Procrastination can have a number of undesirable consequences, such as missed deadlines, wasted opportunities and sub-standard work as a result of insufficient time. The costs of procrastination, while substantial, are not easy to quantify.
But what can be quantified – at least to some extent – are the costs associated with putting off decisions and actions when it comes to personal finances and investments. Beware of such "financial procrastination," because the price tag of needless delay in this crucial area can be steep.
Five Costs of Financial ProcrastinationBroadly speaking, we can classify the costs of financial procrastination in four main areas:
Delays in investing
Putting off routine investment decisions
Tardiness in organizing personal finances
Procrastinating on major financial decisions
#1 Investing DelaysDelays in putting your money to work through investments can eventually end up costing you a lot. Consider the case of two hypothetical investors, Mr. Invest-First and ......