Skip to main content
Okay, the New Year has begun. As is par for the course, we've drafted our resolutions for change and self-improvement in 2006. Do you remember last year's resolutions? Did you achieve them? If you're like most people you answered "no" to both questions. You can't remember last year's resolutions and therefore you didn't reach their fruition. So, why is it that "the best laid plans of mice and men are soon laid awry"? By the way, the first person to email me at cfitz@financiallysavvy.com with the correct name of the person who first coined this phrase, or it's close proximity...hint, hint, hint...will receive a gift certificate for a free teleseminar, a $12.95 value.

In my opinion, we break our resolutions for one key reason: we select results we can not control rather than actions we can take. This year, write your resolutions but keep this rule in mind: set goals for results. Let me give you a few examples:
  • Eliminate debt (result) versus stop using my credit cards (action)
  • Retire at age 60 (result) versus contribute 15% of my income to my retirement account (action)
  • Grow my portfolio by 10% (result) versus evaluate my current investments to identify and sell the losers

This approach to resolutions puts the control in your hands. If you take the action planned, you will achieve the desired goal. You can not affect the outcome but you have complete control over the input. Give it a try. Rewrite your annual financial resolutions to focus on specific action you will take rather than the results you hope to achieve.

This process works for other resolutions beyond those of a financial nature. So, if you wrote down that you'd like to lose weight or get fit this year, what action could you take to get one step closer to achieving your resolution? If you set to paper that you will spend more time with family, what one action can you take to make that a reality? Go for RESULTS!

Comments

Popular posts from this blog

Why should I get my credit report annually?

Under the Fair Credit Reporting Act you are entitled to a free copy of your credit report once every 12 months from each of the nationwide consumer reporting companies – Equifax, Experian, and TransUnion. If you want to order your free annual credit report online, there is only one authorized website, www.annualcreditreport.com. The Federal Trade Commission has a link on their website (click here to access the FTC section on free credit reports).

So why should you get your credit reports annually?
To detect identity theft - Your report will show you any new accounts opened in your name as well as who has been checking your credit. If an account appears on the report that you did not open or if a company (especially a retail store where you have not applied for financing) inquires into your creditworthiness, you can take action to prevent potential identity theft from taking place or at least minimize the impact.
Uncover errors - The reporting agencies make mistakes, trust me! Equi…

Get Organized to Save Money

How "Being Organized" can save you money... Taking a small amount of time up front to get organized can save you time and money.  Here are a few simply steps you can take today to keep more money in your pocket.
Set up autopilot for your bills -  Take advantage of your bank's online bill pay service to automatically send payments for your monthly recurring charges.  Set it and forget it!  Taking a few minutes to set up auto bill pay will pay off by preventing late charges and finance charges due to missed payments.Take inventory - You can avoid buying duplicate items when you know what you and have and where it is located.  Take a quick inventory  your pantry, the medicine cabinet, laundry room, and your office before shopping (online or brick-and-mortar).Stock up on consumables - You will always need shampoo, toothpaste, laundry soap, etc. so buy these items that get used up in bulk when on sale.  Of course, don't go overboard.  Buy what you can store …

Career Shift Budgeting (Part 1): Finding Your Next Career

Are you dissatisfied with your career and want to make a change?  Did you recently lose your job due to a layoff and want to pursue a new career? The first step to making such a shift is to identify potential careers to pursue. There are many resources available to assist you with this process, including working with a career development professional.  For you do-it-yourself types, here are a few of my favorite resources for finding a fulfilling career: Do What You Are: Discover the Perfect Career for You Through the Secrets of Personality Type What Color Is Your Parachute? 2011: A Practical Manual for Job-Hunters and Career-ChangersOccupational Outlook Handbook (online version) I Could Do Anything if I Only Knew What It Was: How to Discover What You Really Want and How to Get ItCareer BriefsOnce you've narrowed in on a few potential careers, you will want to explore the following:  Nature of the work - What does the day in the life of a person doing…