lead to trouble. We can cause ourselves a lot of grief if we forget this.


    For instance, if the salesperson at the auto dealer says you can afford a certain car you're foolish to take them at their word. Even if you've filled out a credit application, they don't know everything about your finances. You need to decide whether that payment will fit into your finances for yourself.


    They'll push you to make a quick decision. And, while you're at the showroom it's easy to separate the purchase decision from the outcomes that it causes. Especially in a society that tells you that you deserve a new Fancymobile XR1.


    But signing that contract makes you responsible for the payments. The salesperson is not responsible for them. Nor is the credit manager that told you it wouldn't be a problem for you. You're the one on the hook.


    I don't mean this to be harsh or judgemental. This isn't about who did something wrong. It's about avoiding future problems. My hope is that you'll be encouraged to think about the possible outcomes before you make any important financial decision.


    Too often I get emails from people looking for ways to avoid the outcomes of the decisions they've made. I'd like to help, but in many cases the best choice was not to get into the situation in the first place. Now that the damage has been done there aren't any easy answers.


    Sometimes people make mistakes because they didn't know any better. Those are the saddest emails I receive. For instance the parents that didn't realize co-signing junior's student loans meant that they were responsible for them if junior didn't pay.


    That's one of the reasons that we keep publishing. To provide readers with the type of information they need to avoid making financial mistakes. Hopefully between TDS and other resources you'll avoid the financial potholes that are so frequent today. We hate to see any of our readers have financial problems.


    (step off soapbox...)


    Keep on Stretching those Dollars!



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