When it comes to achieving financial success in your life, one of your most valuable assets is your ability and capacity to make clear and decisive financial decisions. Procrastination, the opposite of decision, is by far the most challenging hurdle to overcome if you’re to reach your short as well as long-range financial goals.

Reaching Decisions Promptly

A financial life planning question I often ask new clients is to describe one of the best financial decisions they have made in their life and one they most regret making. Hands down, when describing their best decision, it inevitably resulted from quick and decisive action being taken. But quick doesn’t mean lack of due diligence - on the contrary, it’s being able to wisely weigh the pros and cons of the decision and move forward with a yea or nay with promptness and decisiveness.

When asked to describe a financial decision they most regret, again, hands down, what’s most often described is an opportunity, be it a business venture, real estate venture or investment opportunity that was presented to them and most often due to procrastination, was never acted upon. And the regret of course comes in hindsight when whatever the deal they had a chance to participate in ended up turning into gold.

Stay Independent of the Good Opinion of Others

Anyone reading this can probably think of someone in their life who is too easily swayed by the good opinion of others. Often times it’s a friend or relative that drives you nuts with the amount of times they change their mind about a pending decision.

And when it comes to financial decisions, look out. That’s because when money is involved, especially investing options, whether you seek it or not, everyone has a tip, suggestion or opinion of what would be in your best interest. Inherit a sum of money, large or small or receive a windfall of cash and I promise you’ll hear opinions, suggestions and tips from relatives you may never have known existed.

Self-Confidence - The Key to Mastering Decision Making

For many people, making one or a few ‘bad’ financial decisions early in life hinders your relationship with money as an adult.The consequences often play out as a lack of self-confidence when it comes to making decisions about money.  Changing this dynamic in your life requires exactly what the cowardly lion from the Wizard of Oz needed - courage.

Making financial decisions clearly and decisively does not necessarily guarantee the outcome you desire. But not making decisions or being in a perpetual state of procrastination is also a decision. You can break this cycle and begin practicing the habit of effective decision making immediately, but the key word here is practice.

The more you practice financial decision making, the better you’ll become at making smart financial decisions. The better you become, the more self-confidence you gain. The more self-confidence you gain, the easier it is to make quick and decisive decisions. And this is the cycle and pattern of success that leads to wealth accumulation.

Do you have a favorite quote about decision making?

A peacefulness follows any decision, even the wrong one.  ~Rita Mae Brown

In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing. - Theodore Roosevelt

When you have to make a choice and don't make it, that is in itself a choice.  ~William James

Some persons are very decisive when it comes to avoiding decisions.  ~Brendan Francis

Life is the sum of all your choices.  ~Albert Camus

The hardest thing to learn in life is which bridge to cross and which to burn.  ~David Russell

Indecision becomes decision with time.  ~Author Unknown

Good decisions come from experience. Experience comes from making bad decisions. - Mark Twain

Using the power of decision gives you the capacity to get past any excuse to change any and every part of your life in an instant.  ~Anthony Robbins

The doors we open and close each day decide the lives we live.  ~Flora Whittemore

To decide is to walk facing forward with nary a crick in your neck from looking back at the crossroads.  ~Betsy Cañas Garmon