Whether we like to admit it or not, 2012 is quickly coming to an end. Soon, people everywhere will be heading to the malls for presents, decorating Christmas trees, and commuting all sorts of distances to be with family and friends for the holidays. It’s also a time to look back on the year and celebrate all that you accomplished in the last 12 months. Assuming you don’t believe the world is coming to an end on December 21st, now is the perfect time to start planning your financial goals for 2013. If you do think it’s about to end, try not to blow all your money and resources in case the Mayan’s happened to be wrong. After all, the technology in those days just wasn’t what it is today.
Below are some tips that should help you stay on track with your goals when the calendar switches over:
Write down what you want to accomplish. Life is busy and it’s easy to get distracted with day to day activities. If our goals aren’t in plain sight and constantly reminding us of what we want to achieve, they are easily forgotten. A vision or goal board is a great way to put things in front of you and stay motivated.
Be realistic. The largest reason I see financial goals fail is because the person wasn’t being realistic with their circumstances. If a person has a $20,000 line of credit balance and makes $60,000 a year, they probably won’t be able to pay the whole thing off in a year. Setting large goals is great but you also have to be realistic. What I usually do is set up 2 separate goals; one that I know is manageable and one that is pushing it. If I see that I’m doing really well during the year, I’ll up my expectations to the higher goal.
Tell People about your goals. By spreading the word, you are creating external accountability. You’ll want to have something positive to say when people ask you how things are going.
Use the buddy system. Find a friend or co-worker that also has New Year’s resolutions. They don’t have to be the same as yours just as long as they are motivated. You’ll be able to give each other that needed support on the days when you feel like giving up.
David almost always beat Goliath. By choosing small, successive goals that lead to a large one, you set yourself up for success. This is best described using an example: Say you want to put $5000 into your RRSP by the end of the year. The number $5,000 in itself can look intimidating. You may even look at the number and think of all the fun you’ll have to sacrifice to achieve your goal. If we switch up our mentality and break that down into a weekly number, we realize it’s a much more manageable number at $96.15.
Take it easy. Don’t worry too much if something comes up and you don’t hit your target one month or a goal is moving at a slower pace then you thought it would. Use the next tip below and keep pushing ahead. When you meet your smaller goals, you’ll feel more motivated and positive about hitting your large number and making up for any speed bumps along the way.
Review and refine. Look over your list at least once a month. Feel good about everything as you move closer to achieving the things on your list. Modify resolutions as needed and add goals along the way if new ideas pop up. Your list should be very fluid with things coming off and being added on a regular basis.
By coming up with goals and resolutions before January, you’ll be ahead of the curve and farther towards success than those that only start planning when the new year comes. Be realistic, stay focused and determined and I know 2013 will be one of your best years yet. Cheers to nothing but success and happiness in the year ahead.
Having an education in business with a specialization in Finance, Mitch has completed multiple professional designation programs to gain knowledge, insight, and to keep him on top of his field. Mitch has been trained by some of the top real estate investment professionals around including Robert Kiyosaki, Don Campbell, and some of the top names at OREIO and REIN Canada.
Mitch brings experience ranging from operating a residential renovation company for a number of years, flipping property for profit, purchasing, selling, and managing rental properties, to raising private capital for development projects ranging between 1-10 million dollars.The last 6 years have given Mitch a great opportunity to tailor and hone his skills and to create a strong niche for his investors that are tired of high fees and poor performance in the stock market by providing them with safe, secure, and high reward investment opportunities that are available both inside and outside tax free accounts.