Tune in to this week's Key Number Five - Take Emotion Out of the Picture as host Heather Wagenhals offers specific financial techniques to help your financial habits become healthy money management skills.
This Week's Key:
Take Emotion Out of the Picture
I know that I work hard for my money, and feel that I'm entitled to spend the way I want. However, to be truly successful at managing my money, I need to keep my passions in perspective, being excited about making money and conservative when spending it.
I detach from my emotions when managing my personal finances.
I commit to leaving my emotions out of my everyday money decisions.
Key Action Item:
When you are feeling overwhelmed with emotion to the point of impulse spending, walk away, take a deep breath, shake it off, and allow yourself to calm down. Then you can be objective and ask yourself this: "Is there a positive financial return on this investment? Is this expenditure going to make me money down the road, or, is this the end of the road for this dollar as I invest it into this material object?"As we start focusing on putting our money where it's going to have a return, this will become easier over time. Good luck and we look forward to having you listen to tomorrow's show!