Sometimes I think that the human race is the stupidest beast on earth. Einstein once said that the definition of madness was to repeat the same action over and over and expect a different result. This is exactly what happens with the expression “just one more time”. We always want to reach our own limit (and most of the time go above and beyond them) by thinking “I’ll do it just one more time and then, I’ll be fine”.
It applies to your investment strategy
When I am trading on the stock market, my biggest enemy is my greed for more money. The thrill to make the right transaction, to cash in 50% profit in a month is awesome. The problem is that it is not a trading strategy. It is a gambling habit.
By thinking “just one more time”, you encourage yourself to shove an additional 5K, 10K in the pit hole thinking that this time is the good one. There is no rule stating that this time is the good one. Forget about your “lucky day” and start anew with a real investment strategy. While this will not be as exciting, you will lose a lot less!
It applies to your career
When I started working after college, I remembered that I was always willing to work overtime. I was no paid extra hours, but I knew that it would somewhat count at the end of the year. While I was right, I’ve been doing this for the past five years now.
I’m always telling myself; “just another month and then I will be alright”. Yeah… well it keeps going and going. Since I have children, I don’t do much overtime, but I worker twice harder while I am at work. It basically comes down to the same thing. You must set your limit at one point in time.
It applies to your budget
Those who are not frugal will definitely understand this point. “I’m going to buy this new car, I’m going to buy this new couch, I’m going to take the best vacation ever and then, I’ll be alright. Just one more time”. We always think that this is the last time we will make such purchase. This is a good way to keep the guilt away from your conscience.
However, this not doing any good to your wallet! Stop giving yourself chances and start a well establish budget and stick to it.
It applies to your whole life
I guess that many people who go on a burnout or a depression told themselves “just one more time” too often. Instead of thinking that this will be an exceptional event, plan your action ahead and determine their impacts on the rest of your life upfront. It is much easier to think about a situation before it ever happens. You could probably save your marriage with this kind of tip 😉
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