Be Aware Of These 7 Biggest Psychological Money Traps
3. The instant pleasure
Who would not like to go abroad for a holiday? Everybody would love to, but one needs to save money to make that dream come true. However, most of us cannot resist the instant pleasure of a purchase and forget to save for the future. And this is true because of the simple reason-no one would like to ‘sacrifice’ today’s happiness for the joy that may or may not come 10 years later.
The Solution
Try to attach emotions to your future goals and make it as vivid as possible in your mind or in your ‘future goals’ list. To make the long term financial goals even more appealing, add dates and interesting names against such goals and place it somewhere you can always see. This practice can help dieters as well to avoid fatty foods today so she can wear an elegant dress 3 months from now.
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