New Year's is here!
It's never been a better time to stop procrastinating and get on board with some of those well-intentioned, but sometimes elusive,
New Year's resolutions!
What are you aiming for in 2010? Better health? Weight loss? More time with family? If you're like many of us, you may be more determined than ever to reduce some of the stress in your life. Stress is the culprit behind many serious health problems including heart disease, sleep problems, pain, obesity, depression, autoimmune diseases and more! Whether you're stressed from work, an overscheduled life, too little exercise or financial concerns, your feelings of tension are only exacerbated by procrastination i.e. putting off indefinitely something that you know you really should be doing now. Since stress overload wreaks havoc on our lives, health and well-being, it's vital to tackle the procrastination that fuels it.
Not sure if you're guilty of the 'p' word? Think about how often you may, or may not, use the following classic procrastinating statements: "But, I don't know how," or "This stuff is just plain boring," or "I don't feel like doing it." Now answer the following:
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Do you drag your feet when it comes to your finances because you don't always like to deal with money?
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Do you put off handling your finances because you just don't have the time, or know what to do?
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Are you too busy caring for others to focus on your own personal investments?
If you answered 'yes' to any of the above, procrastination is a part of your financial picture.
Financial Procrastination
Procrastination and finances are a volatile mix. Investopedia.com points out that while delaying paying your taxes definitely comes at a price, procrastinating on major financial decisions can ultimately cost you the most, and lead to some seriously negative repercussions. For example:
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Making hasty decisions without adequate research
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Having insufficient time to read and analyze the "fine print" in contracts
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Delaying saving for retirement
All of the above can wipe out a massive chunk of one's bank balance and net worth. And if that isn't a stressful scenario, I don't know what is!
Got A Plan?
Prompt action is the antithesis of procrastination. When it comes to your finances one of the best ways to counter foot dragging is to break things down into a realistic, actionable plan. This kind of successful investment plan should include the following three steps:
1. Get organized
2. Move FORWARD!
- If there's just one thing you do, maximize the money you save for retirement
- Be realistic about how much risk you'd like to take (never mind what everyone else is doing - remember people rarely tell you about the bad stuff!)
3. Stay the course
- Don't be influenced by short-term performance. It's rarely a reliable
- indicator of future success. Progress toward goals is more important.
- Be aware of anything going on in your life that may change your financial needs i.e. aging parents, starting a new business, unemployment.
For those of you with questions, feel free to call me at 203.966.2712.
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