In fact, this is what makes the difference between perseverance and overcoming vs. an outright failure.
No one said it was an easy endeavour, but the fact of the matter is that sometimes life does happen and you need to be prepared and be the person that says, “I made the mistake, so I’m going to be the one to get myself out of it”.
Indeed, the first course of action in remediation of a bad financial decision involves first taking ownership of it. This may have been something that you did or simply you were a part of that can cause financial difficulty.
It will take the resilience and relentlessness of a tiger, but hope is always at the forefront of any bad financial decision, even when you can’t seem to see the light at the end of the tunnel.
3 Simple Actions you should do when confronting a bad financial decision:
(1) Take ownership
(2) Take counsel of a financial mentor that has more financial experience than yourself
(3) Take the corrective actions to get you of the hole that you dug for yourself.
You may be wondering if it’s not more to it than these simple steps, and I can tell you from experience that these are a perfect way to start.
I don’t know of anyone that is financially successful in life that didn’t overcome some type of adversity or financial difficulty to finally obtain their current status.
It’s how you react and prepare yourself to deal with it is what really matters. Many faced with adversity simply accepts some kind of bad luck that fate dealt them a terrible hand and life just gobbles them up. That’s not me or you, we have to take the reins and make things happen.
“There are 3 types of people in this world – (1) Those that make things happen (2) Those that watch things happen and (3) Those that wonder ‘What the Heck just happened!’”
So, by now you’re probably wondering what are some examples of bad financial decisions that can come back to bite someone.
Bad Financial Decisions
- Living off of Credit Cards and using them solely to exist on
- 100% Financing on a Vehicle You Can’t afford
- Getting in business with partners that have no business experience
- Paying the minimum balance and refinancing your Debts once they grow
- Getting caught in the trap of consumerism and using up savings
- No Emergency fund
- Buying things You simply can’t afford
- No Financial Plan, Living blindly day to day
- Living in a home you can no longer manage financially
- Living Monthly on Cash till Payday Loans
As you can see, the list can go on and on. One of your best financial moves right now maybe to examine your financial situation and actually pinpoint where you might be making a bad move and correcting it pronto.
With a little examination and zest, we can determine and correct bad financial decisions to our advantage and it can only make you stronger and more resilient in the end.
Category: Personal Finance