What's it for: Improving the quality of investments
Who's it for: Parents and business owners alike
"A penny saved is a penny earned" Benjamin Franklin.
I stumbled across a podcast from the founder of cloud hosting company UKFast, CEO Lawrence Jones MBE. The podcast was entitled 'What is stopping you from making a profit?' and it had an excellent tip for those who are prone to temptation and spur of the moment purchases.
He has a simple practice with his children, who I imagine could have most things if granted. When his children ask for a gift or to make a purchase on holiday, they know to expect the response; "Yes you can buy whatever you want, but you have to sleep on it".
Lawrence has found that the discipline of waiting has resulted in much better decision making and better quality purchases as the impulse has gone, and more factors are considered.
So the next time you're faced with the urge to make a purchase don't just ask yourself "Do I really need to make this purchase right now?" make sure you sleep on it.