I am a born procrastinator, and it has and is costing me dearly. The bad part is it is a progressive disease. Fall a little behind, no big deal, you can set aside some time and work extra hard to catch up. The all nighter syndrome a few of us may remember from our school daze. And it actually feels good to work hard and complete something. But fall behind big time, and you start to lose hope. THEN it starts to get REAL bad. Little things turn big and snowball, another term and concept that we debt-troubled people are all too familiar with.
In contrast, I know a guy, a former Boy Scout, who always does things as soon as he can. And he is a financial rock of Gibralter, I'm sure largely due to that and other good habits. He says he grew up poor, but I think it is also due to the Boy Scout experience, probably along with genes. My nature, in contrast, is a laid back "thinker", an absent minded professor who is interested in concepts rather than details. Needless to say, that ain't good in the anal world of finance. I try to concentrate and focus and I succeed for a while, but it's always a struggle and I then backslide big time.
It is an interesting paradox. The payoff for procrastination is obvious and I am hooked on it. But the payoff for hard work is also obvious, and I also love that. But it takes hard work! And actually, I'm more a fan of easy but satisfying work - you know - doing the laundry, etc. So a lot of financial chores actually do fall in that category - paying the bills, keeping track of a budget, etc. But I tend to put it off too long even though it is relatively easy. After thinking about it a while it is the feeling of being overwhelmed that snowballs on me. So now, since I have LOTS of saved up "staycation" (a vacation that isn't dirt cheap is, in my current financial situation, absolutely unthinkable). So cheer for me as I try to work hard to bail out the sinking financial ship.
By the way, what is your biggest financial lesson?
What's your biggest financial lesson? Mine is today is tomorrow.
August 22nd, 2009 at 06:11 pm
August 23rd, 2009 at 01:27 am 1250987258
August 23rd, 2009 at 03:44 am 1250995469
August 23rd, 2009 at 04:59 am 1250999943
Mine is: always know where you stand.
Even if its bad, it might not be as bad as you think, but even if it is, if you know you can do something about it.
I have to say that paying, investing, etc as soon as you can works well for me like it does with your Boy Scout-trained friend. Automate, then monitor, which leads back to knowing where you stand.
August 23rd, 2009 at 06:59 am 1251007159
August 24th, 2009 at 10:53 am 1251107580
BuckhornGal, I do at least manage to pay my bills on time, except for one medical HMO billing snafu that is now causing me untold grief.
baselle, great advice indeed. I have a tendency to look away when it's bad. I have to change that.
whitestripe, you are right! On that subject, my mother told me I deserve a good car since I have to get to work reliably. Even so, that is my favorite area for economizing, driving cheap old cars. But thinking of the source of the money you are spending is a great thing to keep in the front of your mind.
I love hanging out with you frugal people who have it going on financially!
September 12th, 2009 at 07:32 pm 1252780351
September 27th, 2009 at 04:24 pm 1254065054
homebody, one of my biggest mistakes ever, and I continue to make it, is undervaluing my own opinion in respect to financial decisions for the kids. The biggie was college choice. Yup, I would also love to talk in person - you are a big inspiration to me. For example, that bit you posted recently about giving yourself one withdrawal per week is so simple and so commonsensical.