It is not uncommon for me to hear someone say I hate Financial planning
and that is because it has never made it to the top of anyone’s list of favorite things to do.
I’ve heard people compare it to having a root canal. One person said he avoided financial planning in the same way he avoided taking his car into the repair garage because he was afraid to find out what was wrong with his car and how much it would cost him.
It wouldn’t be too difficult to compile a long list of reasons people give for not doing a financial plan – no time, no money, no help, no hurry, no need and dozens of variations of each.
The least we can do is to be honest about it.
The real reason people may say I hate financial planning is because it’s tedious, time-consuming, and agonizingly painful.
Most people spend months planning their next one-week vacation but they won’t set aside a few hours to plan the rest of their financial future.
It seems to be a natural human tendency to spend time worrying about things over which we have no control. Ironically, it is through getting past the
I hate financial planning that we can actually gain control over our finances and our financial future. Go figure.
I have always wondered what is it about the financial planning mentality that we hate? Being organized?
Having all important financial documents organized, accounts consolidated, bill payments and savings deposits automated, and a complete cash flow management system online can be very irritating for some people.
Setting financial goals?
Many people don’t even like to make New Year’s resolutions because they think that they won’t be able to keep them.
They certainly don’t want financial goals hanging over their heads if they think they won’t be able to attain them.
Who needs that aggravation?
After all, if you don’t know where you’re going, then any road will get you there, right?
Improving cash flow?
Some people live a good part of their lives trying to make their paychecks last longer than the month.
Others are like to play the credit card juggling game.
Actually having excess cash flow and money for savings probably doesn’t seem as much fun.
Investing for the future?
Sure, it’s smart to systematically set money aside for future needs, but that means talking with financial reps, looking at product brochures, tracking investments, dealing with taxes - more aggravation.
Plus, isn’t there always time to start an investment program?
Well, that would mean having to consider things like life insurance, disability income insurance, wills and trusts.
Protecting the family against the loss of a breadwinner’s income is the most important aspect of financial planning, but no one likes to imagine bad things happening to them.
And, few people relish the idea of talking with an insurance agent. What’s not to hate?
Achieving financial success?
Actually, there are some people who do fear success.
Perhaps they are afraid of additional responsibility or new possibilities.
After all, financial success means being able to pay for college, start a new businessventure, retire on time.
People who hate financial planning may be of the mind that, for the few hours it will take to set goals, prioritize their needs, get control of their cash flow, set up an investment program and then watch their money grow, not much will come from it.
Then again, they may just have no fear, whatsoever, of the unknown.