Tuesday Sep 03, 2024

136. The Cost of Procrastination | Jimmy Molloy

“I had the opportunity to hear Jimmy Molloy give a short presentation to a group, where he shared his financial expertise on what procrastination can cost you in the long run,” says Dr. Andrew Fix as he welcomes Jimmy, a seasoned financial advisor from Blue Collar Financial Advisors, back to the show. With over 25 years of experience in the financial industry, Jimmy breaks down how delaying important decisions can lead to significant long-term costs. He emphasizes the power of compounding interest and the critical need to start early.

In this episode, Dr. Fix and Jimmy also explore the strong connection between financial health and physical wellness. They shine a light on the dangers of procrastination in both areas, urging listeners to adopt a proactive approach. What steps can one take now to avoid the high costs of delay? Tune in as Jimmy offers practical strategies to help you overcome common barriers, encouraging you to take control today and secure a balanced, healthy future.

Quotes

“I sit down with clients all the time and, when appropriate, I’ll even share some of the mistakes I’ve made throughout my career. Just because I’m in financial services doesn’t mean I haven’t made one or two, maybe even three, bad financial decisions. I’ve made them for the same reasons I discuss with clients—it’s the psychology of money.” (14:53 | Jimmy Molloy)
“We live in a society where we're reactive to everything.” (24:27 | Jimmy Molloy)
“It’s my relationship with my clients that develops over time, adding to the value I bring to the table. The more they trust me and open up about what’s really going on, the better I can help facilitate whatever they’re trying to achieve.” (32:45 | Jimmy Molloy)
“I love getting someone on the right track. It doesn’t take a ton of my time, and if you’re engaged in your financial future, I will be too. But I can’t care more about your finances than you do.” (01:02:48 | Jimmy Molloy)
“I’m like, ‘Jimmy, people have trusted you with their life savings, if you will.’ I don’t take that responsibility lightly. It really gets to you at times, especially when the markets are volatile, and you know people are scared.” (01:06:02 | Jimmy Molloy)

Links

Connect with Jimmy Molloy:

LinkedIn: https://www.linkedin.com/in/jim-molloy-0488072/

Website: https://www.bluecollarfinancialadvisor.com/

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