Your moment of truth: Do hard things now, or get hard things later

By Byron Moore, posted August 21st, 2014

Question: I met with a financial planner and we did a workup on what it will take for me to retire one day. It was sobering. In order for me to save enough money to do what we want to do, we're going to have to make some lifestyle changes. My wife commented that it seems like none of our friends are having to make these kinds of changes. What are we missing?

Answer: The ability to bury your head in the sand, perhaps?

You have reached the moment of truth. Every financial planning engagement has one.

The gigantic math problem has been solved, all the jigsaw pieces have been put in place and now comes the hard part - the part where facing reality calls on you to do the hard thing.

For a young couple, the moment of truth might be agreeing to buy enough life insurance to protect their family. For the forty-something entrepreneur in the making, that moment of truth may come when she has to leave a comfortable job to follow her dreams. For the older couple, the moment of truth may come when they choose to give some things away to a future generation, releasing a lifetime of control.

No matter who you are or what your life stage, the moment of truth always has two components: a hard thing and a big payoff.

Here's the deal: you have to do the hard thing now to get the big payoff later.

Many walk right up to the moment of truth and look at it, study it, argue with it, stew over it and ultimately...delay dealing with it.

But the moment of truth never goes away...it just hibernates in the background of your life, growing and growing, until one day you no longer have the opportunity to do the hard thing...you simply have the bitter experience of a hard thing being done to you...a hardship, if you will.

Give up on the idea that you are ever going to have a risk-free, easy path to a big payoff. Those rarely exist in life. Whatever choice you make will have both risks and difficulties.

When you face a moment of truth, you cannot really avoid risk and difficulty - you can just put them off...which magnifies both.

Sometimes people (in effect) ask me to rescue them from their moment of truth. I'd never dream of being so cruel. Often, the risk and difficulty are the keys to the life they always wanted, but until now did not have the courage to pursue.

Are you facing a moment of truth?

Do yourself a favor...do the hard thing.

 Byron R. Moore, CFP® is Managing Director / Planning Group of Argent Advisors, Inc. Email him at bmoore@argentmoney.com. Write to him at 500 East Reynolds Drive, Ruston, LA 71270 or call him at (318) 251-5858. The opinions of any single advisor do not necessarily reflect the opinions of Argent Advisors, Inc.  No forecasts can be guaranteed.  Argent Advisors, Inc. does not offer tax, insurance or legal advice.  The information contained in this column should not be construed as a substitute for personalized investment, tax, insurance or legal advice.