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How to Make a Good Decision When Bad Things Happen

Key Takeaways

  • Life is full of surprises, and sometimes those surprises can really throw us for a loop.
  • When it comes to your money, it’s important to have a plan.
  • Having a plan will help you think more clearly when life throws you a curveball.

You have likely heard various catchphrases and quotes when it comes to plans. No plan survives first contact with the enemy is a commonly paraphrased one. “Plans are worthless. Planning is everything” is attributed to President Eisenhower. And Mike Tyson famously said, “Everyone has a plan until they get punched in the mouth.”

Now, this may make it sound like planning isn’t important, but that’s certainly not the case, especially when it comes to your money. We plan so that, at the point of battle or crisis, we don’t make bad decisions. For instance, when the dot-com bubble burst, when the Lehman Brothers bankruptcy and great financial crisis occurred, and when the COVID pandemic hit, a lot of financial panicking accompanied those events.

If you haven’t done the planning, the thinking, and created a mindset around handling unexpected situations, you have a stronger possibility of making some bad decisions. The planning process allows us to think through scenarios and how to deal with them. It also gives us some peace of mind that we’ve planned for a rainy day, a bad financial storm, or a horrible virus.

The plan needs to be in place because, when you do get that unexpected punch to the face, you’re going to reel dizzily. You’ll still need to think clearly, which is hard to do, but you’ll have a much better chance of doing so if you’ve got a plan.

Whether life throws you a curveball in the way of a global event or something in your personal life, such as the loss of a spouse or losing a job, planning will help you to make good decisions when these bad things happen. And knowing you have that plan in place provides some comfort and may help you sleep just a little bit better at night. Until next time, enjoy.

Gary

If you’d like to read more on this topic, here are a few of our past Coyle Blog posts that you might enjoy:

Reason Driven Decisions

Do You Suffer From Decision Fatigue Around Money?

 


 

Gary Klaben serves as a Financial Advisor, and visionary for Coyle Financial Counsel. He has over 30 years of experience and is the author of Changing the Conversation, Wealth of Everything and co-author of The Business BattlefieldWhether advising his clients, mentoring his team, or coaching entrepreneurs, he is always simplifying complexity and motivating others to take the next action that’s right for them.

Learn more about The Coyle Process, approach designed to get your arms around the big picture, so you can make informed financial decisions. Ask Gary about The Coyle Process and schedule a complimentary consultation and start living the Good Life Managed Well™.

www.coylefinancial.com
847-441-5644 | coyle@coylefinancial.com 

We value your comments and opinions, but due to regulatory restrictions, we cannot accept comments directly onto our blog.  We welcome your comments via e-mail and look forward to hearing from you.

All information is from sources deemed reliable, but no warranty is made to its accuracy or completeness.   This material is being provided for informational or educational purposes only, and does not take into account the investment objectives or financial situation of any client or prospective client.  The information is not intended as investment advice, and is not a recommendation to buy, sell, or invest in any particular investment or market segment.  Those seeking information regarding their particular investment needs should contact a financial professional.  Coyle, our employees, or our clients, may or may not be invested in any individual securities or market segments discussed in this material.  The opinions expressed were current as of the date of posting but are subject to change without notice due to market, political, or economic conditions. All investments involve risk, including loss of principal.  Past performance is not a guarantee of future results.

Copyright © 2021 Coyle Financial Counsel.  All rights reserved.

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