Monday Morning Money Moment: Procrastination and Excuses
Happy Monday Friends! I hope everyone had a great weekend. Today’s “Money Moment” is about procrastination and excuses. I’ve been reading a lot lately about the habits of the world’s most successful people. Bill Gates, Warren Buffett, Mark Zuckerberg, Oprah and Elon Musk are similar in several ways. One thing that they all avoid doing is procrastinating. Time is a valuable commodity that cannot be wasted for them. In all reality wasting time is something we all should avoid. Procrastination can hurt your bottom line and cost you thousands. Today I am going to go over the ways excuse making and procrastination hurt your wallet.
Many people I know have told me, “We need to sit down and talk about my finances, but not yet, I’m not ready yet.” I empathize with where they are coming from. I used to be like that too. Addressing my financial problems was something that used to scare me. I figured I would get to it eventually and when I did everything would be better. I was right. I got to it eventually and everything did get better. Here’s the problem. I lost years of growth and paid a lot of extra interest on my debt because of my delays. When I look back on it I get upset that I waited.
Even worse than the money I wasted is the time I wasted. I could not start building my net worth until I was debt free. I wasn’t debt free until I was 30. If I started getting rid of my debt at the age of 23 instead of 25 I would have begun building my net worth at the age of 28 instead of 30. It was the fear that held me back. I guess I figured if I didn’t pay attention it would go away. News flash, it didn’t. I needed to ask someone for help. I needed to admit I was doing something wrong. I needed to stop making excuses and stop procrastinating. When I finally did my life dramatically changed.
Many people are unsure where to get started. That’s normal. It doesn’t mean you shouldn’t start. Here is a quick stat that will help you know how important it is:
Saving just $100/month in a TFSA, gaining 8% interest, stopping at age 65:
Starting at age 20: $483,905.03
Starting at age 25: $324,338.76
Starting at age 30: $215,740.63
Every 5 years you save $6000. ($100 x 12 month x 5 years) So why after 10 years of procrastination do you have far less money? 10 years wasted, $12,000 less in savings equals having $268,164.40 less money. That’s compound interest folks. That’s why it is important to get started right away.
Thanks for reading my Monday Morning Post friends. Tune in tomorrow for my top 3 tips to getting started right away. Have a great week friends!
“Procrastination is opportunity’s assassin.” – Victor Kiam
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at budgetboss.ca.