Ep 35: How to Avoid Emotional Decision-Making with Your Finances
InvestingOn This Episode
Today we’re talking about emotional decision-making and why you want to avoid it in your financial life. t.
Takeaways
On today’s Saving With Silverman podcast, Mark Silverman CFP® explains why you never want to make emotional decisions about your money.
We are emotional creatures, but understanding where those emotions are coming from is part of what we do. Making smarter decisions about your money impacts the quality of your life.
Most people have a sense of fear if they’re retiring soon. Some have just lost a spouse. These decisions shouldn't be rushed. Sometimes you need someone to hold your hand and walk you through that process, and that’s exactly what we do.
Nobody likes to lose money, but the markets go up and down. We don’t try to time the market. Some people get out of the market when it drops, but we need to know what your risk tolerance is. If you stay the course, things will work out just fine.
Sometimes you need to take emotions into account and figure out what your attitude towards money is. But if everybody’s situation was the same, our job would be very boring and we wouldn't be doing what we’re doing. We love helping people.
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
If everybody’s situation was the same, my job would be very boring and I wouldn't be doing what I’m doing. I love helping people.
- Mark Silverman, CFP®
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
1:28 – Types of emotion
3:18 – Mistakes
4:21 – Taking emotions into account
6:25 – Math and emotional needs
8:05 – Introductory phone call
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