Mar 17, 2022 Reframing Your Resolution Mindset
Cleaning up personal finances remains one of the top resolutions every New Year. But we all know what happens to such self-promises … life gets busy, our motivation fades, and before you know it, the year is half over, and your goal is no closer than when you started.
If you’ve found yourself in a similar position, you’re not alone. Nearly 80% of all New Year’s resolutions go unachieved. Here’s why:
- Your resolution is too vague or unrealistic
- You haven’t thought through (or planned for) what it requires to achieve your resolution
- You have little to no system in place to help keep you accountable for your resolution
Change, whether it’s to save more and spend less, master a new skill, kick-start your health journey, or even get more sleep, requires planning, preparation, practice, and perseverance to make it stick. In contrast, a more successful approach is to get SMART and reframe your resolutions using this simple method for setting and measuring goals. SMART goals are:
- Specific: A clear definition of what you want to achieve.
- Measurable: Targets that will help you evaluate your success.
- Attainable: Realistic to achieve in a particular time frame.
- Relevant: Appropriate for your life right now.
- Time-Based: A definite timeline for achieving your goal.
Strategies to Stay on Track
Even when motivation fails you, these tips will help you refocus financially. Setting specific, measurable, attainable, relevant, and time-bound goals is only the first step toward achieving your desired outcome. The more complicated part is staying the course when life can slow your progress or derail your effort. Luckily, there are some things you can do to increase your odds of success.
- Document both short and long-term goals in one place
- Use technology to monitor progress and adjust habits
- Share your plan with someone to remain accountable
Meeting with your advisor to review your goals is a great way to help increase your odds of success. We have tools that can help to document the goals that monitor your progress. Your advisor will check in about your goals at your meetings to help you remain accountable. A financial plan can help you manage and prioritize your goals. Make this your best year yet!
Schedule your review now to review your accounts and help you reach your financial goals.
Leonard Rickey Investment Advisors, PLLC (“LRIA”), is an SEC registered investment adviser located in the State of Washington. Registration does not imply a certain level of skill or training. For information pertaining to the registration status of LRIA, please contact LRIA or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).
This is provided for general information only and contains information that is not suitable for everyone. As such, nothing herein should be construed as the provision of specific investment advice or recommendations for any individual. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. There is no guarantee that the views and opinions expressed herein will come to pass. This newsletter contains information derived from third party sources. Although we believe these third-party sources to be reliable, we make no representations as to the accuracy or completeness of any information prepared by any unaffiliated third party incorporated herein and take no responsibility therefore.
Any projections, forecasts and estimates, including without limitation any statement using “expect” or “believe” or any variation of either term or a similar term, contained here are forward-looking statements and are based upon certain current assumptions, beliefs and expectations that LRIA considers reasonable or that the applicable third parties have identified as such. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions or beliefs underlying the forward-looking statements will not materialize or will vary significantly from actual results or outcomes. Some important factors that could cause actual results or outcomes to differ materially from those in any forward-looking statements include, among others, changes in interest rates and general economic conditions in the U.S. and globally, changes in the liquidity available in the market, change and volatility in the value of the U.S. dollar, market volatility and distressed credit markets, and other market, financial or legal uncertainties. Consequently, the inclusion of forward-looking statements herein should not be regarded as a representation by LRIA or any other person or entity of the outcomes or results that will be achieved by following any recommendations contained herein. While the forward-looking statements here reflect estimates, expectations and beliefs, they are not guarantees of future performance or outcomes. LRIA has no obligation to update or otherwise revise any forward-looking statements, including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of events (whether anticipated or unanticipated), even if the underlying assumptions do not come to fruition. Opinions expressed herein are subject to change without notice and do not necessarily take into account the particular investment objectives, financial situations, or particular needs of all investors.
For additional information about LRIA, including fees and services, please contact us for our Form ADV disclosure brochure using our contact information herein. Please read the disclosure brochure carefully before you invest or send money.