Many people don't have a great idea of what do do with their bonus at the end of the year. Should you spend it? Invest it all immediately? Invest it over the coming year? In this week's podcast, Chad and Mike explore your options and help you decide how to end your year.
Music this week:
Celebration (Single Version) – Kool & The Gang from the Album Celebrate! (1980)
Don't Stop Believin' – Journey from the Album Greatest Hits (1988)
Used under Fair Use.
Two-thirds of people admit to procrastinating when it comes to their retirement planning. In fact, the average person spends more time planning a vacation then than do planning for retirement.
Non-urgent financial tasks love to find cracks in our to-do list, falling to the bottom fast. Mark Twain humorized this concept well with his quote, “Why do today what you can put off till tomorrow?”
Jason Zweig captured these problems in his book Your Money and Your Brain. He wrote “Unpleasant tasks often lead to pleasant results down the road. We often procrastinate the worst on things that are good for us [with] saving more in our 401(k)” being near the top. “So the problem is not that we don’t know what’s good for us. It’s just that tomorrow seems like a better time to do it than today.”
In this episode, we share some of the best reasons we’ve read, personal stories, and tips we’ve used to combat financial procrastination.
You can also check out Chad on the Stacking Benjamins Podcast on a special Halloween edition. He shared 5 horror stories we see regularly from when we first meet with people.