What If We Told You Productive Procrastination Is Keeping You From Being A Millionaire? Here’s How To Escape It

Procrastination has a negative connotation attached to it, mainly because it makes it easier for us delay goal achievement. This is particularly true when you aren’t fully aware that you’re procrastinating because you’re filling your day doing useful tasks, just not the ones you actually should be doing. That’s commonly referred to as “productive procrastination,” which describes delaying responsibilities to instead complete other things that are still productive, but what you know you should be focusing on.

If this describes you, you’re not alone.

A 2015 survey found that a person wastes around 218 minutes (nearly four hours) daily just procrastinating. This averages out to 55 days/year. When broken down, this means that about 22 percent of our time, besides sleeping, on unnecessary tasks. Here’s how some of the ways you can escape the trap of productive procrastination, and use that time to make your financial dreams come true.

Stop spending so much time preparing to take action

It’s always great to educate yourself on everything, particularly personal finance. After all, many of us didn’t learn the tenets of money management in school. As Zippia points out, just 57% of American adults are financially literate. What’s more 73% of teens want a more personal finance education. And Americans lose nearly $2000/year because of to financial illiteracy.

With this, it’s no surprise that the rise of financial edutainment has been on the rise. For instance, about a third of podcast listeners listen to money and finance (31%), per Pew Research. But it’s important to not overload yourself information, and not take action on the things you’ve learned.

Remind yourself that procrastinating takes time away from thinking ahead

In Tom Corley’s “Change Your Habits, Change Your Life,” he wrote, “Not saving and spending more than you earn creates long-term poverty with no hope of escaping.”

Essentially, he’s saying that failing to financially plan can keep you in the grips of debt. Unfortunately, many of us don’t spend enough time devising and following a roadmap for your money flow.

As Charles Schwab points out, just 33% of Americans have a written financial plan, per its 2021 Modern Wealth Survey. What’s more, nearly half shared they didn’t have enough money to make a plan worthwhile. Others said it was too complicated, or they didn’t have time to create a plan.

Here’s why can impede your financial growth. Research from Charles Schwab points 65% of people they surveyed felt they had more confidence and saw themselves as financially stable when they had a plan in place.

Intuitive tools like Monarch Money can track your budget, analyze your investments, and optimize your spending without taking time away from other important tasks you have to tackle during the day.

Remind yourself of what’s really important

There’s nothing better than ticking a goal off your vision list, especially when it has to do with your money. But make no mistake, changing your financial habits takes time. With that, it’s ok to be patient while on your journey. You may get off track, but remember, you have time to get back on the right path.