Procrastination: Your Costly Foe
Getting people to make a decision is the number-one problem
Financial professionals face when working with their clients,
according to a recent poll.1
Of the three main barriers that most people face when trying
to reach their Financial goals – taxes, inflation, and
procrastination – the first two are practically guaranteed to
occur, but the latter has the potential to be the most costly,
yet is the easiest to overcome.
Why do people procrastinate when preparing for their
Financial future? Here's a look at some common reasons.
Fear of bad decisions – People often
procrastinate because they are afraid. "You miss 100 percent of
the shots you never take," hockey great Wayne Gretzky said.
When it comes to making decisions – such as how much to
invest, where to invest, and what to do with underperforming
investments – there will always be the risk of making wrong
choices. But even bad decisions can be more valuable than no
decision at all because they present a learning opportunity.
Lack of knowledge – Many people think they
don't know how to pick a suitable investment because this
difficult task usually requires education and experience.
One way to avoid this problem is by seeking professional
guidance. Although there is no assurance that working with a
professional will improve investment results, a Financial
professional who focuses on your overall Financial objectives
can help you consider options that could have a substantial
effect on your long-term Financial situation.
Poor time management – The day-to-day
demands of having a career, raising a family, and maintaining a
home often take precedence over investment needs. Most people
schedule time to get the oil changed, visit the dentist, and get
their hair done. Why not then schedule regular appointments to
review investment matters and measure the progress made toward
Financial goals?
Time is one of the key ingredients to Financial success, and
procrastination can potentially cost you thousands of dollars.
Squandering time is one mistake from which many people never
recover.
From:
David Waters
Phone: 215.875.8790
1) Financial Planning, March 2006
