When you’re inside a mall or pass by a store, how impulsive are you?
The most valuable personal finance skill, in my opinion is how to simply control your emotions and desires.
Control over your emotions and desires enables you to make the right decision. It helps you interfere your personal feelings and desires with the right choice to make. It’s more of mind over heart.
Believe me, this is something I struggle most of the time the “Wants VS Needs”. Yes, I’m tempted to buy something that just fulfill and satisfy me for a very short-term period that will pass within 24 hours, days or a week.
How to Master Your Emotional Control?
Here are the tricks that I find something effective and helped me to make a sound financial decision:
1) Wish List
- The simple act of adding that item in your wish list will give it enough time to be on the waiting list and eventually you will forget it and losses interest in buying them.
2) Pros and Cons
- Compare the Pros and Cons before buying an item. Think for long-term.
3) Ten Second Rule
- Ask yourself, “Do I really need this item?” Spend 10 seconds to process that question every time you touches your wallet or your pocket. Too much thinking will end you up deleting those items in your “buy list” and return yourself back to you.
So far these are the basics that you can master to help you control your emotional response.
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