• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Reckless decisions

A clinical study conducted in 2018 found that roughly 32.8% of adults had some form of impulse control disorder, ranging from gambling issues to compulsive shopping habits.

Meanwhile, three out of four recent homebuyers expressed regrets about their decision, with 26% of them claiming they rushed the homebuying process and should have waited longer, according to a survey conducted by Clever Real Estate.

Put simply, Ryan isn’t alone in his brash decision-making. “Pretty much everything you’ve done has been an impulse decision,” Ramsey told him. “All of these decisions have been impulsive: the moves, the pregnancy, the shaking up, the breaking up.”

Surprisingly, this habit hasn’t been reflected in his finances. Ryan claimed he has only $500 in credit card debt and is on course to pay it off soon. He works in sales and believes he has some flexibility to follow his ex-girlfriend to Tennessee to be closer to his child.

However, Ramsey offered some advice to make this decision easier.

Need cash fast? Turn to Credible for hassle-free personal loans!

With competitive rates and transparent terms, Credible makes borrowing simple and stress-free. Whether it's for a new car, home improvement, or debt consolidation, find the perfect loan for your needs.

Find the best rate for you

Better decision-making model

Ryan can’t change the choices he’s already made, but he can be more careful with the ones that lay ahead.

Ramsey suggested a framework for making his next decision: “The good decision-making paradigm is this — the more important the decision, the more information you need about the decision and the longer time you should take making the decision.”

For instance, Ramsey said, the decision to purchase a car should take longer to mull over than deciding whether to buy a pack of gum. By that measure, Ryan should probably take his time before considering a move to Tennessee. “I want both of you to make slower… decisions,” he said.

He also recommended seeking out a couples therapist to help Ryan and his ex-girlfriend communicate clearly and attempt to resolve their differences before they potentially go their separate ways.

Three out of four couples who hired a relationship therapist (76%) said it had a high or very high impact in helping them, according to the Verywell Mind survey of 1,106 American adults.

The survey also found that these professional sessions were expensive — costing, on average, more than $300 a month — but 94% of couples said it was worth the investment.

Sponsored

This 2 Minute Move Could Knock $500/Year off Your Car Insurance in 2024

Saving money on car insurance with BestMoney is a simple way to reduce your expenses. You’ll often get the same, or even better, insurance for less than what you’re paying right now.

There’s no reason not to at least try this free service. Check out BestMoney today, and take a turn in the right direction.

Vishesh Raisinghani Freelance Writer

Vishesh Raisinghani is a freelance contributor at MoneyWise. He has been writing about financial markets and economics since 2014 - having covered family offices, private equity, real estate, cryptocurrencies, and tech stocks over that period. His work has appeared in Seeking Alpha, Motley Fool Canada, Motley Fool UK, Mergers & Acquisitions, National Post, Financial Post, and Yahoo Canada.

Explore the latest articles

What is a buy now, pay later plan?

Tech behemoth Apple is entering the BNPL arena, while the U.K.’s Klarna struggles. What does this mean for shoppers?

Samantha Emann Senior Associate Editor

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.