28th Sep,2017
Article By
Clearway Advice and Financial Management

With financial decisions are we our own worst enemies?

We Are Our Own Worst Enemies! True or False? When it comes to financial decisions, the answer is often “True”.

The making of decisions, especially financial decisions, involves all sorts of emotions. The decision involves the allocation of financial resources, of relatively scarce resources, of money, to the achievement of a multitude of wants, desires, needs.

No-one likes to be in a position to have to choose between the things we want, desire, or need, knowing that the selection or purchase of one items will force us to say “no” to another item on our list.

It can be an extremely emotional and often irrational process. It is complicated by the pressure we are under from the Salesperson, from our peers, from family who despite the best of intentions, do not always know what the right decision is for you.

In making financial decisions therefore, it is crucial that you have a plan, a list of prioritised goals, and that you refer to this plan regularly.

Financial Decisions. Get a plan

It is so easy to find that all the resources, all the cash, has been spent without any of the important goals or items being attended to.

Getting advice from those we know, friends and colleagues may in fact be counter productive. Do they actually know what your goals and aspirations are, do they know what your plans are for the education of your kids, how soon you’d like to have your home debt cleared, what style of retirement you are aiming for, what you’d like to buy your partner for your 30th wedding anniversary and whether the item you are thinking of buying today actually fits with any of those plans.

Financial decisions don’t just impact on you today, they can have far reaching ramifications.


After almost 30 years in the financial advice business in one form or another, it is clear to me and many who study the field, that our behaviour is the single biggest contributor to our failure to achieve our goals. That’s a pretty tough pill to swallow. And it is also pretty tough to manage.

We now have some of our clients heading into retirement, after working with us for many years following clear strategies and advice preparing for this day.

Throughout the journey they have remained largely focussed, but they have not been living in a cocoon. Life happens to everyone. Kids need help from time to time, after you have educated them and they have gone off on their own life adventure.

But in the end, a focus on the end goal always helps to keep you largely on track.

The key requirements are that we all need to develop a clear picture of what we are aiming for and then simply develop a plan.

As with most people who are trying to achieve long term goals, there is a need for guidance. A Certified Financial Planner who is associated with a FPA professional Practice is ideally suited to this role.

Call us today. It never hurts to have a chat.

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At the very centre of our business is our commitment and focus to helping you achieve your financial objectives. We exist to create clarity, build confidence, deliver security and enhance opportunity through honest engagement and trusted advice.

ClearWay Advice and Financial Management provides financial planning advice across Far North Queensland with offices in Innisfail and Mission Beach.

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