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New Year's Resolutions

New Year's Resolutions

| January 08, 2020

New Year's Resolutions

So what’s it going to be this year?  Have you made a New Year’s resolution this year?  Do you make New Year’s resolutions?  Why do we make New Year’s resolutions?  The custom has roots in ancient history.  People would make promises to their pagan gods in hopes for good fortune in their endeavors.  Today New Year’s resolutions are mostly made to ourselves.  Typically related to some form of self-improvement i.e. I am going to start____ or I am going to stop___.  You can fill in the blank. 

Some research states that as many as 45 percent of Americans make New Year’s resolutions, however less than 8 percent successfully accomplish their goals. 

  Time magazine lists the top 10 commonly broken New Year’s resolutions are:

  • Lose Weight and Get Fit
  • Quit Smoking
  • Learn Something New
  • Eat Healthier and Diet
  • Get Out of Debt and Save Money
  • Spend More Time with Family
  • Travel to New Places
  • Be Less Stressed
  • Volunteer
  • Drink Less

Each of these resolutions are good in of themselves.  So why do we fail?  Why do we break these promises to ourselves?  I believe this quote is relevant for New Year’s resolutions;

     “A dream written down with a date becomes a goal.  A goal broken down into steps becomes a plan.  A plan backed by action makes your dreams come true.”Greg Reid – author          of Wealth Made Easy

If you really want to see your resolution come true, you need a plan.  Let’s say you want to increase your retirement this year.  Using the SMART goal acronym might help you keep your resolution:

Specific – Make your resolution specific.  Saving money is too broad.  Saving $1,200 is specific.

Measurable – Your resolution needs to be measurable.  You know you succeeded when you have hit your goal of $1,200.

Accountable – When you are accountable to yourself or someone else you will likely keep your resolution.  Ask a friend or relative to be your accountability partner and hold you accountable to your goal.

Realistic – Make your resolution realistic.  Do you have the means to save $1,200?  Aiming too high sets you up for failure.  If you end up exceeding your goal, then great!  Set it higher next year. 

Timely – Tracking your progress weekly or monthly will also increase your chance of success. 

So what’s it going to be?  Save money?  Get out of Debt?  Plan for Retirement?  Maybe you want to plan for your children’s or grandchildren’s education.  Let Cardinal Investment Group be your accountability partner and help you reach your financial New Year’s resolution. 

Our ”resolution” (Cardinal Rules) is to help you to sleep well at night and help you plan for your protection and success with a goal that you will never run out of money.