My son is about to end the first term of another pivotal year  in school. In 9 months time he’ll be sitting the entrance exam for some of the Gloucestershire grammar schools (it’s comprehensive schools just over the border here in North Wiltshire). Anyway, the preparations are well under way.

This is has not been good news for him. As well as being quite good in school he’s a sports nut. Rugby, football, cricket, running, cycling, swimming, dodge ball not to mention cubs and just general playing all find their way into most weeks. But, there is simply not enough time in a week for him to continue with all these activities and accommodate the extra studying required to prepare for the entrance exam next September. Something needed to be sacrificed in the short term in order to achieve a longer term benefit.

Now to me the benefit is obvious but to my nine year old son it’s not so clear. He can’t see past this week to next, let alone next year. This is not surprising.

We’re all genetically programmed for short term pleasure seeking not being patient for long term benefits – that’s why many of us find it is so easy to over indulge.

This is exactly the problem that many people encounter with their finances. Choosing short term pleasure seeking over longer term financial planning. Working with a financial planner can help provide the discipline and decision making framework required to achieve long term financial goals.

If he does well in the exams will he be grateful for this long term vision and planning? No, not this year. But one day, perhaps…

Warren Buffet, as is so often the case, puts it very nicely:

Someone is sitting in the shade today because a long time ago someone planted a tree.

To find out which short term sacrifices will have the biggest impact on your long term financial future why not give us a call.