“Without consultation, plans are frustrated, but with many counselors they succeed.” -Proverbs 15:22
If you ever hope to be debt free, you will need the advice and guidance of many counselors.
As I’ve reflected on some of my biggest financial mistakes, I can trace them back to two things:
- Impatience – Not being willing to wait for what I want.
- Lack of Guidance – Not consulting my trusted friends and family members for their advice.
Often, these two go hand-in-hand. When you are impatient, you will not seek guidance. And, ultimately, your plans will be frustrated.
Let’s say your plan is to pay off all your debt.
But let’s say you also really want to replace your current vehicle with another one.
If you go car shopping just to look around… and you have no solid plan for HOW you will make a decision… chances are your impulsiveness will get the best of you.
You’ll trade your car in, buy a new one, and find yourself upside down on a fat, high-interest car loan. Your plan to be debt-free — poof!
Delayed by a year or two, at least.
That’s what happens when you don’t seek wise counsel from trusted advisors.
When you do take the time to get counsel, you will make much better decisions. Decisions that are in alignment with your plans.
Case in point: My wife and I are actively seeking to move out of our current rental and into a different rental.
Prices range from $1,500 to $2,500 a month.
Our families know us well, and they know our goal to be debt free. So they are giving us sound advice that will help establish our plan. They’re not telling us what we want to hear (“Sure, go ahead and get that McMansion that will make your friends drool!”).
Did you know my WORST financial decision ever can be traced to my impatience and not seeking guidance from many counselors?
Yep.
I lost $30,000 on that hasty decision.
And I learned not to make that mistake again.
Plus, I’ve seen my brother make similarly poor decisions with his car purchases. He’s bought and sold and bought his way into a boatload (or car-load) of consumer debt. All because he makes spur-of-the-moment decisions, without input from me or anybody else.
I’m not pointing fingers here. I’m just as susceptible as my brother to making fast, “feel-good-in-the-moment” decisions — that I wind up paying for for years.
But I share the example because debt reduction — and becoming debt-free — is a long-term plan. And if you want to see your plan established… if you want to see it come true… then you absolutely MUST seek guidance and advice from many counselors.
More often than not, they’ll save you from a costly decision.
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{ 2 comments }
Hey, Ryan, I think the key word here is “many.” But, yes, very good advice. My wife’s kidney recently failed and we’ve been having to make big decisions about dialysis treatment. We’ve been consulting a lot of people (not friend and family, per se, but different experts or patients). Been surprised how willing people have been to respond to email and phone calls.
The dialysis equipment is also forcing us to move from our current rental to a larger rental. Either that, or may I rent an office out of the home for my work. We’ve saved a lot of money living in “tight” quarters. Honestly, it’s not that a big of a deal for me.
Hey John,
Yes, I read about your wife’s kidney failure. Really sorry to hear about that.
My friend Ken’s wife has had kidney failure for years. He may be a good resource for you.
http://www.kengary.com
Ryan
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