Quality information forms part of the bedrock and foundation for making reasonable and good decisions and that does not exclude prudent financial decisions.
Whilst there are several dimensions and limitations to the application of quality information in our daily deliberations, decision making and choices, the one source that most certainly influences and quietly forges a lasting impact on our thought processes, and eventually distorts wise decisions and certain financial outcomes, are the wrong social circles and individuals we constantly associate with.
Indeed, the prudent and entrepreneurial mind sees opportunities in every situation and therefore could potentially harness ideas and tap into gaps from such networks to create a solution to a problem. However, the less conscientious mind tends to lose its presence of mind in these circumstances and could be seriously influenced negatively in the pursuit of a vision if the mind is not mentally prepared.
Not only does the negatively influenced mind sometimes carve bad decisions but bad habits learned in bad company tend to drain financial resources and create missed opportunities. Furthermore, the time lost in creating valuable networks is lost and recouping such opportunity could be daunting and energy sapping, if could be re-couped at all.Perhaps the most dangerous and costly ramification is the legal and the potential loss of one’s life and the consequences of the opportunity cost.
Bernard Madoff’s influence and deceptive undertakings created loss in billions of dollars and assets to “friends”, family, associations and all the individuals who had naively trusted in his investments and social circle.
Warren Buffet said “Be and among people better than yourself”.
Making quality decisions requires quality information and whilst there are several factors that undoubtedly influence the process,be wary of your social circles.Not only could their influence create an opportunity cost to ourselves but to our children,family and friends which may never be realized again.It bears on us to never loose our presence of mind in the most noisy environment in deciphering the chaff from the grain.
Good piece of writing. Bad company corrupts good manners and discipline. Put an eagle among chickens, it is just a matter a time before it behaves like one because its environment has change.