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No decision is still a decision

Theodore Roosevelt once said, “In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.” Decisions propel us through the motions of life. When it comes to making financial decisions, indecisiveness is the enemy. What may feel like putting something off might actually be threatening your financial security. Read on to learn why not making a decision is a decision itself; a decision to roll the dice and accept any and all risks.   

Saving for retirement 

Retirement planning is not the simplest process, but it’s a crucial one.  There are a lot of important decisions that need to be made in regard to how much you should save now for a more comfortable future. If you’re thinking about saving for retirement, but have yet to begin making choices, then you’re essentially making the decision to not save for retirement. By not implementing a saving strategy or enrolling in a 401k plan, you’re ultimately making the decision to either work longer, or live on less, or having to work part-time during your retirement years. 

Saving for education

Like most parents, you probably want to see your child go off to college and further their education. The price of tuition is a common financial concern and requires considerable planning. If you’ve thought about funding your child’s education but have yet to determine a savings strategy, then you’re deciding to be in a position to not fund your child’s education. 

Failure to make a decision here is the decision for either you or your child to assume debt if your child enrolls in a school that isn’t affordable or limit the choice of schools they could attend. 

Maintaining an adequate cash reserve 

In a previous blog, we talked about the importance of having a cash reserve. Cash reserves provide financial protection for any unexpected short-term financial requirements. Failure to make a decision about implementing a cash reserve strategy means deciding to not prepare yourself, or your wallet, from surprise costs. With no cash reserve in place, you’re deciding to put yourself in a position where you can’t easily pursue new investment opportunities without having to use consumer debt or interfere with your other investments and savings accounts. 

Protection planning

In a world full of unpredictable events, it’s important we take preventative actions to ensure our family’s protection. By not enrolling in a life insurance policy, or not increasing your existing policy to accommodate your family’s financial needs, you’re deciding to potentially leave your family exposed in the event of your premature passing. No decision in terms of protection planning is a decision to leave the family exposed and vulnerable. 

Life is going to happen, whether we plan for it or not. The decisions we make today ensure a more secure tomorrow.  A financial advisor can play an important role in the decision-making process by facilitating a discussion to help define your goals as well as discuss appropriate strategies to help you meet them.  Schedule a call with an experienced advisor at Archstone Financial today. 



















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