In 2019, my major financial temptations were buying a new car for my wife, installing a swimming pool at our home or buying a home that already had a pool. Of these three temptations, I was closest to pulling the trigger on pool construction. We had a few plans drawn up, and I had my arguments ready. If there is any place where the cost of constructing and maintaining a pool can be justified, it is southern Arizona in the summer! Hot! Hot! Hot! I told my wife and son, “We’re doing it!” The decision was made.
However, in my gut, I didn’t feel right about building a pool. I would have had to borrow money. Borrowing money generally makes my stomach churn; I’ve conditioned myself that way. Furthermore, I had committed to defending my financial net worth and paying off my mortgage. How would borrowing money, taking massive and immediate depreciation on the pool, and subjecting myself to ongoing maintenance costs be consistent with my bigger financial goals? As I had my justification to construct the pool, likewise, I had arguments against it. I reversed my decision and decided not to proceed.
Did emotion drive me to decide to install a pool or did logic drive me? Both. Did emotion or logic drive me to unwind that decision? Both. Ultimately, logical and emotional arguments that sound good can be made for or against most decisions; it’s the inner voice that makes the difference.
When it makes sense, we’ll write a check and buy my wife a new car. She certainly is worthy of whatever vehicle she desires. As to buying a different home, I’d have to overcome my deeply ingrained goal to pay off my current home and my generally anti-debt stance to do that–high hurdles for sure. And, who knows? Maybe at some point we’ll revisit building a pool at our home.
Fact is, I’m very thankful for what I already have, and I am inspired by these wise words from Warren Buffett:
“Never risk what you have and need for what you don’t have and don’t need.“
–P. Gustav Mueller, author of The Present
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