Hi there. How are you doing today. I hope all is fine. Today I want to talk a little bit about money. This is a topic that gathers a lot of interest because we all use money and we all need it. Money is a necessity no matter what anyone else says. One of the hardest things when it comes to money is deciding how to spend it wisely.
I am sure that you are just like the majority of us who can sometimes make buying decisions that we regret later on. Marketers say that we make buying decisions emotionally and then we justify those decision logically. So how do we decide if something is worth buying or not.
I was listening to Eben Pagan talk about this and he gave some wisdom on this topic. Here is what he said in his own words.
You can’t make a good buying decision when you’re excited and you can’t make a good selling decision when you’re afraid
Now that is some good wisdom. Many times we go into a store and we see a dress, a watch, a book or some item and we get excited and in our excitement we get carried away and we buy the item and then a few days after we suffer from buyer’s remorse. We knew we shouldn’t have bought that item but the decision has already been made.
The next time you’re going to buy a small item e.g. in the $60 – $100 range, wait for a week. Yes you heard that right. If it’s a major thing that you want to buy costing from a few hundreds to a few thousands then wait for a month (preferably 3 months). What you will realise by doing this is that the excitement to buy the product has diminished and you realise you don’t really need it and you should not buy it.
This strategy is a new concept for me and for many of you but I believe by utilising this strategy it will help all of us to make better buying decision and we shouldn’t feel guilty with our next purchase.
So what do you think of this post. Does it challenge you to develop a new habit. Does it answer the question – How to spend your money wisely?
Please share your thoughts below.
Thanks and have a great day!!!