October 8, 2008

Five Reasons Financial Regret Is A Good Thing

in For Parents

Young or old, I don’t know many families who are not hurt by the current financial crisis.  Uncertain job situations, business slowdowns, increasing expenses, and diminishing retirement plans – everyone is feeling some pain and financial anxiety.  The crisis has certainly hit our home and brought about a time of reflection at the financial decisions my wife and I have made over the past few years.  And after beating myself up a bit, I don’t think I’m better off for it.

In life’s perfect timing, I just finished reading The Dough Roller’s "How to Harness the Stunning Power of Financial Regret", and I feel renewed in taking a different perspective towards our situation.  Maybe these five steps will help your families too.

  1. Stop beating yourself up over past financial mistakes.  Like cold water splashed on my face, I needed someone to tell me to stop the pity party.
  2. Learn from that which you regret.  Take the time to list your regrets, and use it as an opportunity to evaluate and learn from your mistakes.
  3. It is never too late.  I remember reading a Dear Abby column about a 39 year old man hestitating about going to medical school because he felt he would be too old when he finished, to which Abby asked "Well, how old will you be if you don’t go?"  Whether you have regrets about not saving enough, or not keeping a budget, or not investing in stocks, remember that it’s never too late to start changing your ways.
  4. Change the bad habits.  Does you daily Starbucks habit or monthly clothing splurge hurt your long term financial goals for your family, your kids, or future retirement?  Do you really need the newest iPod?  Take a look and see what spending habits you can change, then commit to the change.
  5. Focus on today and tomorrow, not yesterday.  After taking stock on your regrets, remember you can erase all that regret and start a new day right now – and that’s the best news yet.

Read the entire article at DoughRoller.net.

Leave a comment to share what financial regrets you have, and what you will do to change.

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