MONEY MATTERS: How emotions can affect your finances

Updated: Jun. 22, 2021 at 12:28 PM EDT
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COLUMBIA, S.C. (WIS) - Most of us are certainly aware how emotions can affect our decision-making in our personal lives but what about when it comes to our finances?

Josh Bradley of Capital City Financial Partners says it’s important to keep your emotions in check when financial decisions must be made.

“The more complex the decisions you’re having a make, the more emotions take over, so I try to use that to our favor. I usually like to attach emotions to long-term goals or dreams. I want to retire at this date, I want to pay off debt, think about how good that feels but try to eliminate those emotions when I actually acting on decisions,” said Bradley.

Understanding your emotions will help you make better financial decisions; having self-discipline will help as well.

What types of emotions cause poor decisions and how can we avoid those mistakes? Bradley says it can be easy to let your emotions get in the way like the fear of losing something or the desire for things that you really want. It’s important to recognize subconscious influences to overcome financial fears and liabilities.

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