tough financial decisions

Tough Financial Decisions: Sometimes you just have to bear the cost!

Let’s face it. Everyone has to make tough financial decisions from time-to-time. These are those decisions that we really hope don’t happen on a regular basis.  Knowing they will happen and how to handle them is important.  

There is never an ideal time. 

An example of this was one summer day I was out on a lengthy bicycle ride. I’m competitive by nature and love to challenge myself. I pushed myself really hard and completed the ride in record time. Unfortunately, in the process of the crazy ride I injured my knee and didn’t realize it until I got off my bike and realized my knee had filled with liquid. My knee swelled to double the size it normally was. Needless to say, it was a little concerning and I felt like it needed to be checked out, treated and maybe even drained. As you can imagine, I had not planned on a trip to seek medical care that day or spend the money to have it checked out. Unfortunately, I had to bear the cost of an emergency medical visit. (And believe me, if you saw what my knee looked like you would understand why it needed to be checked out!)

It could feel expensive – and you may hate to spend the money.

In the new world of remote work and solopreneurship, people really depend on their laptop and phone to successfully obtain, complete and excel in their day to day professional life. Imagine that your laptop or phone suffered a terrible death by a spilled cup of coffee or a drop down the stairs. These often feel like a terrible – but necessary – expense to take on. You probably despise the idea of having to replace them (I know I do). You know the device has to be replaced or you won’t complete work in exchange for compensation to pay your bills. It is kind of a big deal to replace them, and right away. You are going to hate it, it will feel expensive but it needs to happen.

Flip the script.

At the time, it may seem like the end of the world. Especially if money is tight, your emergency fund is drained and you have to put an expense on a credit card. It can feel like everything is all bad. I’m not saying that it is not rough. Although, you can always look at things differently. Here are three questions to consider when in this situation – and they may just help you feel better about the whole ordeal:

  1. What are the benefits of this tough financial situation (Find them, they exist)?
  2. How can this be a motivating event for you?
  3. What can you learn from the experience?

A colleague recently had to purchase a new laptop – on a Friday so she could be functional for work on Monday. Here’s how she came to “flip the script” when considering these three questions.  One benefit of the tough financial situation was recognizing the benefit of backing up her laptop’s data on a regular basis so her files were easily transferable to her new laptop. She became motivated by the experience to make sure to pay closer attention to her electronics to make sure she addresses any potential problems as they arise. And what did she learn from the experience? To not drink beverages near her laptop’s keyboard!

What tough, unexpected financial decision have you had to make within the last few months? How did you handle it? Is there anything you would do differently?

A Journey to Personal Financial Independence

At Morgan Franklin Fellowship (MFF), we support the concept of financial freedom – by teaching participants how to save by paying themselves first, invest for their future and grow their net worth.

Learning how money works and how to talk about money with others are the first steps towards recognizing an individual’s lifelong financial goals. Our online courses and on-demand learning events are designed to help individuals learn the concepts, rules and vocabulary of money, finance and investing.

Becoming an MFF Fellow  

Our Standards of Financial Literacy program is engaging, full of interesting information, and easy to navigate. Adapted from the National Standards for Financial Literacy developed by the Council for Economic Education (CEE), this robust curriculum features six short lessons on such important topics as earning income, understanding the value of saving and using credit. When completed, this program lays the foundation for becoming an MFF Fellow.

Becoming an MFF Fellow is the ticket to  access additional MFF programs and opportunities for mentoring, networking, internships and real-world opportunities. These are the opportunities which allow MFF Fellows to continue their journey towards personal financial independence.

Learn more at

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