Have you outgrown your clothes and dread the feeling of buying bigger sizes?
Have you been eating more and exercising less?
Planning to go on a diet or exercise program?
Yes, I’m sure some of us have experienced the above…while a few have done something about it, others are still procrastinating…that’s understandable as it takes tremendous motivation, discipline and effort to stick to a fitness regime to get back into shape.
For those who have gone ahead to improve their physical health, well done and do keep it up lest muscle atrophy set in again.
For the others, buying a gym membership and not using it or having the mindset of “perhaps tomorrow” will be cold comfort and will unfortunately not propel you to where you want to be, wouldn’t you agree?
So what has the above got to do with financial planning?
Just like exercising to get fit, your financial plans need to be regularly updated to fit your current lifestyle and financial needs. Also, being disciplined in carrying out the plan mapped out by your financial adviser will certainly help in meeting your financial goals.
for example, as you grow from an individual with single needs to marriage and to starting a family, your financial needs will change in tandem and it’s best to update your plans to protect your interest and those of your loved ones.
Not having your financial plans updated will be akin to wearing clothes when you were in your teens. Most will probably not fit you anymore nor the style….not cool.
But some of you may say “Gilbert, it takes so much effort and financial resources to get things done which is why I prefer to procrastinate“.
Well, I can appreciate that but procrastinate for how much longer?
How will that improve your situation by doing nothing in the meantime?
What happens if you realize that you need to file a claim and have cold sweat not knowing whether you have a plan that insures the event or that can cover it adequately?
Soon approaching your retirement age and finding out that you don’t have enough time to grow your retirement nest egg?
Realizing your investment portfolio has taken a hit during a market downturn as you didn’t respond to your adviser’s recommendation to rebalance your portfolio.
All of us have the same 24 hours of time and limited financial resources, thus how we prioritise these resources to better our future will separate the have and have-nots. Which segment would you like to belong to?
To get started on your financial fitness program, hire a financial coach today (yours truly at your service)!
“Most people do not plan to fail but simply fail to plan” It’s a personal choice. Take charge of your financial life TODAY!!