When it comes to financial success, most people assume the biggest risk is making the wrong decision. While poor financial choices can lead to setbacks, there’s one mistake that’s even worse—doing nothing at all. At Three Kings Wealth Management, we see this all the time: people delay financial decisions, waiting for the “perfect” moment or fearing the risks involved. However, as Ryan King, Director of Three Kings, often says, “The second fastest way to go broke is making the wrong decision, but the fastest way is making no decision at all.”
This blog breaks down why inaction is the biggest financial mistake, how to overcome decision paralysis, and how simply getting started can set you on the path to wealth.
The Cost of Doing Nothing
It’s easy to overanalyse financial decisions. Whether it’s investing, starting a business, or planning for retirement, people often hesitate, waiting for the “perfect time” that never comes. The reality? Waiting is costing you more than you think.
Missed Opportunities and Lost Time
Time is your biggest asset when it comes to wealth-building. The longer you wait, the more opportunities you miss. Consider this:
- If you start investing at age 25 with just $500 per month earning a 7% return, you’ll have over $1.2 million by retirement.
- If you wait until age 35 to start, investing the same amount, your balance at retirement will be only $600,000.
That 10-year delay costs you $600,000—not because you invested less, but because you lost time. Compound growth rewards early action.
Inflation Will Erode Your Wealth
Every year you leave money sitting in cash, you’re losing purchasing power due to inflation. With inflation averaging 3% per year, money that isn’t invested is slowly losing value. This means:
• $10,000 today will only be worth $7,440 in 10 years if left in a savings account with no interest.
• Meanwhile, if invested wisely, that same $10,000 could double or even triple over time.
By doing nothing, you’re guaranteeing financial stagnation.
Why Getting Started Is the Hardest Part
Ryan often compares taking action to pushing a car—the hardest part is getting it rolling. Once it’s moving, you can adjust your course, but without momentum, you’re stuck.
Financial decision-making works the same way:
- If you never start saving, you’ll never build wealth.
- If you never invest, you’ll never take advantage of compound growth.
- If you never start a business, you’ll never see it grow.
Perfectionism leads to paralysis, and in the world of finance, inaction is the only guaranteed way to fail.
Breaking Free from Financial Paralysis
So, how do you overcome the fear of making financial decisions? Follow these steps to get started today and avoid falling into the trap of doing nothing.
1. Make Your First Move—Even If It’s Small
You don’t need a perfect financial plan to begin—just start. Consider simple steps like:
- Opening an investment account and contributing a small amount.
- Automating savings to build an emergency fund.
- Meeting with a financial advisor to discuss your options.
As Ryan says, “Get started today, and progress will compound over time.”
2. Trust the Process and Make Adjustments Along the Way
Many people overthink financial decisions because they’re afraid of making mistakes. But just like pushing a car, once you’re moving, you can always adjust your direction.
- Start investing and fine-tune your portfolio over time.
- Launch your business and pivot as you gain experience.
- Begin budgeting and refine it as your expenses change.
Action beats hesitation every single time.
3. Leverage Experts and Resources
You don’t have to navigate financial decisions alone. Seek guidance from:
- Financial advisors (like Three Kings) who can tailor a strategy for you.
- Educational resources like our blog on Lifestyle Planning Made Simple.
- Wealth-building communities where you can learn from others.
There’s endless support available—you just need to take the first step.
The Power of Small, Consistent Action
Wealth is not built overnight. It’s a series of small, consistent actions that add up over time.
• Saving $500 a month may seem insignificant, but in 10 years, it becomes $60,000 (not including investment growth).
• Investing early in superannuation multiplies your retirement funds through compound interest.
• Eliminating debt with small, steady payments reduces financial stress and increases cash flow.
You don’t need to make huge sacrifices to see progress—just start and stay consistent.
Avoid the Biggest Financial Mistake: Take Action Now
If you take away one thing from this, let it be this: doing nothing guarantees failure. The longer you wait, the harder it becomes to catch up.
- Start investing now, even if it’s small.
- Start saving now, even if it’s just $10 a week.
- Start planning now, even if it’s just writing down financial goals.
Because the biggest risk isn’t making a mistake—it’s never starting at all.
FAQs About Getting Started in Finance
1. What’s the first step to take control of my finances?
Start by automating savings and setting clear financial goals. Even small steps create momentum.
2. How do I overcome the fear of making a financial mistake?
Understand that doing nothing is the worst mistake. Start small, learn as you go, and adjust your plan along the way.
3. What if I don’t have a lot of money to invest?
You don’t need a lot to start. Investing $50 a month is better than waiting until you have $5,000 saved up.
4. How do I know if I’m making the right financial decisions?
There’s no single “right” decision—the best move is the one that gets you started. Seek guidance, but don’t delay action.
Conclusion: The Time to Act Is Now
There’s never a “perfect time” to start your financial journey. The only wrong move is doing nothing.
At Three Kings Wealth Management, we help Australians take that first step with confidence and strategy.
Ready to take action? Book a Discovery Meeting now:
Click Here to Schedule Your Session
Your future self will thank you. Let’s get started today.
