Ok, I’m known for really stupid jokes. I didn’t mean The Nile. I meant DENIAL!
About 80% of the stupid financial decisions are made out of denial of several things:
1. That we have to answer to a higher power, whether it be God, our parents, our conscience, or our spouse.
2. That we just don’t have the money for the purchase
3. That we should really take more time to research the decision
The other 20% of stupid financial decisions are just stupid.
But, for those of us who won’t admit that we’re making a mistake, and just go headlong into an irresponsible purchase, we need to listen to that little voice inside of us saying
“You don’t need a new car”
“You can do without that latte”
“Stop picking your nose”
“Keep walking past that McDonald’s. You have groceries at home”
However, our pride gets in the way and we refuse to listen to reason. The only way we’ll win this war against stupid financial mistakes is to listen to that voice and stop picking our collective nose.
[…] As I mentioned in my previous article “Stupid financial mistakes? Blame a river in Egypt!“, many people get themselves into financial trouble because they deny that they cannot afford something, or must answer to someone else (spouse, parents, kids, God) on each purchase. […]