The FI Mastery Podcast

Is Financial Procrastination Derailing Your Life Plans?

April 13, 2023 Peter Donisanu
The FI Mastery Podcast
Is Financial Procrastination Derailing Your Life Plans?
Show Notes

What do Willie Nelson, MC Hammer, and Allen Iverson have in common? Well, what their life situations have in common is that it doesn't matter how much you make, but how much you keep.

To be sure, these individuals came into vast fortunes, only to see their wealth dwindle in a short period of time. And certainly, it's hard to believe that these individuals didn't have trusted advisors who urged them to take actions that could help them preserve their fortunes.

But the truth is that there are likely many reasons why these individuals found themselves in their situations, and one reason likely has to do with financial procrastination.

Now, when you hear the word procrastination, you might immediately think of a pejorative, like a bad word or something with negative intent. But the truth is that procrastination simply reflects a subconscious (or sometimes conscious) decision to delay or postpone something you know you should be doing.

Indeed, you've likely experienced a moment where you've procrastinated on crucial financial work, like paying an important bill, balancing your checkbook, or taking care of some financial obligation, and these delays have likely cost you in lost time or money.

Even so, in our society today, people who procrastinate are often viewed as lazy or unmotivated. But the fact is that there are many valid reasons why an individual may choose to put off doing an important task, especially when it comes to their money.

Do you or someone you know struggle with financial procrastination? Do you ever wonder why some people are really good at managing their finances while others get stuck in analysis paralysis and indecision or procrastination?  

Well, even if you only occasionally struggle with putting off paying your bills, gaining some insight into this underlying behavior, understanding how to rebound after a setback, and doing the work to maintain your positive momentum can help you stay the course on your path to mastering your financial independence journey.

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