Procrastination, and Paying Student Loans vs. Investing

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 15 March 2021

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Fear of making mistakes can fuel procrastination, but that can be costly when you’re putting off important money tasks. One task that may be OK to delay, however, is paying off student loans. To send the Nerds your money questions, email [email protected] or call or text the NerdHotline at 901-730-6373. And visit www.nerdwallet.com/podcast for more info on this episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Ready to launch your business? Get started with the commerce platform made for entrepreneurs.
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0:33.9	Welcome to the NerdWallet Smart Money Podcast where we answer your personal finance questions and help you feel a little smarter about what you do with your money.
0:41.4	I'm Liz Weston.
0:42.5	And I'm Sarah Rathner filling in for Sean Piles.
0:44.7	If you want to contact the nerds, call or text us on the nerd hotline at 901 730 6373.
0:52.3	That's 901 730 nerd. Or email us at podcast at nerdwollet.com. And to get new episodes delivered to your devices every Monday, hit that subscribe button. And if you like what you hear, please leave us a review.
1:06.5	This episode, Liz and I answer a listener's question about saving for retirement versus paying off student loans.
1:12.0	But first, in our this week in your money segment, Liz and I are talking about how to stop procrastinating and get those big money tasks done.
1:20.6	Sarah, you wrote about this a few weeks ago, and I love how you identified right off the bat what causes a lot of money procrastination. Why do we do
1:29.5	this to ourselves? The big thing is fear. You're afraid of making the wrong choice. It's not like,
1:35.8	you know, if you buy a t-shirt and then you try it on once it comes to your house and the color
1:40.1	is not flattering, you can exchange the shirt or return it for a refund. You know, that's a low
1:44.8	risk decision. But anything that involves moving money around or opening a new account or anything
1:52.0	like that can really bring up a lot of fear because if you make the wrong choice, well, is it going to
1:58.0	cost you anything? Are you going to lose out on anything? Are you going to be
2:02.2	able to reverse your decision? It's really scary. Yeah, it is. I think we tend to fear regret more than
2:10.6	we look forward to the payoff. So not doing anything feels like it basically is going to avoid regret,
2:16.2	but it does come with the cost, right?
	...

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