S8 Ep25: Financial Procrastination Could Cost You Millions

All right.

Roy Matlock Jr. here today, and we are going to be talking money.

And once again, the goal is to get you on track by doing the right things.

And typically, what I always do is I always talk about this is what you should do.

And in doing that, if you follow the plan, and I've got a lot of customers that have been with me for many, many years, it works out.

They one day get to the point where they have plenty of what I call do-nothing money, money that comes in for doing nothing because you did something wrong.

in the past to prepare for it.

But today I'm not going to do that today.

I'm going to talk to you about what happens if you don't do it.

And I think for some of you right now, if you're out there and you're saying to yourself, you know, I got to get it together.

You know, the number one mistake that happens when it comes to pretty much anything that you want to accomplish is something called procrastination.

And I believe procrastination is, you know, the, number one financial mistake that you can ever make because what you don't save today doesn't compound and a lot of times we don't realize that the back end of the compounding is when the most money's there and that's when things happen uh like that so anyway so today i'm going to talk about more about what happens if you don't do it with the encouragement that maybe you will do it and so let's start with some of the basics you know the first rule that I always tell people is you got to get on a budget and the budget is a spending plan it's not a not something the dreaded budget or something like that it's a plan to where you can go and you know, in advance of the month, know what's going to happen.

And it accounts for all of the things that happen, you know, like your car is going to one day need maintenance and tires and your house and all that kind of stuff.

And it's designed to get you to spend in advance and put, you know, names to dollars so you know what's going on.

And so, but if you don't do it, what happens? Well, I can tell you the first thing is, is that If you don't have a budget, you will automatically go in debt.

And when you go in debt and you start having credit cards and car payments and stuff like that, you can just say to yourself, I am not getting my budget set up because I want to have the outcome of being stressed out, paying 21% interest, and that's what I want.

So no one wants that, but that's what happens.

Now, if you don't have it, the next step that we tell people is you should, after that budget, that's going to allow you to have an emergency fund.

So we recommend three to six months.

I've always done this of liquid expenses.

That way, if something happens, you get hurt, you get sick, or you have some in-between on your job or whatever it may be, that you've got three to six months of expenses that will allow you to continue to do that.

Also, if you have an emergency fund, it allows you to raise your deductibles on some of your home auto and insurances.

You could do the same thing if you had disability income, all those kind of things.

But the point being is that it allows you to become more self-insured.

Thus, you cut your cost as it relates to your insurance.