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Why You Fail To Plan
Failing to Plan
Why do most people fail to plan for their future?
Procrastination: The number one reason is said to be procrastination.
By procrastination, we mean that you know that you need to start planning your financial future. But, you decide to do other activities first. You place a higher immediate value on doing something else.
You may want to relax and go on a vacation. So you read about places people often go. You surf the Internet about those places. And while you're surfing you find other interesting sites and spend the entire evening dreaming about places to go and things to do. And another day goes by.
You may have gotten a raise and are trying to decide how to spend your extra money. You look around the house and see an old TV and stereo and wonder if you need a new entertainment center. So you go to the store to see all the entertainment centers on display. And you've lost another day.
Then you get a phone call from a friend who wants you to go out and do something entertaining. So you spend the rest of the night on the town. By the time you get home there is only one thing to do--get some rest. And another day goes by.
These and a hundred other activities can occupy your time. Another day and another week goes by. And, at the end of the month you still didn't have any time to plan.
Well, there's always tomorrow.
Too Young or Too Old: If you are young, just starting out, you may have educational loans to pay off. You probably bought a house and have pretty high mortgage payments to make. A new car causes you to make additional monthly payments. And, the car insurance payments are sky high.
It sure will be great when you get a raise and can really start socking some money away.
But, you probably already know what happens when you get a raise. You've seen all the neat gadgets on TV and heard about all the new stuff at work. And, well, you can afford them, can't you?
You fall into the "Can I afford the payments?" syndrome. And you entire paycheck is committed to making payments on all the stuff you barely use.
And, as you get older you wonder if it is worthwhile planning. After all, it's only a few more years until retirement.
And, you wonder what you can really accomplish in 10 years.
It Costs Too Much: Talking with a financial planner is going to cost an arm and a let, you think.
Some planners are, indeed, fee based planners. They charge a fee, sometimes based on the amount of money you have to be managed. Other planners get their money from commissions paid by the financial institutions they work with.
The important thing to remember is that they probably know more about managing money than you do. So paying them for their expertise and service is not that bad.
But, the thought of them getting just a little bit of your money makes you delay and delay.
Set a Date: You need to set a date to start looking at your financial options.
You place of business may sponsor financial planning seminars. You may find seminars available in your area. The important thing is to begin to take an interest in planning for the future.
Simply set a date to begin. Then get to it!
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