We all have that one friend in the group who seems to be late to everything, I mean everything. It’s like they can’t show up on time to save their life. You say the wedding starts at 2:00 pm and they somehow walk in at 2:15 pm slightly making a scene as they try to sneak in to a seat just before the bride walks in. If you have a friend like this, it’s embarrassing and annoying. If you are fortunate not to have a friend like this, it’s great for you but sucks for your friends because that might mean you are that always late, embarrassing friend.
When several habitually late people were interviewed, one thing was common; they were all trying to arrive at their destination right on time without leaving room for the unknown. Unfortunately, many people end up doing the same thing when it comes to their personal or businesses finances. One of the worst mistakes you can make with money is planning to have just enough because when the time of need comes it’s like your just enough is never enough.
Here are a few tips to keep in mind:
Plan for the unexpected, everyone has that friend that always get stuck in traffic or spills something on their clothes which makes them late. To avoid seeing this in your finances, plan to leave a little extra room for the unexpected. Take the average of your last two unexpected expenses and multiply it by 2. This should then be the minimal starting point of your safety net savings.
For your personal finances, get something like the free Mint app to help track your actual spending and savings activity. Improvement starts with knowledge of what’s really going on. You’d be amazed at what you’re spending your money on.
If you are a business owner; hire a good financial specialist (HINT, you can save up to 50% on the cost of this help if you hire one on contract basis that can work remotely vs full time). At the TLTurner Group we find that our clients show significant improvement in their financial performance within the first two months, because we don’t just help them account for the past activity, but we proactively help them navigate their future decisions to maximize their profit.
Get out of your comfort zone and try new experiences. Doing something different could open you up to new opportunities. For example, what if your late friend tried being early? they might find out that its less stressful and options are even better.
For your own best interest please explore the ideas above because if you don’t, life may be very different for you when the future hits especially if the economy takes a corrective dip, which is very likely within 16 – 20 months based on historical trends.