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Chapter 17. Death, Taxes, and Other Impo... > Planning for a Secure Future - Pg. 182

Death, Taxes, and Other Important Stuff 182 You don't necessarily have to make the same decision, especially if you're dealing with larger sums of money or completely unjust charges. Just make sure, though, that the legal costs or general hassle factor are worth the trouble. No matter which excuses you've been using, getting out of debt requires owning up to the problem, facing it head on by mapping out a strategy, and adjusting your spending habits to make that strategy work. Planning for a Secure Future Procrastinators are famous for living in the present. They take the path of least resistance doing what's easiest and most satisfying at any given moment, no matter what the future consequences of that action might be. One of the most dangerous implications of this approach to life is in the area of financial planning, whether that's saving money for retirement, investing money to reach financial goals, or gaining security through insurance coverage. Saving and Investing Government statistics show that only 2 out of every 100 people are financially independent when they reach age 65. The rest have to keep working or rely on the government or relatives for financial security. Some careful advance planning, specifically saving and investing, can make those so- called golden years a lot richer. Unfortunately, many people procrastinate when it comes to long- range financial planning. Action Tactic If paying college tuition is in your future, get some advice from Paying for College Without Going Broke by Kalman Chany. With the helpful strategies and tips it offers, you might get motivated to do something about your financial planning rather than just worry about it. It's not just retirement planning that gets put off. Saving for kids' college tuition or for future purchases such as a house is something that's usually nagging at the back of procrastinators' minds, but they rarely take action. Here are some of the excuses for delaying: "I'm too young to have to worry about that now." "I don't have enough money to save or invest." "I have plenty of money, so there's no need to worry." "I don't know where to begin. All the options are confusing." "I'm afraid of being conned by a financial advisor." "I'll have to spend too much time monitoring my investments." "There are too many things I want to spend money on now." "I have a 401(k) plan through my employer, so I don't need to do anything else." There are basically two simple truths at work here that you need to be aware of: 1. You're never too young to save and invest, no matter what your future might hold and no matter how little you can put aside each month or each year.