Procrastination is like a credit card: it’s a lot of fun until you get the bill.
If you think that procrastination doesn’t have a cost, think again. If you delay getting your own life insurance plan, then it will be more expensive when you grow older. If you delay saving, then your savings won’t be that much. If you delay investing, then the overall return that you will get won’t be that big. If you delay work, then your earning days will be few.
You see, procrastination has its price. And most of the time, the price is too high. In my experience helping people with their finances, I noticed that the number one reason why Filipinos struggle financially is because we PROCRASTINATE.
Procrastination is the action of delaying or postponing something. So, how can procrastination affect our financial success?
When we delay investing in ourselves, we are exposing ourselves to the risk of investment scams and missed opportunities. For example, if you don’t know the rule of 72, then you might be a victim of investment scams that promises to double your money in just a few days. If you don’t know that banks and financial companies don’t guarantee returns to their clients, then you might believe the promises of financial predators that they will make your Php 200 investment into Php 20,000.00 in just a week.
If you lack financial knowledge, you might pass on a great opportunity to buy a VUL plan while you are still young. If you don’t have enough financial wisdom, then you might misunderstand the principle of YOLO.
If you delay investing in yourself by reading personal finance books, attending seminars or watching related videos, then you are taking the risk of being scammed or missing great opportunities.
Financial Security & Freedom
When we delay taking care of our finances, we are depriving ourselves and our loved ones the life of financial security and freedom. Check your Facebook timeline and you’ll see people trying hard to look rich. They keep on posting their expensive lunch, expensive travel, expensive clothes, and expensive toys. Most of the time, they are the same people who are buried in debt. They are the same people who might not be able to retire.
They think that rewarding themselves for a day of hard work, or altering their current mood by spending excessively will make anything better. They fail to understand that the money they are spending today is the same money that they will need in the future—the future where they won’t be able to work anymore.
How will you know if you truly love your children, your family? By checking where your money is going. If your money is being spent in luxuries and wants, then your love for yourself is stronger than your love for your children and your family.
Do you agree that if we truly love our family, we will prepare and secure their future financially?
If someone treats you badly, do you treat that person with respect? If you’re Mother Theresa, you might. But we are all humans. We are like mirrors. We are the reflection of our surroundings.
The same principle is at work with time and money. If we treat time and money with respect, the two will respect us in return. If we treat time and money with care, the two will take care of us and our family.
Procrastination is the number one enemy. Act now! Act today!