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9. What’s the dowside of putting this all off?Developing a financial strategy is a critically important activity that should not be rushed. There is, however, a fine line between not rushing the process and not focusing on it at all. Oftentimes, people tend to focus on those things that they know well, or that give them instant gratification – while postponing action on things they're unsure about or from which they don't see an immediate benefit. When developing a financial strategy falls into that second category, it gets pushed to the back of one's mind. By putting this off, we expose ourselves and our families to unnecessary risks and lost opportunities – be it by not safe-guarding our lifestyle from unexpected events, by not insuring our livelihood and legacy while in a position of health and strength, or by not capitalizing on even one extra day to build and protect our retirement nest egg. But you need not resign yourself to these outcomes–by being conscious of these pitfalls, you can overcome them. And by actively focusing on this process, you can help protect your interests and shape your future. |
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