| I exemplify the "pro" in procrastination. Throughout my life I have convinced myself that I do my best work an hour before a deadline. I did this in college, studying for tests, and I still continue to do it. Last minute Annie has nothing on me!
Last week I opened a custodial account for my son. I printed off my application and all I needed to do was complete it, sign it, send in a check for $20.00 and mail it. As I sit here writing this week's article, the application is sitting on my desk and staring up at me-blank. Nothing done!
If you are guilty of similar behaviors don't worry. As mothers, it eventually does get done. Thankfully many online investment companies now allow you to hook up your checking account with your investment account. I have done this as well. In order for me to faithfully put a little money into mine and my son's investment accounts every month, I would have to have the skills to write a check every month to my online broker and mail it in.
Learning to save involves admitting our weaknesses, realizing that these habits aren't going to change any time soon, and finding other ways to fool ourselves. I have learned that if it involves not having to get in my van and leave the house to do it…it will get done. Online investing allows me to just transmit money from my checking account into my son's and my investment account…with a click of my mouse and a reminder to post it in my check register as a debit. Thankfully, I have the skills to do that.
Check with your investment site to insure that they offer this ammunition to fight the procrastination habit. Saving for our future involves habits that must be done in a systematic fashion. I'm shooting for a small amount monthly in both our accounts. Knowing that someone is offering a service that helps me develop and follow through with this habit, is most appreciated.
BUYandHOLD offers this service and as soon as I complete this article, I'm going to put the $20.00 into my son's account and forget the "filling out and mailing back with a check" nonsense.
Last week I mentioned my father's memory of the stock market crash of 1929. I've included a wonderful web site maintained by Tracy Yee through the University of Melbourne. This site does a very nice job of describing both stock market crashes that have impacted our financial history, including the recent one from 1987.
If you get a chance I would encourage you to read about both of these events. Not only was this a monetary toll on people, but the feelings of safety and trust affected most families down to their very souls. The emotional impact of the market crash of 1939 is slowly fading as participants in it age. Take the time to understand this catastrophic event through the eyes of those who
suffered through it and who are still with us.
My father was a young boy of 16 during the time of the 1929 stock market crash, often referred to as "Black Monday."
Just recently he relayed a story to me about this event and it's impact on his family. The Friday prior to the great crash, my grandmother told my grandfather that she had a strange feeling and intuitively told him that he should do down to the bank and withdraw their money. I know now where I got my procrastination gene. My grandfather told my grandmother that he would do it on Monday.
That Black Monday found my grandfather and hordes of others at the bank trying to withdraw their money. Banking institutions crashed along with the stock market. The bank doors closed and my grandparents were left penniless…within hours. All of their savings were in that bank…now gone.
My father's family lived in poverty throughout his young adult life and the impact of that event has left such a deep impression, that his adult years left him with little trust in any banking institution, much less the stock market.
I'm happy to report though that I did inherit my grandmother's intuitiveness gene. Learning to trust my intuition and gathering knowledge will insure that I am doing all that is humanly possible to prevent any loss to my family. While we cannot control what the stock market does, we can control the information we seek while we learn to trust our intuition.
And my 86 year-old father, bless his heart, asked me to buy him some shares in the stock market. He just might recoup those losses from long ago, but either way I'm happy to help him find some closure on those horrible childhood memories.
Thank you for joining me,
Joyce |
