Posted by Michelle Lamb on February 3, 2020
Do you know the saying “Don’t let the perfect be the enemy of the good”?
When it comes to personal finance, top questions imply some analysis paralysis going around:
Certainly, most of us worry about making money “mistakes”. But being stuck doing nothing is far worse than choosing a method and trying it.
“But I don’t know anything.”
Okay, here’s a game plan:
☐ Set a deadline – even tell an accountability buddy! (“I will open a retirement account on March 3rd.”)
☐ Google your question (“What kinds of retirement accounts are there?”)
☐ See unknown terms? Look them up on Investopedia (“What is a Traditional IRA? A Roth IRA?”)
☐ Make a list of questions and ask professionals:
☐ Look at your resulting options – what does your intuition say?
☐ Make a pro/con list of everything on your mind if you’re still stuck (“Does it seem user-friendly?”)
☐ Make your choice! (Remember it only needs to be “Probably the better one given this information”.)
☐ Do it! (If that strikes fear, “better it”: invite a friend over to have coffee while you’re making the call and clicking Submit.)
Done? Celebrate! You’ll look back and be glad you didn’t let the perfect be the enemy of the good.