Some Other Time, Later vs. Right Here, Right Now

Today I want to talk about the difference between taking action later versus right now. The main themes will apply to all kinds of things but, being a show about personal finance for weirdos, I’m going to frame it in that context.

So let’s lay some groundwork. In addition to managing investments, I am also a financial planner. In both of those services, we are inherently focused on the future. You’re starting out at A, you want to get to B, how do we fill in the gaps? Now, I am generally a future-focused person and I like thinking about ways to make life better or bring new things into existence.

That said, one thing I think I’m pretty good at is having enough of a vision of the future to give me direction and then recognizing when more thinking and planning and deliberating actually stops being a benefit and becomes an obstacle. That’s what I want to talk about today.

I think there are a lot of parallels between physical fitness and personal finance, so let’s start with that example. There is almost no end to the amount of information you can find on the internet about movement and exercise and diet. But until you actually lace up those shoes for a run or go to the gym and lift some weights or buy those healthier groceries, none of that planning matters. It’s something that you will do some other time, later, once you get everything right. 

Contrast that with actions you can take right here, right now – even if they aren't optimized and perfect. Instead of figuring out the perfect combination of zone 1 and zone 2 cardio, you can just go for a short jog. Instead of researching all the best exercises and supplements to get totally ripped, you can go to the gym and do a few resistance exercises with weights you can manage. Instead of totally overhauling your diet, you can just buy less snacks and processed foods next time you’re at the grocery store. 

Here’s another example that isn’t about money, or at least not only about money. Let’s say that you want to book a trip to Spain. There’s a lot of planning that goes into a trip like that: you need to look up flights, hotels, and ground transportation, and you probably also want to research museums and restaurants and historical sites to visit. 

But at some point, you just need to start taking action – you need to buy the plane tickets and book the hotels – even if you don’t have every single detail perfectly planned out. Because the truth is that you will never get every detail perfectly planned out. That’s just not how life works. If you’re waiting to get started until you have everything worked out, you run the risk of turning your trip into just an elaborate daydream.

Now, I don’t want you to get the wrong idea: being thoughtful & deliberate is really, really important. But, taken too far, it can be an excuse to never get started. While our goals and dreams all live in the future – some other time, later – right here, right now is the only time you will ever have to take the steps necessary to build that better future.

One thing I’ve noticed in my capacity as a financial advisor is that lots of people have a desire to know whether things will work out before making any decisions. And who wouldn’t want that kind of certainty, right? What that looks like in reality is that you do a bunch of work to figure out if you want to do the actual work. In other words, some people want the plan to tell them whether they should have a plan. 

Unfortunately, we can never really know in advance that everything will work out. Even the best, most rock-solid plan can’t guarantee that life will go the way you want. 

Here’s one thing I can tell you with extreme certainty, though: if you don’t take any action, then you will fail. If you’re waiting to get started until some other time, later – when life is easier and you have more time and more money and a perfect plan – then you will miss all kinds of opportunities to actually improve your life. 

Conversely, even though I can't guarantee that any plan will work out perfectly, I am exceptionally confident that taking positive action now can help you get & stay pointed in the right direction. If you make good decisions right here, right now, you will be in a much stronger, better position later.

I want to share two common examples that I see in financial planning that address different concerns, but share similar symptoms: can I buy a house and can I retire? Those are very different questions, but there is a common desire to know what steps to take so that things will work out before getting started. And I totally get that! 

What I’ll say is this: I have sophisticated tools at my disposal to make all kinds of reasonable predictions about the future; but even the very best projections with the very best tools can never really guarantee that everything will work out. However, if you start making better decisions today, then you will be well prepared to meet that moment when it arises.

If you want to buy a house someday, start saving money for the down payment now. Start improving your credit score now. I can’t tell you what interest rates will be in two years or whether it will be a buyer’s market or a seller’s market. But I can promise you that having a larger down payment and a great credit score will only help your situation.

Likewise, if you want to retire someday, you should start right here, right now – regardless of how far away it seems. Start adding to your retirement accounts. Increase the amount of cash you set aside for emergencies so that life’s ups & downs won’t derail your plans. Pay down your debt so that your cost of living goes down as you age. Again, I can’t tell you what inflation will be in 10 or 20 or 30 years, nor can I tell you whether the stock market will do better or worse than average. No one knows that. But I can promise you that improving your financial health now will only help your chances of retiring later.

So if I were to share any closing thoughts, it would be don’t let perfect be the enemy of good. While all of our goals and hopes and dreams live in the future – some other time, later – I don’t want you to wait to start making smarter, better decisions. Right here, right now is the only time any of us has to change our path – and I want you to make the kinds of decisions now that will give you more and better options later.

If you’d like to talk about how financial planning or investment management can help, I’m happy to have that conversation. You can shoot me an email or click the “See If We’re A Fit” button at the top of this website.

Thanks,

Timothy Iseler, CFP®

Founder & Lead Advisor

Iseler Financial, LLC | Durham NC | (919) 666-7604

Iseler Financial helps creative professionals remove stress while taking control of their financial lives. We'll help identify your current strengths and weaknesses, clarify and refine your long-term goals, and prioritize decisions to improve your financial well-being now and later. Reach out today to take the first step.