Setting Your Priorities When It Comes To Money

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It's been a really hectic week for me at home. 2021 has come with new career responsibilities and exciting challenges I can't run from. I have also decided to face my fears headlong and go back to school. Classes resume tomorrow. Turns out I may be quite inconsistent here for the foreseeable future. But there is business to run, so I can't afford to totally disappear into thin air.

So, I have come to realize that when it comes to money, we all see priorities differently. I just happen to think that certain things should not be compromised. The question was the sequence of actions you would take if you were broke and you suddenly get a huge money in your account. It is to be assumed that you have nothing to fall back on, with your debts already piled up, and yet with your own personal financial goals and obligations to fulfill. Which challenge would you respond to, first? By the answers provided, many people (I haven't crunched the data) would rather sort out their own personal financial goals and obligations before settling debts. So let me introduce you to the Eisenhower Matrix that basically helps to decide on priorities by setting your tasks into what's urgent and what's important.

In that situation, I like to believe that stocking up food and essentials is urgent. Without food, you can't survive at all. Debts are urgent too. Don't you want your peace?? Whatever is left after those two then becomes the important things you can carefully think about. You don't just think of investments first when you have big money. Ensure you have sorted out all pending issues, so you can make investment decisions from a place of financial peace. Remember, investing your money is like casting your bread upon the waters - being prepared to lose it. You don't invest money you are not willing to lose. So, tell me, why will you take risks with money when you have not eaten or settled your debts?

Don't be like that comedian guy who sold the Benz he got on credit, and instead of paying his debt, he decided to invest in Forex. It may have seemed smart to him, but that is one of the most terrible money decisions I have come across in a long time. I don't know if I am making sense, or if the point has been driven home, but I just wanted to share my thoughts on setting priorities with money when you suddenly come across plenty of it.