Lessons on Stubbornness

Stubborn as a mule. That’s how the saying goes, and I’m often that mule. Stubbornness at times can be a strength when it’s a result of deeply held convictions. More often than not though, stubbornness is a weakness. People find themselves falling in love with a conclusion and over time they forget to go back and review the supporting evidence for that conclusion. The longer a position is held the more cemented our stance becomes.

Lately, I’ve found myself explaining financial planning to clients this way – for each financial decision you have to make you need to put all the potential options on the table and weigh them against one another.

Each option has its own costs and benefits, and there are trade-offs based on which option you choose. I try to emphasize that ALL options need to be at least reviewed and considered. Life is full of taboo topics and subjects that you know are common hot buttons in conversation. In finance, these topics might be things like debt or insurance, or cryptocurrency. To combat stubbornness, even our “hot button” options need to be discussed when relevant to a particular financial decision you are wrestling with.

Links mentioned in this episode:

• http://thoughtsonmoney.com
• http://thebahnsengroup.com