What Does Procrastination Cost You? Most people fail to understand the cost of procrastination when it comes to delaying investment decisions. Procrastination is the natural assassin of opportunity. Every day you delay in investing makes your goal of financial freedom at risk.
The Cost of Waiting One Year
It’s human nature to procrastinate and waste valuable time. Most people do not have a plan for savings. Even if they do have one, they say, “I will start saving next year” or “I’ll do it later.” Little do they realize that the costs of delaying are enormous. Even one year can make a huge difference.
Let me illustrate this with an example; let us say that Tom makes $5,000 annual contributions to a retirement fund that earns him an 8% return. He’ll have $1,932,528.09 saved by retirement. In case he waits, let us say, by five years, his annual contributions would have to increase to nearly $7,500 to save that same amount by age 65.
“Every gold piece you save is a slave to work for you. Every copper it earns is its child that also can earn for you. If you would become wealthy, then what you save must earn, and its children must earn, that all may help to give to you the abundance you crave” (George Samuel Clason, 1926).
You must stop fretting and start asking what does procrastination cost you in case you have lost a lot of investing time. There is nothing you can do about it. It is water under the bridge. There is no point in thinking or complaining about the past. Think about the future. You need to start today, right now, this very second! There is no time to waste. You can make a difference to your finances by making an investment today. Twenty years from now, you’ll be glad you did.