Know the true value of time; snatch, seize, and enjoy every moment of it. No idleness, no laziness, no procrastination: never put off till tomorrow what you can do today. – Philip Stanhope, 4th Earl of Chesterfield
So, the High Holy Days season has come to a close. It’s now our job to take the happiness, joy, and spirituality that we experienced, and use them to transform the short and dark days of winter. It’s also the time to start that much-thought-about diet and take off those unwanted kilos gained over the last three weeks.
We are starting a new year, reading again from the beginning of the Torah, and we have a general feeling of being spiritually cleansed. In Israel, this means “after the chagim,” a term used both to justify procrastination and to declare that we are now getting back into a routine.
In one way or another, we all procrastinate. It may be saying that you will do the dishes, only to find them still in the sink two days later, or saying that you’ll throw out the garbage in another two minutes. For many of us, it’s all about procrastinating. How many of us are more productive and energized when on a deadline?
As I mentioned, in Israel, the ultimate definition of procrastination is the concept of “after the chagim,” where no one can focus or make a decision on anything until after the High Holy Days season is over. Now it’s time to get back into the daily grind. This is when “life” takes over, and people continue to put off things they need to do because they are just too busy.
Whether it’s getting kids back in the school routine and figuring out which after-school activities to sign them up for, or trying to work through the email backlog, we are all busy. Most of us struggle to balance our careers and families.
Work-life balance issues and how to juggle the two have become a very popular topic over the past decade. It’s just that as all the focus goes to balance work and life, too often I see that what gets left out is attention to finances.
A minute
We never seem to have enough time to deal with issues of importance. How many of us put off reviewing our investment portfolios or fail to get started because we can’t find an hour or two to get organized and understand what our goals and needs are, and then how to implement a strategy to achieve those goals?
When I call to check in with a client, I can’t tell you the number of times I have heard, “I’m so happy that you called. I have been meaning to call you for some time. I just haven’t had the time to do it.”
Delay is costly
About five or six years ago, Financial Engines reported: “We recently conducted a survey to better understand financial procrastination, and found that more than two-thirds (68%) of adults age 55 or older admit to procrastinating on retirement planning.”
The longer you delay getting your finances in order, the more expensive it will be down the road. The more time you delay in getting down to business, the harder it will be to marry off your kids without taking loans.
Do you want to have to move in with your children when you retire because you don’t have enough money? We promise to “get to it soon,” but we never do. If we have knee pain, we go to the doctor – or at least some of us do. Meeting with your financial adviser will help ensure that your financial health is in order.
Make order
It’s not time-consuming. It pays to spend a bit of time preparing for an efficient meeting with your financial adviser. From years of experience, when a client comes prepared to a meeting, a tremendous amount is accomplished.
In preparation, map out your short- and long-term goals and needs. How much income will you need to supplement your existing pension? Do you have children or grandchildren to marry off? Are your elderly parents in need of care?
Use your adviser as a sounding board. The adviser can tell you if your goals are realistic; if not, you can work together to come up with goals that can be achieved.
As I have mentioned here numerous times, I often speak with a friend, Zerach, who sits in front of me in the synagogue, about how time flies. A few days ago, we were looking at one of those weekly Torah pamphlets and noticed they were already advertising Passover hotel programs.
We joked about starting Passover shopping and cleaning, even though it is only six and a half months away. Don’t wait for the next “after the chagim.” Now is the time to get your finances in order.
The information contained in this article reflects the opinion of the author and not necessarily the opinion of Portfolio Resources Group, Inc. or its affiliates.
aaron@lighthousecapital.co.il
Aaron Katsman is the author of Retirement GPS: How to Navigate Your Way to A Secure Financial Future with Global Investing.