Be the bull in a bear market – stop procrastination

I would highlight some important point from today The Star. 

Procrastination is one of the mankind's biggest weaknesses. But in the world of finance, procrastination can result in an opportunity loss to mitigate risk and in growing wealth – sometimes an opportunity which can never be recovered. After all, it takes time for any investment to compound into a significant figure

Highlight some of the common reasons people use to put off taking actions on their financial matters.

1. I Don’t have enough time to plan and invest. 
2. Later is a concept that is never ending. 
3. I don’t have enough money to plan and invest”. Most people don’t realise it, but having enough money is a matter of perspective. If you don’t have enough money to invest when you’re earning RM5,000 a month, do you think you will have enough to invest when you’re earning RM50,000 a month? Believe it or not, I have met several people earning around RM50,000 or more per month and still lament about not having enough to save and invest.
4. We always think along the lines of “if only we make more money”, but once we actually start making more money, our expenses and lifestyle will also go up a notch. So, if you’re waiting for a time when you feel you have enough money to save and invest, that time will never come.
5.  I don’t really need to invest. This fallacy of not needing to invest stems from the fact that when they retire someday, they will have their EPF savings to rely on. Technically, if you are earning a comfortable amount and do not make any EPF withdrawals before you retire, you may be right in thinking this. However, this is hardly the case. EPF has reported that more than two-thirds (68%) of EPF members aged 54 had less than RM50,000 in EPF savings, while only 18% of its members had the minimum savings target of RM240,000 in their account by 55. This amounts to a monthly withdrawal of RM1,000 to cover basic needs for 20 years – sufficient if you want to live a basic retirement lifestyle, but nowhere near what is needed for a comfortable retirement in a middle-class lifestyle.

Advice: 
What you need to do:

Take a long hard look at your expenses. This is critical since we are now in challenging economic times. Mindfully track your spending habits for a month and cut back on luxuries that you can live without.

If it helps, set up a standing instruction with your bank to automatically transfer a portion of your salary into another bank account. Use that to start investing.
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​Every small portion helps, so don’t think that cutting back on a small luxury is insignificant.

Source: 

​https://www.thestar.com.my/business/business-news/2020/06/29/be-the-bull-in-a-bear-market