The First Rule of Money – Brian Mudd’s Eight Keys for Success
Bottom Line: As part of my annual series, Eight Keys for Success, 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 prone to making emotionally driven decisions, make sure your money isn’t involved. You’ll instantly improve your financial management substantially. As a radio exec told me a long time ago... The easiest way to improve is to stop making mistakes.