Poor decision-making isn’t always about picking the wrong path, it’s also due to people not making any decisions at all. When it comes to finance, there are many reasons why people struggle to determine what’s best for their portfolio and we want to identify a handful of those reasons on this episode.
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What You’ll Learn:
Working with a really good advisor provides you with the confidence to make decisions and takes away a lot of the burden that comes with sorting through important financial items.
That’s what we work diligently to do here in our offices because financial planning should be a significantly easier process when you have an advisor. All too often, individuals struggle to make the necessary decisions for their future because it can become overwhelming.
And that’s the issue we want to talk about on this episode of the Money Wisdom podcast. As Joel Johnson will explain on the show, failure to make a decision can have repercussions that are just as damaging as making the wrong decision. Many things cause this indecisiveness and we’ll going to identify some of those reasons here.
Two of the primary issues we see kind of go hand in hand. People both have too many decisions to make within their portfolio and there is just so much research available. That’s tough for anyone to sort through because you end up with so many possibilities that it ends up limiting your actions.
Another fallout from the infinite amount of information available to the public, it ends up causing confusion. There seems to be an opinion for every side of the argument and unless you have someone that’s extremely knowledgeable on a subject, you end up failing to pick the route you want to follow.
Then there are people that just don’t like talking about money. It might be do with the way they were raised or their personal beliefs on the role of finances, but trying to have productive discussion become a challenge with people that want to remain private.
The final impediment we’ll address on the show is emotions. We will all face major events over the course of our lives and these things have huge emotional impact on us. Trying to be reasonable during an emotional period is very difficult and it can lead to people putting off decisions that they should be making.
If you ever feel like your financial decisions are stalling out, please get in touch with us and let a financial advisor assist you. We work on these things every day and can provide you with comfort and confidence when things get difficult.
[0:36] – Having too many decisions to make.
[1:49] – People doing too much research.
[3:02] – Confusion in general makes it difficult.
[4:15] – Do you see people that just don’t want to talk about money?
[6:07] – How do you help people through big life events that carry a lot of emotion?
[8:13] – Recapping all of these impediments.
[9:49] – How we help you make decisions?
Thanks for listening to this episode. We’ll be back again next week for another show.
“People get paralyzed by too many decisions. A really good financial advisor will take those little chunks at a time. It should be really easy to work with the person that you’re getting advice from because they should be making things very, very simple. ”– Joel Johnson, Money Wisdom Podcast
3 Related Items & Resources:
- Four Core Financial Planning Philosophies
- Keeping a Long-term Perspective on the Economy
- 5 Financial Commandments Everyone Should Follow
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