When it comes to making big decisions, it’s always prudent to do research and diligently study the options that you have available. Big decisions shouldn’t be made hastily. A decision that affects not only you but also your family requires careful consideration.
You should never…
- Go to college without visiting, researching majors, and understanding how you’ll pay for it.
- Sit for an exam without studying.
- Buy gifts for your loved ones without shopping around. Look up reviews and ask friends about their experience with the product.
- Buy a movie without reading reviews, seeing it beforehand, or getting a strong recommendation.
- Vote for a candidate without seeing if your values align and if you agree with his/her policies.
- Buy a car without test driving it, checking on safety ratings, and looking up user reviews.
- Go on a road trip without having a GPS, gas budget, and lodging arranged.
- Try a new workout routine without looking up the benefits, time requirement, and results of others who have tried it.
- Play in a sporting event without a game plan and practicing beforehand.
- Go on vacation without planning what activities you’ll be doing, where you’ll be staying, and how much it will cost.
- Buy a flight without shopping around for the best price and airline.
- Buy a house without budgeting for costs and researching the neighborhood.
- Accept a job offer without analyzing the benefits, the annual pay, and upward potential.
- Hire a candidate without reviewing work experience, extensive interview, and assessing their potential.
- Buy auto insurance coverage without shopping around for the best rate and features.
- Marry someone without getting to know that person’s values, family dynamic, and being 100% sure.
- Choose a contractor for a remodel without knowing they are licensed and fit your budget.
- Try a new diet without looking up the benefits, cost, and making sure its workable.
- Buy a new phone without checking cost, weighing the benefits of new features, and knowing your upgrade eligibility.
- Choose a babysitter without getting a strong recommendation or looking into their background.
- Pursue financial independence without a financial plan in place.
Wait, is that last point something you are doing?
Your financial decisions affect your future and the future of your family. Unfortunately, many families are uncomfortable seeking advice or they try to do everything themselves. Only 38% of Americans have a written financial plan. Of those that have plans, 58% believe their financial planning efforts need improvement. I’m here to tell you, the longer you wait to address your financial planning, the less likely you are to reach financial independence. I know that it can be scary to address your financial planning. But I know one thing, you’ll be glad once you do.