1. Money
Dana Anspach

Bye Twisted Sister

By January 2, 2013

Follow me on:

No, not the band; the first dirtbike I bought in 2006. She got her name after a bad wreck where her frame got twisted (as well as my wrist and some other parts).

Since then I've accumulated more dirtbikes. There is no reason for me to keep them all, and no reason for me to sell them. And so it was quite interesting for me to observe how I approached this transaction.

It had nothing to do with money, and everything to do with emotions - and convenience. I've thought for awhile I ought to get down to one bike, but it's a hassle to take pics, create a Craigslist ad, take calls, and deal with strangers. And so I just kept the bikes and took friends out to ride on occasion.

This past weekend though a friend called me. He needed a bike for a special project and wanted to know if I would sell one of mine. We stood in the garage, as I hemmed and hawed. I felt this incredible emotional attachment to the bike. There was nothing logical about my reluctance to part with it at a fair price. I thought about it over night. What I spent time thinking about was the fascinating cornucopia of emotions I was experiencing over simply parting with a bike.  Ultimately I decided selling it was a good idea.  The deciding factor for me was two-fold. First, the convenience of a sale that took no work on my part. Second, was, oddly enough, I am quite happy my bike is going on to do something pretty cool. (I heard today she was at the shop getting a facelift.)

The interesting thing is, most financial decisions we make have an emotional component. Our spending and savings habits are all emotionally driven. Our choice of homes, cars, and clothing - emotional choices.

It pays to spend some time exploring your emotional feelings around financial decisions. Sometimes they are uncomfortable feelings, and so you may avoid thinking about them or pretend that the feelings aren't there.

Sometimes people don't plan for retirement because they are afraid of aging. Sometimes its because they don't want to face where they are at financially because it brings up feelings of  'not being where you should be'. We all have these feelings.

Get comfortable with your emotions around money, even your uncomfortable ones. It's an exercise that will pay off.

Comments
January 3, 2013 at 10:08 am
(1) Charles says:

This is a very profound and important observation which has caused all sorts of light bulbs to go off in my head and illuminate many of my financial decisions. I still have a mutual fund started for me by my father nearly 35 years ago. And I think it might have just barely beaten inflation, if….Time to bid it good-bye.

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