Reality check: Do you have financial analysis paralysis?

Change is inevitable. Successfully surviving a changing financial environment starts with a reality check of your financial situation by honestly assessing and addressing your debt, spending habits, health and family dynamics. Just be aware that sometimes your reality check can be derailed with the onset of financial analysis paralysis. Do you have financial analysis paralysis? Consider the following:

• Do you check mortgage rates daily but never refinance?
• Do you know you’re paying too much insurance, but never change?
• Do you have a tendency to over-investigate Roth IRA conversions but never convert?
• Do you leave your 401(k) in the “default investment” option?

If you answered “yes” to two or more of these questions, you might be in danger of being stuck in an analysis paralysis rut. One of the best ways to start climbing out of that rut is to focus on one task at a time. Rank the financial changes you’d like to make, and focus first on the one most likely to save or grow your wealth. When that goal is accomplished, move on to the next.

Need help figuring out which change is the right change for your unique needs? Schedule a chat today.