#14: Money and Emotions: Are Emotions Affecting Your Financial Decisions?

Sometimes, money and emotions go hand-in-hand. Unfortunately, emotions are unavoidable. And they can cloud your judgment and decision-making, which can be detrimental to your financial success journey. I, for one, have managed not to let sadness and anger drive my financial decisions. Because in the past, I’ve turned to impulse purchases and liquidating investment accounts in reaction to sadness and anger. Now, I tend to retreat to things that help me calm down and take it all in, e.g., binge-watching and listening to music.

Knowing how to control your emotions around money will give you better control of your money usage and any financial decisions. By the end of this episode, I hope you have a ‘small self-meeting’ and evaluate your emotions and how they might have affected previous decisions. Then, look for ways to manage these emotions and their triggers, and create a financial plan you can always refer to making any financial decision, especially when you are faced with negative emotions.

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