The Pain of Discipline Versus the Pain of Regret

Today, I want to discuss with everyone two concepts that overlap. One is called The Pain of Discipline versus the Pain of Regret. The other one is Risk versus Consequences.

In 36 years of doing financial and insurance planning with many different types of people, I recognize that sometimes when we talk about risk with clients, they never think it’s going to be them. In other words:

• I’m not going to die prematurely.
• I’ll never need extended care or long-term care insurance.
• Disability insurance? I won’t need that.

And even though the risk is significant, it does not motivate people. What I have found is that what is motivating is understanding the consequences of not taking action. Families are potentially destroyed, as people are faced with situations where one child has to take care of disabled parents through the elderly period of their lives. Because money wasn’t set aside through proper planning, the consequences are potentially so devastating to the family that we find describing what the likelihood of a disability or a sickness or a death is very motivating.

I share this with you because so many people are hesitant because they don’t think that the risk warrants taking action. But I submit to you that the consequences are significant enough to take action and you should do that.

If you have pending issues such as you haven’t set your financial house in order with the proper insurance planning, think about that. Think about the consequences that might happen versus the likelihood of a premature death or long-term care need or disability.

And that brings me to the second part, the pain of discipline versus the pain of regret.

As you read this, you may say, “Yeah, that makes sense but the likelihood is so small. So I’m going to put it aside, at least for now.” The pain of discipline is actually taking the action now. You know, it’s kind of like waking up and working out every morning or eating the right foods.  That takes discipline. I’d rather have rich and delicious and fattening foods, but the pain of regret is the heart disease or the disability, or the negative impact of that lifestyle. Living a healthy lifestyle takes discipline, but the pain of discipline is not nearly as bad as the pain of regret — looking back and saying, “Boy, I should have been out walking and cut out the donuts. Now I’m paying the price, and it is not fun.”

If you haven’t finished your financial, estate, retirement and insurance planning, and you know that you have things pending such as decisions that you’ve deferred and/or products that you know you should own, but haven’t pulled the trigger on.

Please give us a call and we’ll be happy to help you avoid the consequences and the pain of regret.

Thanks very much and have a great day.

Registered Representative offering Securities through American Portfolios Financial Services, Inc. (APFS) Member FINRA/SIPC. Investment Advisory Services are offered through G&G Planning Concepts, Inc. which is not affiliated with APFS.  Strategic Wealth Advisors Network and Gassman Financial Group are not affiliated with APFS.

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