If you’ve read the Money Fight Club book you already know that every chapter starts with an inspirational quote, most from boxers.
As the great Ali once said: “I’m a fighter. I believe in the eye-for-an-eye business. I’m no cheek turner. I got no respect for a man who won’t hit back. You kill my dog, you better hide your cat.”
Wise words and just as applicable to your finances as your potential prowess in the ring.
But, for the purposes of this blog, we want to focus on another quote in the book; from Smokin’ Joe Frazier:
“You can map out a fight plan or a life plan, but when the action starts, it may not go the way you planned, and you’re down to your reflexes… That’s where your roadwork shows. If you cheated on that in the dark of the morning, well, you’re going to get found out now, under the bright lights.”
What it basically boils down to is: if you don’t do the training you’re going to take a beating.
Training to be money smart
We got to thinking about this the other day when we were doing our regular slot on Share radio. (You can catch it in the Radio section of this website.) Journalist Glen Goodman was gently sparring with us as we discussed telephone sales techniques and he very honestly admitted that, even as a personal finance expert, he was surprised by how plausible some telesales people can be.
Glen might not fall for their patter but he could see how it might happen. This can be particularly true when you’re trying to cancel something and get transferred to the retention department – or what we like to call it, the silver tongued smoothies department.
Toe to toe with the silver tongued smoothies
But is this surprising? After all, the person on the other end of the phone has been trained to sell. When it comes to buying we assume we can make sound financial decisions based, solely, on common sense and instinct.
Hmmmm. So, based on common sense and instinct, would you get up tomorrow morning and run a marathon, or go toe to toe with a boxer? Nah. Thought not.
So, if you want to make good decisions in the financial ring – start training. Do the early morning road work.
This isn’t about wading your way through all the financial information that’s available (particularly online) but about developing the mental attitude that ensures you buy when (and what) you want to buy. You never, ever allow yourself to be sold to, and certainly never by someone who cold calls you from goodness knows where. The research you do equips you with the tools to make specific decisions. But you train and get your head right first.
You can still have fun with your money and that early morning run can be exhilarating as your (financial) fitness levels rise. Plus we have some interesting tips and techniques designed to put you on your guard against slick sales techniques and behavioural marketing flim flam.