Delays Are Costly


Delays Are Costly

Most of us have heard the adage: “Procrastination is the killer of time.” As a financial planner, I remind my clients: procrastination is the killer of YOUR dime. Delaying financial decisions comes with a high cost, no matter how you slice it.

Having lived eight decades, I’ve seen firsthand — with both friends and family — the painful price of waiting. The cost of delay can be devastating, especially if incapacity or death strikes before a financial plan is in place. When it comes to life insurance, putting off a policy can mean higher premiums or, even worse, denial of coverage due to age or health changes.

Recent statistics show that only 3 out of 10 Black families have a financial plan. I meet people every day who know they need a plan but are waiting until they get “a round-to-it.” For those still waiting, I’m happy to announce — I have a limited supply of Round-To-Its! First come, first served. No joke — call me for yours. I’ve got you faded.

One of the costliest and most life-altering delays is waiting to plan for retirement. Whether you’re starting your own retirement fund or contributing to an employer-sponsored pension, starting early most often beats waiting to make larger contributions later. The younger you are when you begin — even with small, consistent contributions — the more time your money has to grow.

Those who wait until they believe they can "afford" larger contributions often find that time, not size, is the real wealth builder. Late bloomers usually end up with smaller retirement funds, despite contributing more per paycheck. Time in the plan always outperforms last-minute catch-up.

If you’ve missed your window, teach your children and grandchildren the saving habit early. It can be the difference between scraping by and living securely in their non-earning years.

Aging brings enough challenges. Don’t let finances be one of them.

Delays are costly — but the price hike is preventable. Start today.

Bye for now,

Brenda Sheriff, CSA


QUIZ: What is the Long-Term Care Ombudsman Program?

Answer to last week’s quiz: Oops!!!  I forgot to give y’all a quiz question last week. 

This week I’m glad to announce that I got a “round-to-it” and there is a QUIZ this week.

To get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please contact me: 773-817-0601 or basheriff1@gmail.com

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.


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