Let’s Get Going in 2023
The other day, I saw the attached infographic created by Liz Fosslien (check out this link if you want to read what she had to say about it). I really loved the principal it conveyed. Progress is all about compounding. You start slow, but over time the benefit is significant. The great investor Warren Buffet reportedly said: “My life has been a product of compound interest.” So often, when I meet with people about their planning, estate planning or family business succession planning, it has taken them a long time just to get across the threshold of our office. One of the single biggest roadblocks to any planning is procrastination. Unfortunately, even when some get across that threshold there is still a reluctance to make commitments or hard decisions. When this is the case, they really haven’t even started. They lose the benefit of compounding. The opportunities to make decisions narrows as choices become more limited.
We stand on another threshold, the threshold of a new year. There are all sorts of uncertainties in the world right now. But uncertainties have always existed. If you believe the statistics, only about 20% have any sort of estate plan. If you have been putting off your estate planning to another day. If you have been putting off your family business succession planning to another day. If you are waiting for just the right moment to start. If you are waiting for the perfect alignment of all of the contingencies before you start. Ask yourself, why? Shed the inclination to procrastination, shed whatever is holding you back, and make the choice to start today. Your choices will be greater. Your progress more significant over time. Your children will thank you.
Have a blessed new year!
This post is for informational purposes only and not for the purpose of providing legal advice. You should contact an attorney to obtain advice with respect to any particular issue or problem. Nothing herein creates an attorney-client relationship between Hallock & Hallock and the reader.