If we plan and train for a sprint triathlon why do we find financial planning so daunting?

A dear friend of my mine and I have been toying with the idea of running a sprint triathlon for close to three years and each year we would come up with "acceptable reasons" on why a particular year was not the right year to do this.  Finally we came to the realization that without actually signing up for a race we will never commit to the required gruesome training and conditioning needed for one to be ready on race day.

Running and biking are what I considered conquerable feats for me, since I did run the Chicago marathon twice, albeit ten years ago but I still maintain I have an idea what to expect.  While not a fast runner I can definitely build up the endurance to run the distance.  Swimming on the hand has been overwhelming to say the least.  The swimming pool itself would be manageable, but Lake Michigan, well what more can I say.  It is not that I do not know how swim, quite the contrary.  Way back when in high school I was solid swimmer but years of growing up and all that goes with it I have not swam enough to call myself a comfortable swimmer.

Before I embarked on my plunge into the pool again I wanted to do the necessary research so that I am informed enough minimize any chance of injuries and; or fatigue.  I started consulting friends who have participated in  same type of race, as well as doing my share of goggling.  By the time I entered into the water I was fully informed. For example breaststroke, my swimming stroke of choice, while doable is not ideal for a triathlon.  Besides the fact that free style is a faster stroke but I can save my legs and use only upper body for that part of the race.

As I sat reviewing my meals for the coming week I came to the realization that we pay more attention and are more committed to our extra curricular activities than we are to the fundamental parts of our lives. We embark on life changing moves without doing a thorough  research.  Whether you are buying a home or renting there is more to a neighborhood than just the right school district.  While price and school district may fit into your needs, but spending an hour plus to and from work eats into the your time with the same family you are trying to ensure a good education, not to mention costs of wear and tear if using your own vehicle.

Take the time you spend working on your taxes as another example, most wait until the TV channels are flooded commercials tax preparations services or software and the deadline to file is looming.  Do you earnestly feel you do yourself justice with this timeline.  While the Internal Revenue Services offers an Extension of Time to file, said extension is not for payment of taxes.  US taxes are not the simplest by any means.  Each year comes along with it some changes and not having a full understanding can be a costly mistake.  Tax deductions, while beneficial, can be costly if the timing is all wrong or income phaseout limitations are not taken into consideration.

Most people are not comfortable the financial planning process.  Some find the questionnaire a little too invasive..  It is not easy handing over your personal information to a stranger but for a thorough assessment of your income vs your expenses a full disclosure is necessary.  If are not forced to sit down and take an account of spending we will never know whether or not you are on track to meet your goals.  Whether your income is a seven figure or five figure, everyone needs a plan.  No reasonable person embarks on a journey without some planning.  Destination, length journey (both distance and duration), expense are but a few of the items one would list before making a journey.  No one wants to run out of money before your journey is completed, so why do we embark on our life journey leaving so much to chance.  How come it is so difficult for people to prepare for their own retirement years?



1.  What will it take to save for a goal?
2.  401k-deduction-calculator-taxes
3.  Simple Savings Calculator
4.  What is your tax bracket?
5.  How long should you keep tax records?