Podcast Episode 183: Don’t Let Procrastination Stop You in 2021

Today’s Wisdom:

Stats tell us that many people believe a financial plan is important but the majority of those people don’t follow through and get one built. If that’s you, don’t let procrastination keep you from reaching your retirement goals. As this new year begins, let’s talk about how you can take those next steps and leave procrastination in 2020. 

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What You’ll Learn:

Whether you’re busy with life or talking about money doesn’t excite you, it’s very easy to find reasons to put off your financial planning. The majority of Americans haven’t taken the time to build a plan despite knowing how important it is.

If there was ever a time to put the bad habits aside and begin taking control of your future, it’s now. The new year gives you a fresh start so take advantage of it. We understand how difficult that can be. We all have responsibilities that we don’t enjoy or would prefer to put off as long as we can. And there are many reasons for procrastination, but we want to focus on what it will take to change your course in 2021.

So on this episode of the Money Wisdom podcast, we’ll talk all about adding structure to your life and how to overcome the usual challenges that keep people from planning. Joel will share the processes he uses day-to-day to accomplish the tasks he needs to from both a business and personal side. Hearing what others often helps you find methods that can be applied to your life.

Along with procrastination, people will have specific reasons for why they haven’t started a financial plan. Some of them deal with time or what they feel is a bigger priority, but other people worry about working with a financial advisor.

If you’re concerned about advisors always trying to sell you something, remember that it isn’t the case with everyone. This might seem harsh but we don’t need your business. By that we mean we don’t need to sell you something today to keep the business going. We’re a big firm that takes a personal approach to every client we have and we look out for their best interest with each financial decision. We’re not unique in that approach either so interview advisors until you find someone that you can trust.

Whatever it is that’s keeping you from taking that next step, let us help you change that in 2021. If you’re looking for somewhere to start, take advantage of our complimentary Money Map review and get the process underway.


Today we also have two good mailbag questions to answer on the show. The first deals with Health Savings Accounts, which many people don’t fully take advantage of. This listener was wondering about whether those HSA contributions rollover, which is a great question. Many people assume they have to use that HSA money while they’re working but you can actually use it throughout retirement. Whenever you finish working, you take that account with you and as long as you’re spending it on medical expenses, it will come out tax-free. 

The second question is a common one for people these days: how do you handle a job change close to retirement? In this specific case, this person is going to receive a great severance package and would have enough to go ahead and pay off their house and retire early. But is that the correct choice?

First, get Joel’s book that details this specific topic. There are a few issues here. Do you have enough to retire right now? What about health insurance? Then there are taxes you’ll be paying on those stock options that you need to plan for as well. But the first question you have to answer before even looking to see if you can retire is do you want to? If you do and you can, then you need to get an efficient income plan structured. There are too many moving parts to give a direct answer so you’ll need to sit down with an advisor to get a thorough answer.

[0:40] – This is the year for Joel 

[2:13] – Advice for someone that needs motivation

[5:05] – Adding structure in your life   

[8:29] – Why do people procrastinate with financial planning

[11:13] – Assuming advisors are always selling you something

[14:45] – What we talk with clients about in a review

[18:50] – Mailbag Question: I max out my HSA every year but never take anything out of it. If I just keep doing this every year, can I build up a huge balance that will be tax-free in retirement?

[20:08] – Mailbag Question: I planned to work for another five or six years but I was just told I’ll be terminated in a few months, two weeks after my 60th birthday. I get a good severance package and I’ll have 90 days to exercise all my stock options. Should I use this cash to pay off the house and try to retire or should I get another job?

Thanks for listening to this episode. We’ll be back again next week for another show.


Final Thoughts:

“Most wealthy people want financial advisors. They pay financial advisors because they want that structure, they need that work, they need somebody to hold them accountable.”

– Joel Johnson, Money Wisdom Podcast

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