Three Reasons Why Procrastination is Stopping You from Finding Financial Success
Isn’t it interesting that, with the age of information upon us, it’s still so challenging to take action with your finances? Procrastination is the number one reason people aren’t getting ahead financially. To complicate this even further, it’s often the result of not finding the right adviser. Let’s take a look at why procrastination is holding so many people back.
We Do It Ourselves
Trust is not always easy to come by when looking for help with your money. This skepticism often leads to the feeling that we are better off doing it ourselves, which is why we start turning to the internet and family members or trusted friends for advice, without talking to an expert. With the ton of information that’s out there, it’s easy to get lost in all the conflicting advice.
Think of it like WebMD. You start to look up your symptoms and suddenly, you’ve diagnosed yourself with a rare illness when all you have is a sinus infection. WebMD can be a great resource for getting educated and knowing which questions to ask, but at the end of the day, talking to your personal physician is best. They know you and your specific issues and needs. They also know what medications works and how.
The same is true for your financial adviser. They know the rules and regulations around different financial products and planning techniques. Because of this expertise, financial advisers are there to help you make the right decisions that will keep you successful in the long run.
We Turn to Robo-advisers
While there are many great robo-adviser resources out there, it’s important to not get stuck in only focusing on one area of your financial life. Investing and saving for retirement are important, but so is protecting yourself and your income. One third of a strategy is not enough. If you are interested in using a robo-platform, look for a financial adviser who knows how to use technology to help you stay connected with your financial situation and who will also be there for you so that you have a real person to call.
We Have Trust Issues
There are horror stories in every industry. Whether it’s finance, customer service, education, or contracting, there’s always one bad person who ruins it for everyone. Don’t put your financial future at risk because of that one bad story. To find someone who you can trust, don’t be afraid to take ownership of the relationship. Look for key indicators that will let you know that you are working with a professional. For example, ask about what licenses, designations or certifications they hold. Be wary of those online money gurus who have no credentials but don’t hesitate to tell you what to do. Remember that many of these gurus aren’t regulated and have no one holding them accountable for the advice they give.
Our lives aren’t a one-size-fits-all. So when it comes to money, shouldn’t we be addressing problems with individualized solutions? By building relationships and connecting to people with similarities, we can bring a deeper level of understanding and compassion to each individual situation. Don’t be afraid to own your financial future by taking that critical first step.