Financial Procrastination: Xavier’s Talk With Himself
Have you ever talked to yourself when you’re stuck in traffic? Well, in this episode of the Stuff About Money podcast, Xavier Angel, CFP® shares his conversation with himself about financial procrastination while at a dead stop on the interstate. Then, Erik Garcia, CFP® shares 3 ways we procrastinate with our finances, and both Erik and Xavier share steps to overcoming financial procrastination.
Episode Highlights:
- Xavier recalls a time that he was stuck in traffic and started thinking about procrastination and how it affects everything we do. (3:00)
- Xavier shares an experience that he had with a client who continued to procrastinate investing in hopes that the market would come down and missed their chance to invest before the market went up. (4:14)
- Erik and Xavier explain how dollar cost averaging works. (6:01)
- Xavier shares how our emotions can get in the way of investing goals and take us off target. (7:21)
- Erik mentions that good advisors consult with other advisors for guidance and planning assistance. (8:30)
- Erik explains that saving for specific short-term goals is another area where we procrastinate financially. (11:36)
- Xavier uses his partnership with Erik as an example of a time when he procrastinated in investing in the short-term goals of their business. (12:48)
- Erik discusses how individuals procrastinate when it comes to making career or professional changes. (14:00)
- Erik believes that taking risks for a career change is important because time is something we can never get back. (17:26)
- Erik explains that automating finances is a good form of financial accountability. (22:20)
- Erik explains how clients are accountable to financial planners. (25:13)
- Erik discusses how important it is to make decisions that are consistent with our values because money can both provide and destroy us. (27:22)
Key Quotes:
- “Good advisors, engage other advisors for advice, and for planning help, it’s always good to have a second set of eyes.” – Erik Garcia, CFP®
- “Whether it’s friends, family, clients, everyone has the same thing. And it’s procrastination.” – Xavier Angel, CFP®
- “Money drives practically everything we do. So, to have it in its proper place to make decisions that are consistent with our values is incredibly important because money has the ability to provide for us and it also has the ability to destroy us.” – Erik Garcia, CFP®
