The first Rule of Money – Brian Mudd’s Eight Rules for Life
Bottom Line: As part of my series, Eight Rules for Life, here’s my first rule of money...
Never let your money and emotions cross paths. Research shows that people who make emotional decisions with money make mistakes over 90% of the time. But it's also true of a lot of non-financial decisions too, right? How often is it a good idea to make important decisions when you're highly emotional? With that in mind think big picture, work towards that big picture, and you're likely to have a lot more success along the way.
Most importantly, if you know you’re making more of an emotional decision, than a rational one, don’t make it when your money is involved. You’ll instantly improve your financial management substantially. The easiest way to improve is to stop making mistakes. It’s starts here.