Eight Keys for Success: The First Rule of Money

Episode Transcript

Speaker 1 (00:00):
All right, and it is time for my first rule
of money. That's part of my eight keys for success. Joel,
you've got this one. Never let your money and emotions
cross paths. Look at that. It's good and in your
own experience when you apply that, things are better. Aren't
they get you a little bit? Yeah? So, as part

(00:22):
of my annual series, we are up to my first
rule of money, and indeed it's what Joel mentioned to you,
never let your money and emotions cross paths. Now. Research
shows that people who make emotional decisions with money make
mistakes over ninety percent of the time, but it's also
true of a lot of non financial decisions as well. Right,
how often is it a good idea to make important

(00:45):
decisions when you're highly emotional And 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, does it make you weird in the outlie
or anything else. We're all human, we're all emotional creatures.

(01:07):
Makes them more normal than not. But what's important is
to make sure that your money isn't involved. Like if
you put a role in place. If you know that
you tend to make quick or knee jerk reactions with
money when there's adversity, don't let yourself do it. Pause
until you have thought things through. You will instantly improve

(01:31):
your financial management substantially. As a radio exec told me
a long time ago, the easiest way to improve is
to simply stop making mistakes. And again it's one of
the most powerful statistics that's out there. If you end
up making a financial decision of any sort when you

(01:51):
are allowing your emotions to enter the equation, it will
end up being a mistake over ninety percent at the time.
The other odds are just not good there, right, And
so that's that's why it's important to apply my first
role of money