I SAT IN THE WAITING ROOM nervous with sweaty palms. I’d done this plenty of times but honestly, it never gets easier. That’s probably why the older I get the more I appreciate only needing to do this once a year because when I show up, I’m as scared as a stray cat at a dog show.
I’m referring to going in for my annual physical and let me tell you, that’s a nerve racking experience. I’ll spare you the details on why I’m not fond of seeing my doctor every year but let’s just say it’s not the most comfortable sixty minutes I’ve had but I realize it’s a necessity in life.
But as a financial coach/consultant, this experience gives me a good perspective on how people feel when they are apprehensive with getting a fiscal check up. But this appointment is just as important because if you ignore it then how do you know if everything is okay?
Sure, it’s obvious when you’re dealing with something like an unexpected medical bill or the lost of income due to a downsize but that’s not where most people have a problem. This is why getting a check up is so important.
SOME PEOPLE DON’T KNOW THAT THEY ARE FISCALLY SICK
Even if it’s uncomfortable, it’s time to strongly consider taking a hard look at your financial situation if you haven’t done so in a while. Now, I hear you… you’re probably saying to yourself, “Shawn trust me, I know where my money is going!”
I have no doubt that you have a good grasp on your daily bills and savings. But are you sure everything aligns with your goals and game plan for life?
For example, do you know if your RETIREMENT savings will be adequate? Are you likely to have enough money to live comfortably when the time comes? Again, I hear you saying…”Shawn, I’m trying to concentrate on today. I’ll deal with retirement down the road!” I get that too but keep in mind, every dollar you invest today your future self will thank you. Because the reality is as you continue waking up, one day you’ll get “there” and what you do now will determine your outcome (see Proverbs 6:6-8).
Okay, you got your future squared away. So, what about your DEBT situation right now? Are you strategically turning your waste into wealth? Most put the focus and concentration on making MORE money but they forget about the need to decrease their debt to asset ratio. I’m sure it’s not a news flash but it’s worth repeating that debt can and will eat away at your ability to live a comfortable life today and in the future. If you need a few good strategies on how to reduce your debt in in a short time frame then check out my book The Consumption Trap.
But let’s not stop there because another important area to review is your current INSURANCE needs? Do you have enough? Are your policies up to date? At a minimum you should be reviewing your life, health, homeowners, disability, and liability policies to be certain they’re adequate.
NO TIME FOR THE STATUS QUO
Keep in mind that we haven’t even talked about other strategies but my main point with this blog is to convince you to not stay in the status quo. I get it, you don’t like going in for checkups – neither do I. Their intrusive, uncomfortable, scary and time consuming. But their also very important!
So ask yourself – do you have the information needed to make the best financial decisions that you can possibly make or are you guessing in the dark? Because once you have the information now it’s up to you to make it happen. So sweat through the anticipation of the waiting room and go get a check up!