Introduction
“I’ll worry about it later”
This is something almost all of us had said about our finances at some point in time.
When there are so many responsibilities to juggle, it’s easy to put aside your finances in lieu of everything else. After all, you go to work, get your paycheck, and every month pay down some of your balances.
The reality is not as simple as that. We put organizing our finances in the backburner because we have a misconception that we need to be in a specific position to start, but the progress begins in those imperfect moments.
Most financial stress doesn’t come from one big mistake, it’s the result of small decisions compounding, and the longer something sits in the shadows, the scarier it tends to feel.
Why we Avoid our Finances
Too many people believe that they need to have a “business” background or be wealthy in order to be in control of their finances, but that is the furthest from the truth. You would actually be surprised at how many wealthy people have some of the worst habits when it comes to their money.
This misconception paralyzes many of us and stops us from taking the next step in our journey. The issue is rarely not having knowledge, its being overwhelmed.
People don’t gain confidence in their finances because they feel like they finally got it all figured out, they get that confidence from finally confronting the things they’ve been avoiding.
Sometimes “I’ll figure it out later” is just another way of saying “I don’t know where to begin.”
Indecision = Decision
Simply being aware that there is a problem can feel like progress, and to some extent, it is. But many people stop there because they’re afraid of what they might find once they finally look deeper.
The truth is that choosing to not make a decision, is a decision in and of itself, and those unfinished financial questions will quietly consume your mental energy.
There is never going to be a specific moment in your life where everything becomes organized enough to focus on your finances. If anything, it gets harder as time passes. As people start to have significantly more responsibilities, they may find it even more difficult to catch up and organize everything.
Just because you haven’t started the journey yet, it doesn’t mean it’s too late. Of course, starting when you’re younger is going to be better, but starting now will always be better than never starting at all.
Thinking it’s too late is among one of the many traps people fall in.
Finances are not a one-time Fix
Someone is looking to drop 20 pounds in time for their summer trip, so they decide to do a strict diet for the next 3 months. That time passes, they were successfully able to shed the weight, and their pictures came out amazing! This means they should be good to go for next summer right?
Probably not
Our finances and our diets have a lot of similarities to them. You can’t just wave a magic wand and all of your worries are gone. Crash diets and financial overhauls fail for the same reason: they rely on short term intensity instead of sustainable habits.
Both of these require consistent maintenance in order to see the results we want.
The thought of having to be on top of our money for the rest of our lives can feel like a daunting task, but it doesn’t have to be like that. If you are able to build the proper frameworks for you to be in control of your money, you will always have that muscle memory inside of you.
Our finances are always adapting. Life circumstances constantly force us to have to re-evaluate our relationship with money. We shouldn’t expect to have the same spending habits in our 20s as we do in our 50s.
It’s all about Balance
Balance has always been at the core of my money philosophy and how I work with my clients.
I don’t believe life should feel completely restricted in the pursuit of financial goals. We never truly know what life has ahead of us, so if you have the opportunity to take that trip, enjoy that experience, or spend meaningful time with the people you care about, I want you to do those things.
The key is making sure those moments are supported by healthy financial systems behind the scenes.
If that trip isn’t pushing you deeper into debt or putting your financial stability at risk, then you should be able to enjoy it without guilt.
When we have more control over our finances, those purchases/experiences that made us feel guilty in the past, no longer carry that same shame.
Disclosure
This content is provided for informational and educational purposes only and should not be construed as personalized investment, tax, or legal advice. No advisory relationship is created by reading this article. Investment advisory & financial planning services are offered only pursuant to a written agreement through Noor Financial Services, a Registered Investment Adviser. Please consult with a qualified professional regarding your specific financial situation.
