Back in April I had written about how Inflation invisibly effects our Financial health. Today its time to focus on its evil twin - Procrastination - is the practice of carrying out less urgent tasks in preference to more urgent ones, or doing more pleasurable things in place of less pleasurable ones, and thus putting off impending tasks to a later time, sometimes to the "last minute" before the deadline.
So consider this, we have a standard (hard) working life of about 30 yrs, and due to increase in longevity and advancement in science and medicine we need to consider an equal number for our post retirement life.
But here' what most of the young population feels:
As young and unmarried individuals who have just begun to earn and feel good about it, they do not engage seriously with money or investment decisions. There are several excuses—not enough money; too many choices; very complex; uncertain about where to start; too much paperwork. While you procrastinate about money and also allow your financial health to play out by default.
This lazy attitude of मागिर पलोया (procrastinating) with your money life is (quite irritating) causing unwanted troubles in the future.
There are several youngsters who have not opened their bank statements, haven't deposited the dividend cheques, not filed the tax returns, or completed the KYC process with a mutual fund. They have a PAN card since the employer insists on it. The taxman would want to know if they can establish how they built their assets, and whether they paid the taxes on their income before doing so. Assuming you won't get caught is a bad idea. Keep empty shoe-boxes to store statements, bills, papers, and notices and take the time to sort them periodically. Form groups to know how to file your tax and do it on time. These habits, if developed early on, will help, as you move up in your career and your income rises.
Conclusion:
Over the past decade, India’s young brigade has increased exponentially, and though our schools and colleges have thought us about compounding in our mathematics syllabus, they have not really played their part of imparting the most basic and practical knowledge about its effects (and that of inflation either).
After all, in this era of smart phones, I dont think it will be that difficult to learn and achieve much more with our money if we stop procrastinating.
PS: I had bought a second hand tablet in February this year and was planning to pen my ideas via sketches (inspired by Carl Richards of Behaviour Gap). Although it was only used to for amusement of my son(procrastinate) till sometime last week when Janki asked me "didn't you buy this for office work". So in all seriousness here is my 1st sketch. Hope I can improve upon this.
