When it comes to money, people often make excuses for why they can’t save or spend wisely. It’s easy to make up a story about why you aren’t able to do enough from a financial planning standpoint, but our attitudes often impact our success with money and in life. Let’s look at some of the common excuses we hear and how they could impact retirement.

The first story that people make up is that they never had anyone teach them about money so they expect to make mistakes.  While it’s true that most people don’t get an education about personal finance growing up, there are many resources available to help you learn more now. Online courses and seminars, podcasts, books on fiscal responsibility, and mentorship from successful people in the financial industry can all provide guidance. Investing a little bit of time in learning more about money could have a huge impact on your retirement plans.

Another excuse that’s out there right now is with a possible recession looming, there’s nothing you can do about it. The truth is that a recession can be an opportunity to make wise decisions with your money. You can use the situation to examine how you’re investing and work on paying off debt or creating a financial plan. Take the time now to do something proactive before it’s too late.

Then there’s the story about how much money you’re going to need for retirement. People often assume they need a million dollars to retire comfortably, and that can make them feel like retirement will never happen. The truth is that there is no set amount of money you need and it depends on where you live, what your lifestyle needs are, and how long you expect to live. Talk with a financial advisor to help determine the right amount to save for retirement.

Finally, another excuse we hear often is someone just isn’t good with money. While having a financial plan may not come naturally to everyone, it’s important to realize that anything new takes time and practice. Start by setting achievable goals and then work with experts who can advise you on the best way to reach those goals.

Making excuses about money won’t make it magically appear for retirement. It’s up to us as individuals to take the reins and create a plan for our financial future. Taking responsibility now will give us peace of mind that we’ll have enough money for retirement when the time comes.  By recognizing common excuses and working on creating better habits, individuals can achieve their goal of having good financial health in the future.

Here are some of the things we discuss in this episode:

1:09 – “I never had anybody teach me about money so I made a lot of mistakes.”

3:28 – “I’m just not good with money.”

4:26 – “We’re going to have a recession soon so I guess there’s nothing I can do.”

5:54 – “You have to have a million dollars to retire so I guess I have a long ways to go.”

9:34 – A Women’s Word with Heather Atkins – Financial focus during a divorce

14:49 – Mailbag question on where to contribute after maxing out 401k.

16:22 – Mailbag question on starting a business later in life.

18:23 – Mailbag question on pushing back Social Security.

19:44 – Mythbusting with Matt Pastor – There’s a perfect time to start collecting Social Security