It’s Friday and time for our word of the week –the word this week is Procrastination.
We reach a milestone today. This is Episode 700 and my book, How to Divorced Without Losing Your Blouse, made Amazon’s Best Seller list this week. In celebration, the Kindle version is only $0.99 until August 1st. Get a copy at http://amzn.to/2v1rRYA and if you like what you read, please leave a review on Amazon.
Now back to the ‘Minute’. I chose procrastination because it is what we love to do, especially if we are not particularly fond of the task at hand and that is sometimes related to managing our money. One of the best ways to beat procrastination, is to take a look at the consequences of not doing something. So what are some of the consequences of doing nothing with your money? Well, mainly lost money and lost opportunities. How much lost money? Well, consider this if your goal is to retire at age 65 with a cool million and you start saving $300 a month at age 25 and earn 8% on your investments, you will make it without breaking a sweat. However, if you wait to age 45, you will need to save $1,700 a month to reach that same goal. So the consequences of procrastination are real.
But, you can do something about it. First, take a look at what’s holding you back and then take action. If you know what to do and you are afraid of making a mistake, remember mistakes and some uncertainty come with the territory. Even the experts make mistakes. And, if you don’t know what to do – just look around. Financial information and education are everywhere. Start by reading money books and magazines, the financial pages of your newspaper or the Wall Street Journal, watching money shows and attending classes and seminars. But never forget that it’s your money and it’s your future so resist the temptation to pass this responsibility off to someone else because you will have to live with the consequences. Do your homework and then just do it.
Our word of the week: procrastination – the consequences are real, so don’t even stop to think about procrastinating, procrastinating, procrastinating.
And that’s the minute for today. Want more ‘Minute?’ follow us on Twitter @yourmoneyminute
Thanks for listening and as always remember that minding your money really is the path to a richer life!