Tuesday, April 15, 2008

And Time is Up!

Tick tick tick
That is to file your 2007 taxes. Yup – your 106 days to collect your W2s, 1099s, donation receipts and fill out the tax forms is up today. Time does fly – especially when you dislike doing something and there is no immediate penalty for not doing it.
"When we are faced with an averse task, people who would rather manage their emotions first will give priority to feeling good for longer, and consequently put off that unpleasant task until the very last minute."
Kathleen Vohs, University of Minnesota's Carlson School of Management

What else falls in this category? How about - exercising, updating your resume, cleaning the garage and managing your money.

Is there a penalty for not participating in your company’s 401(K) plan? What about keeping all your money in a 0.05% yield savings account? Delaying a 529 account setup for your kids, ignoring asset allocation, diversification and financial planning – you get the drift.

The penalty for not managing your financial life can translate into wishful thinking instead of the desired lifestyle. Financial independence, retirement, education – all hinges on actions you take today. Time to act is now!

(Photo courtesy - Flickr)

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