The psychology of money and why we make the choices we do.
I recently spent $3,000 on car repairs. I’d avoided dealing with it for a few months but couldn’t put it off any longer. Nothing against my excellent mechanic, but I’d just didn’t want to part with the money. I’d rather have that money stay in my bank account as long as it can – OK, maybe I’m overly frugal. That said, I can understand how some people may procrastinate when it comes to financial planning services. We’ve all been there. How much longer can I put this off without incurring even more expense? It got me to thinking about the cost of procrastination. I’ve begun to suspect that people think about financial planning services in a similar way. It can be expensive, initially. You could easily spend a couple of thousand dollars or more engaging a financial planning professional. People tend to wait until there’s a dire need before seeking help.