Overconfidence makes you spend more than necessary

[Sally9256]

It's obvious that being overconfidence can make someone spend a huge sum of money. When you are being so confidential about your money or future income you may start doing or buying things without knowing the consequence that may come up. Sometimes is not just the amount of income you have, but how wisely  you manage and spend it. You must be confident , but don't allow confidence make you spend carelessly. Think before you spend your money, know what you actually need at the time given.

This is true. Having money can make someone over confident in their spendings which will make them lose track in their spendings. Anything can happen anytime no matter how wealthy one is. I think self control and discipline is the most important thing to have so we don't end up spending carelessly, whatever we do we should always have the future in mind.

This issue has become the societal norm. People rely so heavily on themselves that they take out massive loans. They believe they will be able to repay them, but reality is harsh and puts everything into perspective.

Current statistics show a rise in bad loans. No one even considered the possibility that the country's economic situation would deteriorate day by day. Wise and prudent people understand that force majeure circumstances can arise at any moment.

It's sad that things has gotten to the stage where people don't care about the future but only care about the issue at hand that they carelessly take out big loans and ignore all the consequences they might be facing later. This bad decision affects them for a very long time longer than they could have imagined and the country's economic situation play a role in it. I've never been against loans but you mustn't take more than you can afford to pay back conveniently to avoid any unnecessary pressure.

[Big Dirams]

I have been hearing since childhood that excess of everything is bad. Be it consuming food, confidence or anything else. And as far as I have seen, these overconfidence factors force us to look for shortcuts and at the end of the day, those shortcuts are the ones that harm us the most. This happened to me once. My TV at home was broken and I went to fix it myself after watching YouTube. While fixing it, I found that I had actually damaged the TV even more. And when I went to the servicing center, they said that if you had brought it earlier, you could have fixed the TV for less. So instead of leaving the work of the experts to them, if you try to fix everything yourself, you end up causing yourself the biggest loss.

Excess of everything is bad even money also, I know some people will disagree with me about too much of money being bad but the facts is the facts. When there is excess money then some thoughts begin to build in our brains and we start seeing things less and even humans too.

Back to your reply, it was the overconfidence you have in yourself that pushes you into repairing the television when you are aware that you have no idea about fixing tele but you thought with YouTube videos you can find your way around it. Sometime YouTube videos are helpful but sometimes something’s needs more than just videos but actual expert to get it done. Honestly I don’t think you would get yourself involve into repairing of television again after this experience.

[SPIDERMAN008]

I agree with you that it is not right to think of yourself as an expert in everything all the time. Especially in something important like business you know everything to run your business but you can never control everything alone and when you try to do everything alone then your competitors will move ahead of you faster and you will also get tired slowly and your overconfidence will not last long then you will get out of your business. So it is good to be confident in your work but when you are overconfident then it will do more harm than good to you which is the experience you have shared here yourself

You are right, overconfidence in business can cause losses. Profits are made through proper planning, experience and proper fund management in business, but business cannot be run with confidence. Before taking every step, you have to take time and analyze many things and make decisions. If you start a business suddenly thinking that you are confident, it can cause losses.

Many people know that a person has made a lot of profit by doing a particular business, if someone starts a business with confidence and takes extra risks and takes a loan from the bank, then if he cannot make a profit, then he will be financially weak . So I think it is necessary to have a healthy confidence. Where neither excessive risk can be taken nor fear can be felt. Then it is possible to control the amount of loss by making any investment.

[MainIbem]

Was this really over confidence or just ignorance? Perhaps an error by proxy or something or something similar.

I was hoping at some point in your write up, you would mention just what it is that he did wrong to have result in the payment error. That would have given a more clear idea on what really is the case here.

Some processes are made seamless if you already know the procedure. Mind you, certain details can always change and you need to be aware of them. Else, you wouldn’t have much need. In such situations, it isn’t over confidence, it’s just ignorance.

Don't you think that overconfidence made the young dude ignore the cue and decided to do the stuff himself cause he believed he could do it? If he had cued up like others, such error won't have been made and he won't spend double so it's overconfidence, if he was ignorant ge won't even have the confidence of doing it himself. Although the OP wasn't clear of the mistake that cost him to pay double, but maybe he was rushing to avoid a late entry hence the mistake. Having confidence is good but too much of it can lead to a big error.

[Swordsoffreedom]

Excess of everything is bad even money also, I know some people will disagree with me about too much of money being bad but the facts is the facts. When there is excess money then some thoughts begin to build in our brains and we start seeing things less and even humans too.

I agree overconfidence isn't good, it can backfire.  But I think being overconfident is totally different from having a lot of money, and having money doesn't automatically make you a bad person.

Everyone is different when it comes to their character, how they make money and how they spend it. Don't put everyone in the same box. Some people become selfish and look down on others after getting rich, but there are also many rich people who still live decently and use their money to help others.

Having too much money isn't necessarily a bad thing. It comes down to how you see it and what you do with it.

[ColdLava40]

What do you think?

This is just one view and it will be wrong to view it just from the aspect of losing money.

Having no confidence at all is in general not good. You must be willing to take the risk even if it's going to cost you something in return as long as you know what you are doing and the gola is ahead of you.

You cannot let self doubt or fear of losing stop you from making choices that would help you. He learnt from his mistakes and maybe when next he wants to do something like that, he knows how to do it right, that is just a simply learning process.

Having money shouldn't not be a reason not to be confident. Wealth boost confidence alot.

[Justbillywitt]

Let me ask, the people coordinating the stuff you guys were registering, did they at any point said nobody should register for the program on their own? I want to understand something, if you make a portal available online for applicants register, you have to provide the guidelines on how they can successfully register to avoid making mistakes. If there was no guidelines provided, I will blame the institution for their failure to provide guidelines, so applicants won’t make mistakes and lost their time and money, since the money is nonrefundable. But if they had already instructed applicants not to attempt the registration process on their own, then I will blame the young Chap for disobeying instructions.

[Dreadboost]

This is not the case of pride or ego. The process looked, and the requirement for the process is similar to what many young chaps have done in the past. He wasn't aware that this would be a bit different. The young chap was naïve; that's why he failed the process. 

I do make online purchases myself when others go to centers to do theirs. I don't do it because I'm overconfidence. I had the VISA card to make online payments, and with my internet knowledge, I'm able to make those payments.

[Promocodeudo]

Don't you think that overconfidence made the young dude ignore the cue and decided to do the stuff himself cause he believed he could do it? If he had cued up like others, such error won't have been made and he won't spend double so it's overconfidence, if he was ignorant ge won't even have the confidence of doing it himself. Although the OP wasn't clear of the mistake that cost him to pay double, but maybe he was rushing to avoid a late entry hence the mistake. Having confidence is good but too much of it can lead to a big error.

Yea overconfidence led him into that shit, but some persons can be stupid sometimes, why will overconfidence make someone to start something he knows nothing about isn't that crazy, when I was in school I have seen similar things like this happen, some student will not want to do the right thing by queueing in the line, but at the end, they'll end up frustrating themselves by trying a shortcut which will make them repeat the process again.
I think so too that self confidence is very fantastic, but unnecessary smartness in the name of overconfident in what you have no good knowledge on how to go about it, can be regrettable.

[fruktik]

It's sad that things has gotten to the stage where people don't care about the future but only care about the issue at hand that they carelessly take out big loans and ignore all the consequences they might be facing later. This bad decision affects them for a very long time longer than they could have imagined and the country's economic situation play a role in it. I've never been against loans but you mustn't take more than you can afford to pay back conveniently to avoid any unnecessary pressure.

What is the problem? It lies in the fact that people simply fail to give serious thought to the consequences they might face. "What if things turn out this way? What if that happens?" and so on... They flat-out refuse to approach the issue with any degree of seriousness. They lack economic literacy. Consequently, sooner or later, they will inevitably have to confront this reality.

I get the impression that everything is being left to chance—a "hope for the best" attitude. They think, "Maybe we'll get away with it." But it didn't work out. On top of that, there is a war going on between the two countries. How can people be so naive? After all, a military conflict inevitably brings negative consequences for both sides.

[Fiasem20]

I could understand what you explained in your context.Most times it’s advised that a person should become confident of what they are doing but not overly,because when you become too confident of what you’re doing you won’t find the error in the thing you’re doing.This scenario also reminds me of my university days,back then a lot of students were too confident of paying their school fees themselves through their smartphone when they could just visit a nearest cyber cafe to run the payment on their behalf.That was how my coursemate back then almost missed paying he’s school fees because him attempted doing it by himself and only for him to visit the university ICT center the school fees he claimed of paying didn’t reflect in the school portal,so overconfident can get you into a mess you didn’t expect.

[henmark]

Deep down, I do think someone who is over confident without having the adequate knowledge ascribed to that thing he is over confident about is a big fool. Before anyone can trust in himself to be successful in a business, I think he must be armed with the necessary knowledge and probably an experience of that success to believe in himself that much, if it's otherwise you end up making a mockery of yourself and spend more money. In all it depends on the quality of the person.

Pride can be misinterpreted as overconfidence in some cases. Some people are just proud to learn new things but claim that they know it all, but pride they say comes before a fall. When you see a person who knows what they are doing and does it perfectly, it's easy to say that's overconfidence which might not actually be a problem unless they fail to adjust to new developments.

Spending money is necessary to run a business but without knowledge, one will always spend more, there's no shame in admitting zero knowledge about something, nobody is a book full of knowledge.

I think those who learn new things are the ones that are down to earth, especially if they take them so long. It is a problem telling someone that it was overconfidence even if it is not really. I find it wrong or time consuming to find the other a mistake but if we can't help, we need to observe them first so that we will have a higher chance that our claims about them are correct. I believe none is perfect.

We only think there is, that is because we don't see the behind the scenes. New developments can come quickly so it is only justifiable that someone may not catch up but as long as their current is doing fine, I don't see a reason to rush. In terms of spending, another factor that make us to overspend would be is emotion.

[knuckey]

It happens very often, acting as if all control can be held so that big problems are considered trivial matters, power and economics are closely related, power is used to control and the economy is used to pay, this is what makes overconfidence, when in fact not everything can be controlled by power, I have experienced it and in the end I paid dearly for my small mistake.