Anyone who has started on their path to financial independence will soon realise that if they procrastinate their progress will be greatly slowed down. I would go as far as to say if you are a big procrastinator you will be very lucky to reach financial independence!
I have moments of procrastination, the doubts which come into my head when I am making an investment decision- will I be able to buy it cheaper next week? Is this a fair price? Are there better alternatives…similarly there have been moments of procrastination with regard to my financial education- I’ll read that book next week, I’ll research that investment tomorrow…I’ll apply for that real estate course when I have more time. It’s a constant challenge to limit your own procrastination but there are some techniques which you can learn to reduce your procrastination levels, even if you are a massive procrastinator. Some of these include setting yourself goals, having a vision board, and understanding what are triggers that cause you procrastinate and waste time- I have a bit of a problem habit of keeping up with all the latest football news!
Procrastination can also be reduced by financial education. By changing my investment mind set through my reading, I am now a lot less scared about making big decisions because I realise that in order to make progress on my road to financial independence I will make some mistakes. But I treat those mistakes as a learning experience rather as something which I should punish myself for. By all means research your chosen area of investment thoroughly but don’t delay on taking action once you are satisfied with your knowledge.
Ultimately, I think winners are those that take action! Remember even if you have all the financial education in the world, if you don’t put it into practice you will never make any money.
I read a useful book called “The Procrastination Equation” by a guy called Dr Piers Steel who has done extensive research in the field of procrastination . If you think that procrastination could be affecting your ability to reach financial independence please have a look at his book it has useful techniques for combatting it and makes for a valuable read.