Since emotions are highly subjective, it’s helpful to have some specific and tangible advice regarding how you can get your emotions in check and avoid letting them influence your financial decision making. Let’s check out a few techniques and strategies:
1. Know when to move on
One of the biggest issues people have is quitting when they’re ahead. When things are going well, it’s easy to keep pushing. Unfortunately, this isn’t always the best strategy. The economy, the real estate market, the stock market, consumer demand -- all of these things experience ebbs and flows. Just because something is going good or bad doesn’t mean it will continue to do so forever.
2. Be cognizant of the “I deserve this” mindset
When things aren’t going well for your business, or you find yourself in a tough situation where the outcome looks bleak, it’s easy to feel sorry for yourself. As you might guess, this often leads to some pretty dangerous mistakes.
3. Take a deep breath
You’ve heard people say you just need to take a deep breath when you’re feeling stressed. Perhaps you’ve even said it yourself. But this isn’t just a cliché saying -- it actually works. Slow, conscious breathing can calm you down in highly stressful situations.
4. Identify your triggers
It’s imperative that you do a little digging and attempt to understand who you are and what sort of triggers cause you to feel different emotions -- particularly negative ones. By identifying these triggers, you should be able to avoid negative situations and prevent the onset of heightened emotions.
5. Establish financial goals
When emotions guide financial decision making, it’s almost always because there are no financial goals in place. A lack of goals means a lack of structure, which gives you free reign to listen to your emotions. If you want to avoid putting yourself in compromising situations, take the time to establish clear and concrete goals that guide decision making.
6. Surround yourself with the right people
You are the sum of the four or five people you spend the most time with. When it comes to your business, you are going to adopt the personalities of the people you work most closely with. Focus on disciplined, poised people if you want to position yourself for success.
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