Time: < 1 Hour
STEP 1: Ask yourself what you are thinking about buying. Are you only considering the best? Do you recognize that you can still have VERY nice things without buying the most expensive product on the market? When we start making money, or get comfortable with the amount we bring home, we tend to make purchases without thinking about them. To become a millionaire (or a lot closer to it than we would otherwise), it’s important to not buy the newest phone, the biggest, most expensive house, car, boat, etc.
STEP 2: Get reviews from other people on the purchases you are considering. Are they happy with their decision? What are the pros and cons? Can you be equally as happy with another option?
STEP 3: Consider…WHY do you want only the best? Is it because you are trying to impress others? Is it a confidence booster? Are you trying to prove something to yourself or someone? Is it a habit? Did you recently go through a breakup and are using shopping as therapy or to fill a void? Determine the Why behind your purchases and assess if your buying habits are clouded by something else that needs to be addressed. If so, address it appropriately and quickly.
STEP 4: Research other options and see how much money you could save if you went another route. Is that money saving opportunity enticing? Think about what you could do with the money you could save from this purchase.
STEP 5: As you make future purchase decisions, ask yourself, “Am I making a financially responsible decision?” “Am I making this decision based on what I know is a smart decision, or based on what I think others expect of me?” “Am I at peace with my decision?” “Will I be at peace with my decision a year from now?” You might also enlist others who care about you (parents, friends, significant other, financial advisor) to see if they agree that the purchase is a good one.
STEP 6: Make your educated purchase decision. Be at peace with it and enjoy your new gift.
