Ever putting off something important?
If so, you're not alone. Research has shown that around 15% - 20% of adults procrastinate chronically. It's a universal phenomenon that transcends geography and culture. You might assume someone like me, who organizes financial lives for people for a living, would have it together for myself. But if I'm completely honest, when it comes to my personal stuff, procrastination is a daily struggle for me too.
But I want to do better.
A Procrastinator's Eisenhower Principle
The first step to change always starts with awareness.
To understand how my brain functions, I've adapted the Eisenhower Principle to suit my prioritization.
The Eisenhower Principle is a time management tool used to prioritize tasks based on their urgency and importance. It's named after former President Eisenhower, who is believed to have used this principle to organize his tasks. It goes like this:
Important | Not Important | |
Urgent | Do First | Delegate |
Not Urgent | Schedule | Eliminate |
Here's my adaptations a chronic procrastinator:
Important | Not Important | |
Urgent | Do NOW | PROCRASITNATION ZONE |
Not Urgent | Do Soon | Out of Sight, Out of Mind |
Urgent and Important: This is not something we can afford to procrastinate on, e.g. urgent care when kids have a fever, etc.
Important but Not Urgent Important things that don't have a near term deadline, such as going to the gym, eating healthy, and creating content for my practice (I know...)
Urgent but Not Important Necessary evils, such as renewing license plates, paying utility bills, etc.
Neither Urgent nor Important Minor chores, easily overlooked, probably wouldn't do unless there's a compelling reason to act.
Out of the four types of tasks, I'm relatively good with three of them. The real kicker lies in the low urgency, high priority category - The Procrastination Zone. It's like a bog that I'm constantly trying to crawl out of.
The issue is not that we don't understand the importance. We can pick anyone out of the street and ask this person how can we be the best version of ourselves. I guarantee you they would instantly turn into Oprah. The truth is, we can all recite these golden rules from memory.
It's doing, that's the hard part. And why is that?
Why Do We Procrastinate
There are a lot of studies and research done on procrastinating, but my favorite media related to procrastination is Tim Urban's famous Ted Talk:
He said that there are two types of procrastination:
Hard things that have deadlines
Hard things that don’t have deadlines
They loosely resemble the Eisenhower Principle. Do you notice anything? Yup, it boils down to hard things.
Procrastination often stems from the nature of the task at hand. Hard tasks, especially those lacking immediate deadlines, are prime candidates for delay. The emotional aspect—fear of judgment or failure—plays a significant role, much like my own hesitations about gym attendance.
If you look closer at the things you procrastinate on, it's about how you feel about the task. We don't like to feel bad about ourselves when it comes to things that we don't understand or things that make us feel ignorant, even though it would be important to do. I still hesitate to go to the gym and workout confidently because I fear being judged and embarrassing myself in front of others.
Strategies for Overcoming Procrastination
Through my professional and personal experiences, I've identified some strategies to combat procrastination:
Start Small.
Cultivate Self-Compassion.
Seek Accountability.
Start Small: If something seems too big and scary, take an imaginary sledgehammer and smash it into smaller pieces! When you turn something from conceptual and overwhelming into concrete and executable, the chances that you will end up doing it will skyrocket. For example, I put on the workout clothes and just go for a brisk walk outside for 10 minutes. To the James Clear fans out there, you might recognize this strategy from Atomic Habit.
Cultivate Self-Compassion: There are two aspects of self-compassion. First, shifting from self-reproach to acknowledging small victories fosters a healthier mindset and boosts productivity. If doing it makes you happy, you would want to do more of it. Second, think of your future self when you procrastinate. This is a well research concept that's really powerful. I have written about future-self here.
Seek Accountability: No matter how disciplined we are, it never hurts to have someone who has your best interest at heart to keep you honest. I take many more breaks when I just work on a Youtube video compared to when I go to a workout class. The motivation from a trainer and some peer pressure from other people are magically effective in keeping myself on track.
Applying These Strategies to Financial Planning
As someone deeply embedded in the world of financial planning, I understand how easy it is to postpone managing your finances. The complexity and fear of making mistakes can be paralyzing. However, applying the above strategies can make a world of difference:
Start with Achievable Goals: Instead of viewing your financial plan as a colossal task, focus on achievable, specific small goals. Whether it's setting up an emergency fund or reviewing your investment allocations, each small step is progress. Instead of trying to tackle investment as a broad topic, start with "opening an account" or "increase 401(k) contribution". These are much less daunting and very executable. After you're done, we can rinse and repeat.
Be Kind to Yourself Now and in the Future: The financial world is complex. Mistakes happen, and that's okay. Celebrate the progress you make, however small you think it is.
Also, be kind to your future-self. When I used AI to peak into what I would look like when I'm 70, the emotional impact was not something I imagined. It makes me want to take care of the frail old lady more. If you don't have access to tools like that, just think of yourself in a version where you look like your parents now. Take care of this person, even though the future seems far away.
Partner with a Professional: Just as a fitness coach can guide your physical health journey, a financial planner can provide personalized advice, keep you accountable, and help you navigate the complexities of financial management. Expert advice is helpful to cut through the noises and keep it tailored to your specific situation so you don't have to wonder if the Reddit poster's experience can be safely applied to you anymore.
Ready to Take the Next Step?
If you are ready to transform your financial procrastination into proactive planning, I'm here to help. If you have done these steps and still feel like you need help, please reach out. Together, we can break down your financial goals into manageable steps, ensuring a path toward financial wellness tailored just for you. Let's connect and start your journey to financial empowerment today!
Comments