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We were recently talking to a health care professional about my 10 year old daughter. We had some concerns about her development because sometimes she seems to not be able to do things she should be able to do. Thankfully there is nothing wrong except a lack of motivation.
The doctor kept using that word. "Motivation". "Your daughter doesn't have any diagnosis, she just lacks motivation". Which is good news, of course. But when you take away the fancy speak what the doctor is really saying is that she's lazy. We took our child to the doctor because we thought something was wrong.... that's how lazy she is!
She's been diagnosed with LGS, Lazy Girl Syndrome. Or Lazy Guy Syndrome for the fellas out there.
Does LGS ever stop you from doing thing you should be able to do? It does me. I have a mild case of LGS with severe flares ever 4-6 weeks or so. LGS keeps me from having the sparkling clean bathroom I want. It keeps me from meal planning and grocery shopping every week. LGS stops me from getting gas in my car until the light is on. LGS causes us to eat out even when we have food in the house.
Don't let LGS stop you from doing right by your money.
I talk about tracking your spending almost every day because I believe it's one of the most important things you can do. Unless you know where your money is going you can't control it. The reason that people don't track their spending is twofold. One reason is because they are afraid of what they will find. The second reason is because they are suffering from LGS.
Fight LGS! Decide where you want to spend your money and then track your money to make sure your spending lines up with your plan.
Don't let LGS keep you in the dark about your debts. Just like when you are afraid of finding out what you are spending money on you might be afraid to find out exactly how much debt you have, but reality is reality. Might as well open the closet door and see what's inside.
Fight LGS! Get out a piece of paper and every time a debt statement comes in write down the loan balance, the minimum payment, and the interest rate. Go to your budget and find some cash to start paying extra on the debt.
This doesn't take long but it's something most people don't do. Again, part of the reason is that they are afraid of what they will find but another reason is LGS.
Fight LGS! Take your budget and subtract your debt payments. The resulting number is what you will need to live on per month in retirement. Multiply that by 12 to get your annual income needs. Then head over to this calculator and figure out what your retirement savings goal is. You will need to know how long you want to spend in retirement (for example 30 years; from age 65 to 95) and what you expect your rate of return to be and the inflation rate. Those come prefilled in so if you don't have an idea of what numbers you want to use you can use the standard numbers they have filled in for you. Experiment with different goal amounts until you have a number where your savings last for your whole retirement.
LGS strikes again. Everyone knows they should be saving for retirement, yet almost no one does. How come? Because of LGS! Adjusting the budget takes effort, for sure. It's hard to get the motivation up to go out and earn more money just so you can sock away some extra for retirement. But you don't have to allow LGS to take away your dream retirement.
Fight LGS! Use this calculator here and play around with the monthly savings goals until the total equals what you need to have for your nest egg. (This is the number you researched above.) You will have to choose a rate of return. I wouldn't choose anything higher than 10%.
Don't let LGS stop you from implementing the things you learned. Go back to the budget and find a way to start saving what you need for retirement. Maybe you need to make more money. Maybe you need to cut the budget. Maybe you need to move to a cheaper house. I don't know. But whatever it is, don't let LGS stand in your way!! You can fight it!
This article was written by Ashley at Money Talks. She is passionate about personal finance and is committed to helping you get the most of your money. If you liked this article you can subscribe to her weekly newsletter.
Very well put!! I love it!! OK, I guess it is time for me to start fighting that LGS and figure out my retirement!! Thanks for the blog!!
Wow, what a story about your daughter, Ashley! I'm sure if you have anything to say about it, that laziness won't last long. :) Awesome motivation to whip that budget into extra great shape as summer approaches!