When you’re facing an important financial decision, there’s something to be said about taking a night to think it over. That’s because, when it comes right down to it, most financial decisions aren’t emergencies — although a lot of folks might think otherwise. Unfortunately, people often feel compelled to throw caution to the wind and make expensive purchases — either on impulse, or under the gun of a high-pressure salesman — without fully considering the financial consequences.
The bottom line: Few potential financial transactions we encounter legitimately require quick decisions, especially the more costly ones. So consider “sleeping on it” before pulling the trigger.
Photo Credit: Daniel Guimarães
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I know that it is easy to get caught in the emotion of the moment for many things including non financial decision. When I sleep on it the emotion is normally gone the next morning and I can make a more logical decision.
Works every time, Lance.
yup, sound advice for all of you young whippersnaappers but us oldies but still goodies tend to forget things if we sleep on it.
What were we talking about, Griper? lol
If you plan at all, you definitely always have some time. I received my homeowners insurance renewal for September 16th already. I have 6 weeks to do something about it. The insurance company dropped earthquake coverage and I need to find a n alternative. Tough decision since the existing compay had very attractive rates.
For the record, I am predicting a MAJOR quake (7.5+) on the southern portion of the San Andreas Fault by the end of 2013.
Even so, I don’t think I will be getting earthquake insurance.
I agree with you. I’ve told the same thing to my audience when I present my talks. Sleep offers your brain to collect itself from all the things it has processed throughout the day.
You are absolutely right—financial decisions are not urgent. Nothing much changes overnight.
I don’t know why people don’t come prepared when looking at a large purchase. Just know ahead of time that the other person is going to be doing everything they can to sell you, and just be ready to say no in order to come back another day
I have to admit sleep always works like a charm on me. I usually wake up and decide not to do anything, wait and see some more. Why rush into something big, right?
Great post, great advice. I have learned over the years to sleep on most big decisions, financial and others. An extra day often lends needed perspective.
I thought that if we slept on it, we would decide it was silly to get a new house. Then I had dreams, actual dreams, about the house and the new media room. Yeah…did not work as planned.