Comments on: Facing A Difficult Personal Finance Decision (Or Other Major Decision)? Try These Seven Techniques http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 23:44:30 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Jude http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-133284 Jude Sun, 16 Dec 2007 06:21:10 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-133284 I used a similar process in deciding whether to go to grad school, get a job, or do something for a few years like teaching abroad or the peace corps. After coming to the conclusion that grad school is where I want to be, it has been full steam ahead taking the GMAT and applying (with all the headaches that come with it) I used a similar process in deciding whether to go to grad school, get a job, or do something for a few years like teaching abroad or the peace corps. After coming to the conclusion that grad school is where I want to be, it has been full steam ahead taking the GMAT and applying (with all the headaches that come with it)

]]> By: partgypsy http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-129321 partgypsy Mon, 10 Dec 2007 15:13:57 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-129321 One thing I do have to say, is that you are an excellent writer. You are able to take a complex topic and break it down into parts that are easy to understand and even enjoyable to read. I think you would be great at how to or self help type books. I guess I would go with money blue book and Steve's advice. You do have a career in writing (along with your other careers) but it is not fully self-supporting. If you did it full time, what would you be doing differently than what you are doing right now (and I don't mean I will work x many more hours at it, what would you do qualitatively different?) One thing I do have to say, is that you are an excellent writer. You are able to take a complex topic and break it down into parts that are easy to understand and even enjoyable to read. I think you would be great at how to or self help type books. I guess I would go with money blue book and Steve’s advice. You do have a career in writing (along with your other careers) but it is not fully self-supporting. If you did it full time, what would you be doing differently than what you are doing right now (and I don’t mean I will work x many more hours at it, what would you do qualitatively different?)

]]> By: Louise http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-129062 Louise Mon, 10 Dec 2007 06:39:31 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-129062 That poem makes me gag in the same way that seeing "What a long strange trip it's been" in a high school yearbook does. Otherwise a very helpful guide. Thanks. That poem makes me gag in the same way that seeing “What a long strange trip it’s been” in a high school yearbook does.

Otherwise a very helpful guide. Thanks.

]]> By: Red Jello http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128937 Red Jello Mon, 10 Dec 2007 01:52:33 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128937 The last one is: go with your gut. Many times I just knew it was the right decision, even if I couldn't articulate it. Intuition and gut tell all! The last one is: go with your gut. Many times I just knew it was the right decision, even if I couldn’t articulate it. Intuition and gut tell all!

]]> By: Mike http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128911 Mike Mon, 10 Dec 2007 00:55:50 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128911 Wow! Great reminder, Kim. And a great post, Trent. How wonderful to have financial choices in a world where each day is a struggle just to survive for so many people. I think Frost's poem is bittersweet, but in a good way, in the same tone as the last line from John Updike's "A&P": "my stomach kind of fell as I felt how hard the world was going to be to me hereafter." The best choice is not always the easiest choice--sometimes it's the hardest road--but it's the road you've chosen and therefore it's the path that's truest to who you are. Wow! Great reminder, Kim. And a great post, Trent. How wonderful to have financial choices in a world where each day is a struggle just to survive for so many people.
I think Frost’s poem is bittersweet, but in a good way, in the same tone as the last line from John Updike’s “A&P”: “my stomach kind of fell as I felt how hard the world was going to be to me hereafter.”
The best choice is not always the easiest choice–sometimes it’s the hardest road–but it’s the road you’ve chosen and therefore it’s the path that’s truest to who you are.

]]> By: Kim http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128710 Kim Sun, 09 Dec 2007 17:48:52 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128710 These kinds of decisions can be heart-wrenching, I know. But ......... aren't we who have choices so very very lucky? These kinds of decisions can be heart-wrenching, I know.

But ……… aren’t we who have choices so very very lucky?

]]> By: vh http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128696 vh Sun, 09 Dec 2007 17:08:17 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128696 Follow your heart. You will make the right decision. One thing is for certain: If you try to go it on your own and it doesn't work, your world will not end. You're now financially stable, you have a spouse who can pick up a job that will cover your family's health insurance, you evidently have made a social life locally that provides friends and business contacts, and so you can get another job if you have to. Follow your heart. You will make the right decision.

One thing is for certain: If you try to go it on your own and it doesn’t work, your world will not end. You’re now financially stable, you have a spouse who can pick up a job that will cover your family’s health insurance, you evidently have made a social life locally that provides friends and business contacts, and so you can get another job if you have to.

]]> By: Leisureguy http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128639 Leisureguy Sun, 09 Dec 2007 15:51:37 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128639 I <strong>highly</strong> recommend the book <a href="http://www.abebooks.com/servlet/SearchResults?an=russo&sts=t&tn=decision+traps&x=50&y=2" rel="nofollow"><em>Decision Traps</em></a>, by Russo and Schoemaker, for any time that you're facing any major decisions. We are all self-taught decision-makers and thus we all are prone to common errors. This book reviews the ten most common errors---with examples---and shows how to avoid them and how to improve your decision-making. I highly recommend the book Decision Traps, by Russo and Schoemaker, for any time that you’re facing any major decisions. We are all self-taught decision-makers and thus we all are prone to common errors. This book reviews the ten most common errors—with examples—and shows how to avoid them and how to improve your decision-making.

]]> By: Steve http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128631 Steve Sun, 09 Dec 2007 15:41:24 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128631 Trent, I think you should keep your day job, but I think you already know that. What is The Simple Dollar about? If it's about sense and cents, the decision is pretty clear. Like any other business that is grown, whether it's writing, or selling things through ebay, or maintaining a website with revenue, the time to quit is when you've got enough secondary income to meet your goals. Do you have a solid plan to achieve that through writing? What parts of that plan could be executed while keeping your day job? As you know, personal finance is all about looking at the picture critically, with an eye for what's actually likely to happen, rather than what you want to happen. People get in trouble because they assume the best case scenario - because they let what they want prevent them from seeing what is. Applying the words of Dave Ramsey to your current dilemma, get rich slowly: be measured and pragmatic, don't jump in. If you want to make money, what's the business model? Does this blog have a business model? Is it a marketing tool for a book, or something to raise your web presence in preparation for capitalizing on it? Make sure you're spending your considerable energies on things that lead to income. At any rate, that's my two cents - my wife and I really enjoy your blog! Trent, I think you should keep your day job, but I think you already know that. What is The Simple Dollar about? If it’s about sense and cents, the decision is pretty clear. Like any other business that is grown, whether it’s writing, or selling things through ebay, or maintaining a website with revenue, the time to quit is when you’ve got enough secondary income to meet your goals. Do you have a solid plan to achieve that through writing? What parts of that plan could be executed while keeping your day job?

As you know, personal finance is all about looking at the picture critically, with an eye for what’s actually likely to happen, rather than what you want to happen. People get in trouble because they assume the best case scenario – because they let what they want prevent them from seeing what is.

Applying the words of Dave Ramsey to your current dilemma, get rich slowly: be measured and pragmatic, don’t jump in.

If you want to make money, what’s the business model? Does this blog have a business model? Is it a marketing tool for a book, or something to raise your web presence in preparation for capitalizing on it? Make sure you’re spending your considerable energies on things that lead to income.

At any rate, that’s my two cents – my wife and I really enjoy your blog!

]]> By: Penny http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128573 Penny Sun, 09 Dec 2007 13:50:58 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128573 Trent, I tend to agree with Echo some things just take on a life of their own. They are meant to be, or not. You are already writing, but you want to make money at it. So many of the post make sense. Why can't you do it all! Not to the degree of the hurried rabbit but like the slow and determined turtle that finished the race. I would write your novel or self help book and send it out. All the pros and cons won't get the writing finished. My opinion is not to quit your day job. When you get a bite let it take on (as I hear writers say) a life of it's own. As I have been reading your emails everyday I notice something very important. If you put everything you know into the best ideas you have learned, someone would see the potential for greatness. I have learned from you about many things. What if you took it all and gave a concice and practical way to look at life. I'm not a fan of ambigous thought on paper. I like knowing someone has an opinion and shares it. Also December is a bad month to start anything, I expect when January rolls around you will be up and running with new ideas. That is my prayer for you. Trent, I tend to agree with Echo some things just take on a life of their own. They are meant to be, or not. You are already writing, but you want to make money at it. So many of the post make sense. Why can’t you do it all! Not to the degree of the hurried rabbit but like the slow and determined turtle that finished the race. I would write your novel or self help book and send it out. All the pros and cons won’t get the writing finished. My opinion is not to quit your day job. When you get a bite let it take on (as I hear writers say) a life of it’s own. As I have been reading your emails everyday I notice something very important. If you put everything you know into the best ideas you have learned, someone would see the potential for greatness. I have learned from you about many things. What if you took it all and gave a concice and practical way to look at life. I’m not a fan of ambigous thought on paper. I like knowing someone has an opinion and shares it. Also December is a bad month to start anything, I expect when January rolls around you will be up and running with new ideas. That is my prayer for you.

]]> By: Mohammed (UAE) http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128544 Mohammed (UAE) Sun, 09 Dec 2007 13:07:29 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128544 There is a nice little tool (called EvaluWeight) available for free which seems to be a good way to do this (without having to make up a spreadsheet). http://www.donationcoder.com/Forums/bb/index.php?topic=11171.msg89147 You identify and weight different factors and then rate different products against those factors. The author of the software notes that usually the decision depends at most 20% on financial aspects. I think there are more "parts" to the finance, not just the purchase cost. How about upkeep, maintenance, insurance etc. There is a nice little tool (called EvaluWeight) available for free which seems to be a good way to do this (without having to make up a spreadsheet).

http://www.donationcoder.com/Forums/bb/index.php?topic=11171.msg89147

You identify and weight different factors and then rate different products against those factors.

The author of the software notes that usually the decision depends at most 20% on financial aspects. I think there are more “parts” to the finance, not just the purchase cost. How about upkeep, maintenance, insurance etc.

]]> By: Echo http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128533 Echo Sun, 09 Dec 2007 12:29:26 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128533 This is a great article. You did leave off one of my own personal tools, so I thought I would comment in case it was something you wanted to add to your list. I believe that there is a higher part of ourselves/the universe/God that knows how every decision is going to turn out. Whether someone uses prayer or meditation or intuition, or whatever they want to call it, that part is wiser than us and knows the ultimate truth about what the best decision is. I try to access that in addition to consulting my thinking and emotional selves when making a decision. This is a great article. You did leave off one of my own personal tools, so I thought I would comment in case it was something you wanted to add to your list. I believe that there is a higher part of ourselves/the universe/God that knows how every decision is going to turn out. Whether someone uses prayer or meditation or intuition, or whatever they want to call it, that part is wiser than us and knows the ultimate truth about what the best decision is. I try to access that in addition to consulting my thinking and emotional selves when making a decision.

]]> By: Honest Dollar http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128357 Honest Dollar Sun, 09 Dec 2007 06:04:43 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128357 Trent - your last point is right on. When I left the 2-year analyst program at an investment bank a little over 10 months after entering it, everyone thought I was crazy. I was 2 months away from a hefty year-end bonus, but I was completely miserable. A lot of people tried to convince me that no one ever leaves the program (sounds like a bad sci-fi movie plot). But these were the same people who were just as miserable as I was, unwilling to make a change because no one else had before. Ultimately, it won't matter what other people think about your unconventional choices. If you make a choice with good consequences, then you'll be happy. If you make a choice with bad consequences, then you've got more to worry about than what other people think. Best of luck! Trent – your last point is right on. When I left the 2-year analyst program at an investment bank a little over 10 months after entering it, everyone thought I was crazy. I was 2 months away from a hefty year-end bonus, but I was completely miserable. A lot of people tried to convince me that no one ever leaves the program (sounds like a bad sci-fi movie plot). But these were the same people who were just as miserable as I was, unwilling to make a change because no one else had before. Ultimately, it won’t matter what other people think about your unconventional choices. If you make a choice with good consequences, then you’ll be happy. If you make a choice with bad consequences, then you’ve got more to worry about than what other people think.

Best of luck!

]]> By: her every cent counts http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128353 her every cent counts Sun, 09 Dec 2007 05:55:38 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128353 You should go for the career in writing. It's not as hard as you may think, especially if you're willing to write about things you're not interested in. Every company needs writing (for brochures or their website) and every magazine (even boring trade mags) need articles. I highly recommend making the change if it will make you happy. - hereverycentcounts (freelance writer/designer) You should go for the career in writing. It’s not as hard as you may think, especially if you’re willing to write about things you’re not interested in. Every company needs writing (for brochures or their website) and every magazine (even boring trade mags) need articles. I highly recommend making the change if it will make you happy.

- hereverycentcounts
(freelance writer/designer)

]]> By: Shevy http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128336 Shevy Sun, 09 Dec 2007 04:30:03 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128336 I've always really liked The Road Less Traveled but it's *very* ambiguous. When I studied it in high school I came away with the understanding that the core of the poem was about choice and the various subsequent choices that spin off from the initial decision. (See the portion I've chosen to quote below.) The end result may be good or bad, but you're unlikely to be able to go back and start over so you should take your time and choose carefully or you may be looking back with regret at the end. Possibly that's the part that most closely connects with the decision Trent is facing right now and the importance of this decision on what will come after for him. "Oh, I kept the first for another day! Yet knowing how way leads on to way, I doubted if I should ever come back." Robert Frost I’ve always really liked The Road Less Traveled but it’s *very* ambiguous. When I studied it in high school I came away with the understanding that the core of the poem was about choice and the various subsequent choices that spin off from the initial decision. (See the portion I’ve chosen to quote below.)

The end result may be good or bad, but you’re unlikely to be able to go back and start over so you should take your time and choose carefully or you may be looking back with regret at the end.

Possibly that’s the part that most closely connects with the decision Trent is facing right now and the importance of this decision on what will come after for him.

“Oh, I kept the first for another day!
Yet knowing how way leads on to way,
I doubted if I should ever come back.”
Robert Frost

]]> By: Sunshine http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128321 Sunshine Sun, 09 Dec 2007 03:22:52 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128321 Oh, BTW, Trent - Great post! Oh, BTW, Trent – Great post!

]]> By: Sunshine http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128320 Sunshine Sun, 09 Dec 2007 03:20:33 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128320 Favorite.poem.ever. @Southerngirl Your point is well noted, but w/o getting into the nuances of english lit, (esp. coming from my science background and history of hating every lecture or assignment that involved any sort of analyzing any sort of literature for its 'true' meaning), perhaps the poem is intended to be ambiguous, so as to be interpreted by the reader how they see fit. I have chosen to interpret it the way Trent has for many, many years even while knowing the entire peom. Favorite.poem.ever.

@Southerngirl

Your point is well noted, but w/o getting into the nuances of english lit, (esp. coming from my science background and history of hating every lecture or assignment that involved any sort of analyzing any sort of literature for its ‘true’ meaning), perhaps the poem is intended to be ambiguous, so as to be interpreted by the reader how they see fit. I have chosen to interpret it the way Trent has for many, many years even while knowing the entire peom.

]]> By: Ryan S. http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128296 Ryan S. Sun, 09 Dec 2007 02:37:05 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128296 This is a perfect article for me right now, as I'm facing several important personal and professional choices. I don't have to decide right now, but some of them I must decide soon, some I've decided must be decided upon before the end of 2008. Thanks a lot! This is a perfect article for me right now, as I’m facing several important personal and professional choices. I don’t have to decide right now, but some of them I must decide soon, some I’ve decided must be decided upon before the end of 2008. Thanks a lot!

]]> By: JReed http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128263 JReed Sun, 09 Dec 2007 00:43:36 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128263 I use a "decision tree" to make big decisions. It plots out most of the possibilities and the outcomes using "if", "then". Usually there are only so many outcomes that I am willing to accept so once it is drawn out, the path to these results become clear. I was taught this tool in high school and never forgot it. Later I was reading a drug instruction pamphlet meant for physicians and realized it used the same technique. I use a “decision tree” to make big decisions. It plots out most of the possibilities and the outcomes using “if”, “then”. Usually there are only so many outcomes that I am willing to accept so once it is drawn out, the path to these results become clear.
I was taught this tool in high school and never forgot it. Later I was reading a drug instruction pamphlet meant for physicians and realized it used the same technique.

]]> By: Becky http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/comment-page-1/#comment-128261 Becky Sun, 09 Dec 2007 00:41:34 +0000 http://www.thesimpledollar.com/2007/12/08/facing-a-difficult-personal-finance-decision-or-other-major-decision-try-these-seven-techniques/#comment-128261 I really like your last point, about taking the road less traveled. My new husband and I did this with our wedding and it was the best thing we ever did! Everyone thought we were crazy for planning a wedding in two months (no, I'm not pregnant) and we did a small wedding on a Sunday with no big "dance" reception. Bucking the trend was not popular with a lot of people, but it fit who we are and made the day sooooo much more enjoyable to us than if we had had the kind of wedding that society told us we should have. I really like your last point, about taking the road less traveled. My new husband and I did this with our wedding and it was the best thing we ever did! Everyone thought we were crazy for planning a wedding in two months (no, I’m not pregnant) and we did a small wedding on a Sunday with no big “dance” reception. Bucking the trend was not popular with a lot of people, but it fit who we are and made the day sooooo much more enjoyable to us than if we had had the kind of wedding that society told us we should have.

]]>