3 Reasons to Create a Financial Plan Now!

Procrastination financial planning and decision making can be a real cost.


The following article originally appeared in my weekly column in the Globe and Mail.


Many people are quick to financing plans for various reasons. Most people are waiting for something: the level of comfort, fear, a wrong train, a certainty, divine intervention or simply the inability to decide.


However, the cost when it is waiting for financial decisions. Here are three examples:


1) insurance decisions: The older, the higher the cost of annual premiums. The older you are, the greater the chance of a disease that can be ensured.


2) Set: Family may be a delay because they can not decide child custody or property. However, the delay in a position where decisions have to the family courts and family law to be caregivers, and others will determine how your assets are distributed.


3) When to start investing again: It's certainly a part of the time to invest. But one thing we can be sure that there are ups and downs but for investors, since 1950, always has the 90-day T-bill surpassed in the years from the base years. Today we have some of the lowest T-Bills. The possibility of above average investment in the market is better than cash. If we can agree on this, then the average investment is down to prevent damage to your wealth.


Here are two important steps to reduce delays Financial:


A) before a discussion of financial decision, a list, you need to know, want to comfortable feel decision.What to win from this decision? What is the downside risk to take wrong decisions, and how the probability of this happening to reduce weakness?


B) Use the set list as a guide, the right questions and to obtain the time for a complete list. Not all responses will be in black and white. There is some "well controlled" more emotional elements of the list, you need to get a comfort level with one. Once this list is complete, it is time to act.


If you sit at the beginning of today's financial decisions, understand that there is a possibility of significant costs for the delay. It is time to make a decision now!