Have you ever made a purchase, signed a contract or made a major decision only to realize later that it may not have been in your best interest?
*Raised Hand* I have. I can remember one decision last year in particular. I was working in the mortgage industry and one day noticed the rates being offered to new applicants for mortgage loans.
Normally, I didn’t pay attention, but this particular day every file I looked at had rates that were in the mid 3% and low 4% range. At that moment, I made a mental note to call my mortgage company to see what type of rate my husband and I would qualify for.
Well, I made the call only to find out that I’d missed the boat by a couple of weeks. The rates I was seeing at work were about 2-3 weeks old, but had been locked for the borrower by the loan officer. Our mortgage rate at that time was about 5.75%, but we were being offered (that day) about 4.75% for a refinance. Not too shabby, BUT I was mad at myself for not paying attention sooner.
I talked it over with my husband and we decided to move forward. Within the next several days, I completed the application over the phone with the loan officer. But for some reason the decision didn’t rest well with my husband or myself. I had this nagging feeling of blah that I just couldn’t get rid of the rest of that day nor could I sleep that night.
The next morning, I called the loan officer and decided to withdraw our application. Of course, he was upset because he’d spent so much time collecting all of our information. I really felt bad, but decided that it didn’t matter how he felt…making the best decision for our family was most important.
Fast forward six months, rates dropped again. But this time, I was paying attention. We were able to refinance at 3.875% for 15 years which left our mortgage payment the same, but reduced our term by 4.5 years.
Was that a great decision? Yes it was! Did I have second thoughts? Not at all! I’m very grateful that I don’t have to look back with the pain of regret.
This decision has reinforced three valuable lessons for me:
- Pay attention to my gut or my intuition.
- Be ok with changing my mind.
- Allow 24 hours before finalizing a decision.
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The Conclusion:
So, this was only one example of enforcing at least one of the lessons above, but I’ve had many instances where the decision didn’t work out so well. But as I grow and pay more attention to the results of my decisions, I’m becoming a better decision maker. Not perfect, but better.
The point is that we all learn from one another every day. I think it was Eleanor Roosevelt that said, “Learn from the mistakes of others. You can’t live long enough to make them all yourself.”
In most aspects, I think she’s right. Here’s where I differ: The experience for one person may not be the same experience for another. BUT it’s always good to know many of the pros and cons before jumping in feet first. WARNING: Beware of impulsive decisions.
Question: Do you recall making a decision that you later regretted? Were you able to change your mind or was it too late? Feel free to share your answer with other readers below.
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