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Selfcontrol is key to managing finances from "summary" of The New Psychology of Money by Adrian Furnham
Self-control is a crucial element when it comes to managing finances effectively. It is the ability to resist impulses and delay gratification in order to achieve long-term goals. This means being able to resist the temptation of instant gratification and instead making decisions that will benefit you in the long run. When it comes to managing finances, self-control is key because it allows you to make rational decisions about how you spend, save, and invest your money. Without self-control, it is easy to give in to the temptation of impulse purchases or overspending, which can lead to financial trouble in the future. By practicing self-control, you are able to stick to a budget, save money for emergencies or future goals, and avoid unnecessary debt. This requires discipline and willpower, but the rewards are worth it in the end. Self-control also plays a role in investment decisions. It can be easy to get caught up in the excitement of the stock market or other investment opportunities, but having self-control allows you to make rational decisions based on your financial goals and risk tolerance.- Self-control is a valuable skill to have when it comes to managing finances. It allows you to make decisions that will benefit you in the long term, rather than giving in to short-term temptations. By practicing self-control, you can take control of your financial future and work towards your goals with confidence.
