Obstacle to building wealth

Without any question, it will be procrastination as it is the most common cause of financial failure. It is your biggest enemy. There is always a tomorrow. It is much easier to put planning off until later than to start today. After all, you got lots of work deadline to catch, sending children to school and prepare for a trip this weekend. With so many today’s deadlines, there isn’t any time left to work on something whose effect will not be felt for 20 years. Thus people think they have plenty of time since they are still young.


When you are in your 20s, you are more concerned about this weekend’s party and you will put it off until you are in your 30s as you figure you still got 40 years to deal with it.

When you are in your 30s, there will be a new house, new spouse and new children and you are spending money like never before. Who can be thinking of saving at a time like this? So you put it off till you are in your 40s.

When you are in your 40s, your children will be starting to enter poly or university. On top of that, income growth rate of yours will not be as rapid as before. You say let’s leave it to when you are in your 50s when you think major expenses are all behind you.

Only to discover that your children are starting to get married (with you footing all the bills) and maybe need help in buying a house too. Your parents are getting old and they need some help too. Promotion can only happen when somebody retire or pass away as you are so high up in the company.

This is where you will find cost of living has never been higher, so planning for retirement will just have to wait a bit longer. With a blink of the eye, you hit 65 and wish you had started some 40 years back.

There is never an ideal time for planning, but there is always a reason to put it off. DON’T. Do it now. Procrastination will ruin your financial. Procrastination comes with a price. For some, the price of it is too huge for them to afford. It is not money that makes people financially successful, it’s time.

If a 30 year old saves $100 every month till age 65, he will have $379,664 (10% yearly return). But if he waits till one year later then start, it will be $342,539. The cost of one year is $37,125, can you afford to lose this?

Don’t procrastinate. Start now.