We women tend to look at ALL of the little details before finalizing any decision, no matter if it’s that important or not, while men tend to make somewhat hasty decisions without much analyzing.
Neither of these are really ideal courses of action when you are working to pay off debt or improve your financial situation by increasing your savings and investments.
If you make decisions like most women, you can strategize your finances, building plan after plan, and making projection after projection, for months.
But, if you do this you are just putting off actually getting started with putting your finances in order, which can hurt you more than helping you. While you are busy planning, you could be racking up more debt or missing out on getting higher returns from your investments.
Life can get in the way.
After you’ve spent months creating a plan, you have to realize that no matter how “perfect” your plan seems on paper, life gets in the way and plans will change.
Maybe you’ll get laid off from your job, or maybe something amazing will happen, like getting a huge raise. Both of these examples would have a huge effect on your financial plan to pay off debt or increase your savings and investments. When life happens, having the ability to “roll with the punches” can help you save time and continue to make progress, no matter life throws your way. This maybe the area where men have an advantage, they tend to be better at “winging it”.
That doesn’t mean you shouldn’t plan.
Now, I’m not saying you shouldn’t plan your investments at all, or that you should just start making payments toward your debt all willy-nilly, but at some point you have to stop creating elaborate plans and just get started. There isn’t much progress being made toward financial freedom if you are just planning and not taking action.
Creating a general plan of action, such as listing your debts in order of how you want to pay them off, or comparing just a few investments with the help of an investment advisor rather than the thousands of available investment choices, is probably best.
It’s not easy, but finding a middle ground between women’s ability to plan everything to the smallest, most minute detail, and men’s ability to fly by the seat of their pants is the best way to approach making decisions in life and finances.
The bottom line is, you should try to create a general plan of action and then just get started. Don’t waste all your time sweating the small stuff instead of making progress toward your goals.
Do you sweat the small stuff or have you found a middle ground when it comes to making financial decisions?
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