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Level 5. Decision-Making Guide

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Level 5. Decision-Making Guide

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Master the decision-making framework to become a more informed and intentional consumer!

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WM
WM
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Level 5. Decision-Making Guide
 

Level 5. Decision-Making GuideOnline version

Master the decision-making framework to become a more informed and intentional consumer!

by WM
1

Financial Decision-Making: Making Smart Choices With Your Money

Key Question:

How can you make spending decisions that support your goals instead of working against them?

2

Choices Choices Choices

Every financial decision is a choice

Every day, you make decisions about how to use your money.

Some decisions are small:

  • Buying lunch
  • Going to the movies
  • Getting a new game

Others are much bigger:

  • Buying a car
  • Choosing a college
  • Renting an apartment

No matter the size, every financial decision involves making a choice

Key Takeaway:

Good financial decisions rarely happen by accident. They happen through intentional thinking

3

Opportunity Cost & Trade-Offs

Every choice has a cost

When you choose one option, you give up the opportunity to choose another

Trade-Off - The act of choosing one thing instead of another

Opportunity Cost - The value of the best alternative you gave up

Example:

You have $100

You can:

  • Buy the newest video game
  • Add money to your college savings fund

If you buy the new game:

Trade-Off: You chose entertainment over college prep

Opportunity Cost: The additional money you could've had for college

Look Out For:

  • Focusing only on what you're getting
  • Ignoring what you're giving up
4

Consequences

Just like every choice has a cost, every decision has a consequence

Financial decisions create future outcomes, both good and bad

Positive Consequences:

  • Growing savings
  • Reaching goals
  • Reducing stress
  • Building wealth

Negative Consequences

  • Less money available later
  • Increased debt
  • Delayed goals
  • Financial stress

Example:

Spending $500 on hair, nails, and makeup may mean delaying a future vacation (but at least you'll look good at home)

Key Question:

How might today's decision affect tomorrow?

5

Price vs. Value

Although similar, they are not the same thing


Price - The amount of money you pay

Value - The usefulness, benefit, or satisfaction you receive

Example:

Option A - $20 headphones that may last 6 months

Option B - $60 headphones that may last 3 years

The first option has the lower price; however, the second option may provide the greatest value. If you have to buy $20 headphones every 6 months, over the course of 3 years, you would spend $120. Therefore, option A could technically be considered more expensive

Key Takeaway:

The cheapest option isn't always the best option. And conversely, the most expensive option doesn't always provide the best value. Always research before purchasing

6

True Cost

The price isn't always the full cost

When making financial decisions, many people only look at the price tag. Smart consumers consider the true cost of a purchase

Cost - The total amount sacrificed to obtain something, including money, time, or effort

True Cost can include:

  • The purchase price
  • The time/work it took to earn the money
  • The income or opportunities sacrificed

Example:

A vacation costs $1,000

But the true cost also includes:

  • 40 hours worked to earn the money
  • One week of future unpaid work while on vacation ($1,000)
  • Additional costs like food, transportation, and leisure while on vacation
  • The opportunity cost of the money that could have been used elsewhere (something that could have made you more money)

Although there is great value in the vacation, the true cost could actually be over $3,000 instead of $1,000

Key takeaway:

Always evaluate the true cost of a purchase to get an idea of the total money you will spend. Then, ask yourself if it's still worth it

7

Affordability

Just because you can buy it doesn't mean you can afford it

Having enough money to buy something doesn't mean that you should

Affordability - The ability to purchase something without negatively affecting your financial goals, priorities, or responsibilities

Example:

You have $1,000 in your account

A new phone costs $800

Can you buy it? Yes

Can you afford it? Probably not

That single purchase would eliminate 80% of your money, potentially leaving you in a bad spot to allocate money for needs and savings goals

Key Takeaway:

Always look at the bigger picture

8

Decision-Making Framework (DMF)

A system for making better decisions

Instead of relying on emotions, use a process

Step 1: Do I need it or simply want it?

Step 2: Can I truly afford it?

Step 3: What is the true cost?

Step 4: What is the opportunity cost?

Step 5: Does the value justify everything I'm giving up?

Step 6: Does this purchase align with my budget and financial goals?

9

DMF In Action

Scenario

Alex has been saving for six months for a new laptop for college. His current laptop is in bad condition. He has saved $1,200 specifically for this purchase, researched several models, and found one that meets his needs for $950


DMF

  1. Need or want? Need
  2. Can he afford it? Yes. It fits within his savings without affecting other responsibilities
  3. What is the true cost?
  4. $950 purchase price
  5. Several months of working and saving
  6. Potential accessories (mouse, keyboard...etc)
  7. What is the opportunity cost? Saving for a different goal or using the money for fun
  8. Does value justify cost? Yes. The laptop will be used daily for school, increase productivity, and last for several years
  9. Does it align with his budget and financial goals? Yes. It supports his education and long-term career goals

Final Decision: Purchase the laptop

10

DMF In Action (Continued)

Scenario

Alyssa sees a designer handbag on sale for $350 while shopping with friends. She already owns several handbags, but this is a good sale that ends tonight. She has enough money in her checking account to buy it, but doing so would delay her goal of saving for a Spring Break trip.


DMF

  1. Need or want? Want
  2. Can she afford it? She has the money to buy it, but not without it affecting her goals
  3. What is the true cost?
  4. $350 purchase price
  5. Many hours worked to earn the money
  6. Accessories to match the handbag (outfit, shoes, jewelry)
  7. What is the opportunity cost? Giving up progress toward a vacation she's been planning for months
  8. Does value justify cost? No. She already owns similar handbags, and another one won't add significant value
  9. Does it align with his budget and financial goals? No. It moves her farther away from her goal

Final Decision: Don't purchase the handbag

11

Conclusion

  • Every financial decision involves trade-offs, opportunity costs, and consequences
  • Smart consumers understand price vs. value and affordability
  • Most importantly, they use a decision-making framework to evaluate choices before spending money
  • The goal isn't to always say "no" or only spend money on needs. It's to make intentional decisions and avoid reckless spending.
 
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