PERSONAL FINANCE Mastering the art of decision making

MAKING SOUND financial decisions is important in financial success. All financial advice revolves around that one goal of helping you make good business decisions. Here are steps you can take to help you improve your financial decision-making to achieve success.
When you master the art of decision-making, habits like implusive buying will be avoided. The New Times / File photo
When you master the art of decision-making, habits like implusive buying will be avoided. The New Times / File photo

MAKING SOUND financial decisions is important in financial success. All financial advice revolves around that one goal of helping you make good business decisions. Here are steps you can take to help you improve your financial decision-making to achieve success.

Be deliberate. We have all taken on certain responsibilities and accepted some obligations. Allowing those responsibilities and obligations into our lives deliberately can help make good decisions.

Create a structure for making decisions. Give yourself tools that will help you enhance your financial decision-making abilities. The classic example is to use cash for expenses. Once the cash is gone, you would have built a structure that allows you not to spend more.

Be clear. Don’t confuse outcomes and decisions. A good financial decision does not mean you will have a good outcome. Great decisions can end up poorly. And poor decisions can turn out well. The outcome does not determine whether the decision was good or not.

Live these steps and you will make good financial decisions. Not every time, but more often than not.

 

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