My Step-By-Step Process Of Making Major Financial Decisions
When the market tanks and I freak out a little I will contact my financial adviser if I feel the need to make any changes to my asset allocation. Of course, with this passive investing method that I am currently following I really don’t need to respond to the usual ups and downs of the market. But this isn’t my only approach. Below I have summarized the multiple ways I go about making my decision. Damn, I’m such a nerd!
When I am about to make a large purchase or transfer larger sums of money from one account to another or when deciding to attack my student loans I will usually first run it by my best friend. She is naturally smart when it comes to money, she doesn’t get emotional (about my money) and she has given me great advice in the past.
I will then try to see how I feel about whatever it is that I’m about to do. Sometimes it just feels right to do one thing over another and if I don’t encounter very strong objection from my other sources I will go with it.
Professional Adviser Strategy
I will of course, as mentioned already, run things by my financial adviser as well. But I usually wait until I have more data because shit, I don’t want to look like a fool. And with people who specialize in their field it’s always best to come as well prepared as possible otherwise they will only be able to work with the little shitty information you give them.
Asking Experienced DIY-er’s Online
I also will post on various forums that I belong to. They are each good for something specific. You just can’t ask certain things on certain forums. It’s hard to explain… a herd mentality develops in these online spaces. There are some lonely fuckers on these forums who befriend even lonelier (yet brilliant) fuckers and together they will stand their ground and e-slap you if you bring up something that they obviously disagree with.
So, that’s the process. I am truly grateful for having these supports. But I also give myself credit because in a way I am simplifying my life. Sure, it might seem to some that I am actually complicating it by consulting 4 different sources. However, I find too many people carry such heavy burdens by being the decision maker and will come down really hard on themselves if they make a mistake. I could make a mistake too but if I do it will be a damn good mistake.