Procrastination is something we face on a regular basis. We do it thinking it is harmless, however Tom Corley, Author of Rich Habits says it keeps us in a cycle of financial distress. Tom shares that 92% of people who are considered "poor" procrastinate on a regular basis compared to only 25% of wealthy people.
Is that just a coincidence? Well, it stands to reason that the things we put off can eventually become forgotten. In that case the success that would have come about due to the completion of the task, will not become a reality. Some might say that it's okay to procrastinate on the little things as they have little to no value in regards to the success or well-being of their lives. However, I have a belief that "the way you do anything, is the way you do everything." If you are in the habit of putting things off, you will do so in matters that effect all aspects of your life, including your financial well being.
If procrastination can affect our financial well-being as well as other aspects of our life, then why do we do it? According to Doctors Burka and Yuen, authors of Procrastination, there are several reasons.
1) Fear of Failure - When fear is a factor the core feeling or thought is that you are not good enough and may fail at the task. Naturally the easiest way to avoid failing would be to not complete the task or even start the task.
2) Fear of Success - When fear is present once again it brings up thoughts of failure, however in this case the fear is that you can not duplicate the success that you had achieved previously. Which becomes again a fear of failure.
3) Fear of Losing the Battle - The thought is that "If I fail" then that means I am a failure. This applies to not only the task, but all aspects of life.
4) The Comfort Zone - Who doesn't love to be comfortable? When a task is at hand, typically it will require a certain amount of effort and stretching ourselves mentally, physically and emotionally. All aspects are at risk when taking on a new task. So instead of risking our mental, physical and emotional comfort, the choice is to procrastinate.
These are just a few examples of the excuse we give ourselves. Procrastination is the easy way out. There are no expectations therefore no one gets hurt, or so we think.
Numbers don't lie. It can't be a coincidence that 92% of people considered "poor" procrastinate according to Thomas Corley, CPA. Studies show that anyone who has less than $5,000.00 in liquid assets and make less than $35,000.00 a year are considered poor. This accounts for 46.2 million Americans who currently live below the poverty line. In addition 146.4 million households who are above the poverty line are on the precipice of poverty. Onemajor event like an illness or loss of job would result in these families dropping below the poverty line.
If you are above the poverty line but would like to insure that your progress is upwards financially, then you must consider changing some habits that are keeping you from success. The first being procrastination.
So how do we break the cycle of procrastination? One way Tom shared with our listeners is to use a strategy called "Do It Now." Tom says that repeating the phrase "do it now" 100 times will cause you, if only out of aggravation, to complete the task right then. This will definitely cause you to become aware that you are in danger of procrastination, which could potentially risk your financial well-being. That alone will make you want to complete the task. In addition this process will cause you to break a "bad habit" and create a new strategy or "habit."
Understanding the reasons why you procrastinate and creating a "do it now" strategy will put you on the path towards success. Knowledge is power and once you understand the motivators behind your procrastination you can choose which path you will take. The choice is always yours, if you strive forward and fail, you have gained a greater understanding of who you are. However it does not mean that you are a failure. The only way to become a failure is to never try.
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Question: What tips do you have that break the cycle of procrastination?
