Everyone experiences times when there are more decisions to be made and times when matters coast along with relatively less decision-making required. There are various types of “big decisions”, some of which are financial and others that fall in the category of life decisions. Certain of the heaviest decisions combine financial and life aspects. This last type requires research, thought and patience.
“Heavyweight decisions” range from:
- which job offer to choose
- where to live
- to own or rent a home
- whether or not to get married, to whom — and when
- which job promotion to accept
- whether or not to own a second home
- starting a family
- when it makes sense to borrow money and for what
- how to invest savings, and whom to trust with advice
- if starting a business makes sense
- supporting a family member in need
- …the list goes on.
Every one of these heavyweight decisions involves meaningful amounts of money, meaning financial decisions may be most frequent type of decision most people will make. A couple of keys to sound financial decision-making are:
- Not to be in a rush or be forced to be in a rush
- Seeking advice — from a reliable source — can be make all the difference in reaching the best decision
- Be aware of worst case scenarios while maintaining a way to turn around a situation that does not go as planned.
The holidays are here. Often major decisions — both life and financial — are part of this time of year. Try to be thoughtful and patient about major decisions during this time. And by asking advice, know that both the “advice asker” and “advice giver” can wind up better off and be grateful for the experience.
This material has been prepared for informational purposes only and is not intended to provide, and should not be relied upon for, tax, legal or accounting advice.
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