Making Financial Decisions – It’s Time To Take The Wheel!

The following is the transcript of the video above, “Making Financial Decisions”. Therefore, it may be awkward to read. If you can, I would encourage you to watch the video. Automatically generated closed captioning is available on the video.


In this video, I want you to kind of use your imagination here to begin. So close your eyes and think about your money right now as a vehicle and picture somebody driving that vehicle. [Someone] driving your financial decisions.

Who are you seeing in that vehicle right now? Is it a financial company? Is it a bank or financial app that you’re using, that you just set it up and you’re hoping that it just takes care of your finances for you and you end up in a good position one day?

Maybe your parents are driving? Maybe you thought that they were doing things well financially their entire life and you’re taking their advice for everything. You’re asking them every question about finances. [But] maybe you’re finding out right now that they’re not that good at making financial decisions.

Maybe it’s a neighbor or a co-worker and you’re just kind of following in their footsteps? You ask them for advice every once in a while or just observe and you just kind of following along, finding out to that they’re not good at managing money.

Maybe it’s you driving that vehicle, making financial decisions but you know you got a blindfold on right now. You’re just driving around hoping that you end up in the right place. You wouldn’t hop in your car to go to the grocery store and put on a blindfold hoping that you get there one day. That sounds crazy. It doesn’t make sense to drive around with a blindfold on in your car, so why would you do the same thing with your finances? Why am I asking all these questions? We’ll get into that right after this [Intro Video].

Hey there! I’m Adam Hagerman, your financial coach. And if you’re saying things like, “With my income, I shouldn’t feel this stressed about money!”, then you’re in the right place. This channel is all about helping you better understand your money so you can use it as a tool to help you achieve financial freedom.

In order to achieve Financial Freedom, you need to take the wheel when making financial decisions because if you’re letting somebody else drive like we just talked about in the intro, then you’re just along for the ride. You are hoping that it gets you to your definition of Financial Freedom, but I can almost guarantee you that you’re driving towards their definition of Financial Freedom. And that may be way different than what yours is, so you have to take the wheel of your financial decisions.

[As a financial coach] I’ve seen way too many people sit on the sidelines way too long when it comes to their finances and they’re already headed way off in the wrong direction. They need to course correct. Maybe that’s you. You need to make a hard right hand turn or a complete 180 here to get moving back towards your definition of Financial Freedom. But again, you need to take that wheel. It’s important that you do so.

I know we live in a world with a lot of [financial] automation and things are being made easier for you and I wish I could say that you can put your financial decisions on complete autopilot and not do anything and end up in the right place financially, but unfortunately, that’s not the case.

Now you’re definitely going to be able to use somebody’s automation tools and stuff like that over time, but you got to take that step back and do some important things here, in the beginning, to get you course-corrected. Back to where you want to be financially.

Once you get moving in the right direction, you can start setting up things automatically again. Automatic transfers to investments or you know using some software to better understand your money. [I’m not talking about] excruciatingly looking at each individual line item of every expense that you have on a monthly basis here.

Things will get easier along the way and you can put that “financial vehicle” on cruise control. But you still need to pay attention to the road. You still need to pay attention to where you’re going. You can’t put it on cruise control and fall asleep at the wheel and again hope that you’re going to [keep going] in the right direction. If you’re just heading straight somewhere, you might be okay. But there are curves and bumps and potholes along the way, so you still need to pay attention. But yes, you’re definitely going to be able to use a lot of those automated tools along the way. But you need to take the wheel first. Get moving in the right direction on managing money.

Here’s a tweet from Paula Pant from Afford Anything that might help a little:

That’s exactly what you need to do. Remember, you can’t put it on autopilot. You have to pay attention to your finances.

If you care about achieving Financial Freedom, I guarantee you that you will achieve it one day. But if you don’t care about it, if you don’t want to achieve Financial Freedom, you want to be that passenger along for the ride, then you’re not going to care about it. You’re not going to get there one day. I’m sure that you want to get there one day, so make sure you take that wheel and start moving in the right direction.

So, where can you take the wheel of your finances today? What can you do today to start moving in the right direction?

Maybe you set up your financial life on autopilot over the last 10 years and it’s just kind of gotten out of control. [Maybe] you got 10 different savings accounts that you send money to on a monthly basis and you find yourself as soon as the money gets transferred to the one savings account, you immediately transfer back to your checking account because you need the money.

These are things that you have set up to try to help yourself that have just actually kind of hurt you. They didn’t help you financially. They did initially, but they’re not helping you now. Maybe you can make a good financial decision and kind of eliminate some of those things to get back on the right path financially.

Maybe you are behind on your bills right now and paying late fees and overdraft charges, but you’re still sending $100 per paycheck to your savings account and you haven’t touched that money. You need that money TODAY to get you course-corrected and moving in the right direction.

So head on down to the comments section and let me know the small step, the small thing that you’re going to do today to take the wheel of your financial decisions and get moving in the right direction managing money.

If you’re new here, make sure you subscribe to the channel to get yourself some weekly videos on personal finance. As always, remember that you deserve financial freedom. Take care of your money, so it can take care of you later. See you next time!