My One Money Advice

I generally only post on Mondays, Wednesdays and Fridays. But Loonies and Sense tagged me for the my one money advice meme over the weekend and coincidentally, there is this one piece of advice (a reminder actually) that I have been repeating to myself over and over during the past couple of days. So I decided to go ahead and jot it down. Here we go -

Never ever decide to do anything when you are not emotionally stable.

It's not necessarily "money advice" per se, but it applies very well to financial decisions as well. When we are disappointed, frustrated, depressed, angry or just plain blue, we generally tend to make silly mistakes that we later regret. When applied to our financial lives this could result in a shopping binge, dumping a stock before its time, paying a premium to take an impulse flight, banging a door so hard that it requires expensive repairs, whatever.... A split-second action can lead to a long period of regret. That's just not worth it. Wait it out - do what it takes to while the time away - go have a good cry, stuff your face in a pillow and scream, vegg out in front of the TV, write abstract blog posts, anything. Like everything else, this will also pass. Once you calm down, if it still feels like it is the right thing to do, then you can go ahead and do what needs to be done. For now, the only decision should be to put off a decision. Sometimes, procrastination can be a good thing.

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