Three Biggest Challenges People Face making a Financial Plan


Three Biggest Challenges People Face making a Financial Plan

Financial Planning!! .. yes I have said it.. now what does that term conjure immediately up in your mind?  To me it was grey and beige and retirement planning and the biggest words I got were boring and no fun, but hey this isn’t about me.

Seriously what is it you think when you hear that?  Financial Planning or Budgeting or something similar, have you had some great role models around in your childhood or some rather less than modelling circumstances.

What is it that you have learnt up to now, when you sit there and read this?  Most importantly why the hell should that matter if you are 18, 25 or even 30 years of age?  That stuff is just about older people and retirement isn’t it?

Well you know the answer to that if you were honest.  If you haven’t been living under a rock for the last 20 years you will know that plenty of very young people have made themselves very rich in the buying up of property as a means of accruing a passive income stream, one of which you could live off.

You only need to google the latest BRW rich list and find out who made their money from property and other forms and at what ages they were when they made it.  

Billionaire Warren Buffett is known as one of the richest investors in the world, with a net worth that seems to grow by the day. But he wasn’t always as rich as he is today. In fact, 99 percent of his immense wealth was earned after his 50th birthday.

That doesn’t mean Buffett, 84, was a late bloomer by any means. He started his financial path toward wealth at a very young age and built his fortune slowly over the years, decade by decade — something we can all do with a little perseverance and a lot of hard work.

Brian Tracy in his International bestselling book ‘eat that frog’ speaks about three ‘D’s to Habit Formation.  I will use these as a focus here as they form 3 really good headings for why people find it challenging when implementing any plan to do with their personal finances.

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DECISION; a key quality that you need to develop and is a skill that you can learn and can be learnt through focusing and concentration.  You need to decide that you want to develop the habits needed to see a task you set for yourself to completion.  

The decision ultimately needs to be something that either brings you pleasure or causes you pain. These two things are paramount in the mind to deciding what to do on a daily basis and forms your conscious or unconscious awareness of your actions.

An example of this in this context is that a lot of people decide especially at the beginning of a new year to make a resolution to do something they usually don’t do.  Just reflect, do you make New Years Resolutions?

If you do how many of them have you continued on or achieved versus just the thought to ‘decide’ to do something you thought was enough, yet clearly you need the following two keys to follow your resolutions if we are using this example to a successful conclusion.




DISCIPLINE:  This is the second key and reason behind why people procrastinate and self sabotage their decisions along their way to concluding and successfully completing their resolutions such as saving more money or losing weight.

Its great to make the decision or have the thought to do something but you must follow that up with the mental and physical discipline to carry out that task.  You cant expect to budget better if you continually spend more money than you earn and eat out every night.

Discipline is very important because it is practise that you and only you can train yourself to complete over and over again until it becomes automatic.  Many of the great leaders of the world and social icons that we follow have very disciplined procedures and practises that they focus on every day and specifically every morning.

Bill Gates spends an hour on the treadmill whilst watching educations videos, Richard Branson awakes every morning at 5am and exercises, meditates and spends time with family.  Mark Zuckerberg said in an interview in 2015 that wearing the same grey T ‘shirt every day allows him to make as few decisions as possible.

All confirming that to undertake those tasks or decisions, each of those people had to be disciplined in their approach to them, otherwise they would be nothing but thought and no action.

They felt pleasure if they did them and pain if they didn’t, hence over time and the consistent training of yourself to physically or mentally undertake a task that you have strong focus on, your ‘metal’ as they call it is formed and you become more disciplined and steadfast in your approaches to your goals.

Nothing will stand in your way of achieving them and creativity is formed also at the moment you really ‘get’ what an important role discipline plays in specifically creating your financially free future.   




DETERMINATION:  This is the final D in Tracey’s Habit formation model and as such states that to be determined, you need to back everything you do with a drive and passion that becomes such a habit and act, that it becomes locked into you and becomes a permanent part of your personality.

With this in mind then together with your friend Discipline who allows you to set and structure your goals and tasks then how magnificent is the partnership?

If you are determined and decide from the outset that you wish or want or set a goal for a financial plan either to buy your first house or your sixth, then can you see how these 3 bedfellows are so important to stick together.

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Can you see that through each of the steps it can be quite clear:


1: You decide you wish to buy 3 houses to become financially secure ( at any age);

2: Goal you set a task ( Plan) how to get there, ie: save, borrow, work harder, loan, parents etc;  

You set it out clearly and succinctly so that you can see how easy the bite size pieces can be week by week and month by month.  Let’s not forget that Einstein called compound interest the 8th wonder of the world.

3: Using your discipline for a year for example you save and work out each of the tasks you had set yourself and at times feeling the pain but knowing the pleasure awaits at the end of the goal.  When the pain is it’s worst that is when;

4: Determination closes in and takes over the race to the finish line.  If you can see how by you facing head on the procrastination and self sabotage which if you look inwardly and are brutally honest with yourself hits, it is all about FEAR.


The fear of not just what if I don’t make the goals but the disappointment and regret of letting people and yourself down after not achieving the goals but also FEAR of what if you do achieve those goals, will the 3 houses be enough to set me free financially what if what if etc etc.  

If you understand as an investor in finance and in life you need to determine that there will always be FEAR.

It is what you do with the uncertainty and the dilemmas that will invariably be placed in your way that will determine whether you can utilise the 3 D’s from above to overcome and overpower your procrastination, self sabotage and FEAR.

FEAR of success and FEAR of failure when it comes to your financial future and how planning for yourself financially is no different from planning your goals and life choices.

As long as we make the first step to ‘DECIDE’ to make a change and hence move towards change, then things will start to change, if not then nothing will change in your life.  Is that what you want?


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“Planning is bringing the future into the present so that you can do something about it now”



regards, jodie cole

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