MyMoney Online, The Personal Finance series with Warren Ingram

‘I’ll do it later’ – more wealth destroying than any market crash or recession

Every year, gyms are full in January.

However, by this time – only two months later – there is decidedly more breathing room.

Every year, right before the end of the tax year, investors pile into Retirement Annuities (RAs) and Tax Free Savings Accounts; then they largely ignore their financial planning until the following year.

Parents with minor children are always planning to get to their wills, but have many other things to do first.

A Survey in 2001 showed that 69 out of every 100 employees feel that their retirement savings are too low; 24 out of 100 of them plan to increase their savings, but only three out of 100 actually do it.

Many people prefer to “wait and see” during times of uncertainty.

Many people suffer from this procrastination problem.

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram for his weekly personal finance feature.

Ingram discussed a number of ways to get around wealth-destroying procrastination:

  • Break up your tasks into small, easily achievable steps.

  • If you are in a serious relationship – set joint goals and work together to achieve them (e.g. I will arrange the RA top ups; you make an appointment for a new will).

  • Tell a friend and set a deadline (e.g. tell a good friend that you will buy them a case of whiskey if you have not increased your RA by next Friday).

  • If you are uncertain about making an investment, because of volatile economic and political climates, phase in your money over time.

For more detail; listen to the interview in the audio below.

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Article brought to us by Old Mutual.

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