Friday Financial Tidbit-How to stop following the crowd

The temptation to give in to peer pressure is very strong. As with most other peer pressure, giving in and following the crowd can be very bad to your long term financial health. Below are three tips on how to stop following the crowd and make the best financial decisions for you.

Gain Knowledge

One of the main reasons we follow the crowd is just our lack of knowledge on a particular subject. We get student loans because we hear things like, “it is the only way to pay for school.” Or “everybody has a car payment; you can not live without one.” Once we gain knowledge and understanding about why we are doing something that is different than normal, it is much easier to say no because you can explain why not.

Know your goals

Having knowledge, however, can only take you so far. You need to have defined financial goals that will help you stay focused when you are feeling tempted to divert from your plan. Thinking long term with your finances instead of week to week makes it easier to say “No” to short term thrills.

Get new friends

This might sound harsh, but if your circle of friends are leading you astray it will be very hard to reach your financial goals. Imagine what you could do if you were around people that were like-minded and encouraged you instead of tearing down your goals and pressuring you into doing bad things financially?

Remember if you listen to “He said, I heard, and everybody says” your whole life you will be broke! Your ability to say no and do the right but weird thing financially is crucial to your succeeding financially.

So what are some things that you do to not follow the crowd?

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About Jon White

Giving people hope and seeing them win with their finances is something I have a strong passion for. Because of this passion I started JW’s Financial Coaching in the summer of 2010. Financial coaching has allowed me to combine my passions of finances, teaching, and helping others by helping people get on the right track financially. I'm interested in hearing your story so please do not hesitate to interact with me through social media.
This entry was posted in Financial Discipline, Friday Financial Tidbit, Personal Accountability and tagged , . Bookmark the permalink.

4 Responses to Friday Financial Tidbit-How to stop following the crowd

  1. Letricia D Holcomb says:

    I haven’t had cable for over 15 years and my car is 11 years old!

  2. We will be buying our next car (used) with cash. No more car loans for us.

    • Jon White says:

      That’s pretty cool Melissa! The first cars to pay with cash are always the most difficult, but once you get over that hump, there is no turning back! Thanks for sharing.

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