The following post is by MPFJ staff writer, Grayson Bell. Grayson, who runs the finance blog Debt Roundup, is a fan of personal finance, brewing beer, and working on cars.
I am known for the amount of planning I do when trying to make a decision.
I rarely just jump into something without fully understanding the pros and cons. No decision is too small for me, which is why some people call me a defensive pessimist.
My desire to research options came from my father, who does the exact same thing. My older brother also is a researcher. We research a topic until it is almost dead. While I used to think it was good to research and plan everything, I have found that is not always the case. My decision making has changed a bit, but more importantly, my desire to act.
There is Nothing Wrong with Searching
When I was in debt and realized there was a problem, I took to searching for answers.
The internet can be a great place to find information, but it can also provide information overload. If you don’t understand how to sift through all of the opinions, it can be hard to find what you are looking for. I am an advocate for people searching for options, especially when it comes to getting out of debt.
There is not one person who has the same situation as another. Each person’s financial picture is different. While there is a lot of awesome information about getting out of debt, it might not apply to you. For this reason, I recommend people take the time to search for an option which works best for them. Blanket advice can start you on your way, but it won’t likely be the best answer.
Don’t Keep Searching
I have a confession to make. I tend to overanalyze my options and it leads to me beating a dead horse, so to speak. I can work on researching options for a problem, yet whenever I find the information I need, I can’t make the decision. When I can’t make a decision, I start searching for more options. It ends up being a tiring cycle.
Over the years, I have realized this is my problem. I look for the most desirable option, but then my mind pushes me to continue searching. Second-guessing is in my nature. I have problems jumping out of the searching phase and into the action phase. Remember, actions speak louder than words. I can plan all day, but until I take action on that plan, it is nothing more than words.
Stop Searching and Start Acting
It took me four years to pay off my debt.
While that time period is behind me, that was a long time. I wasted a lot of my money on interest payments and I didn’t save for retirement or all of the other cool things you can do when you are not in debt.
The reason why it took me so long was I needed to find the absolute best option. I searched and searched. I was putting off taking action until I found the answer. That was until my wife muttered “just start paying it off already!” She had a point. She had a really good point.
How can you pay off debt if you never actually make a payment toward that debt? How can you reach your goals if you don’t actually take steps to reach them? There is nothing wrong with researching your options, but you need to take action in order to make a difference. If I could go back to my debt repayment days, I would have just started paying more toward my debt. I wouldn’t worry about the snowball or avalanche method. I wouldn’t worry about any of that. I would just start and then search for options as I went along.
Don’t get hung up on overloading yourself with information. That process can come later. If you need to do something, then research just enough to get started. Take the action necessary and then research some more. Once you take action, you will be on your way to reaching your goals, whatever they may be.
My biggest piece of advice for anyone in debt is to stop searching for options and start taking action. Nothing beats just taking the first steps. All of the other thing will fall into place afterwards. Action is more powerful than words.
How about you all? In what circumstances in your life have you found yourself doing too much prior research, when in reality, taking the first action step would have been more productive?
Share your experiences by commenting below!
***Image courtesy of Celestine Chua
