Monday, August 17, 2020

Best Money Resolutions To Help You Achieve Your Financial Goals

Today what are we going to talk about as usual this is my question. So today we are going to talk about the new year money resolutions.

Now what our new year resolutions all of us almost every person on this planet makes new year's resolutions. Those are basically goals or objectives that we set out to achieve in the forthcoming year.

Best Money Resolutions To Help You Achieve Your Financial Goals
Money Resolutions

Of course a lot of us have different New Year's resolutions depending on our situation, depending on our circumstances and depending on various other factors. 

Like some of these maybe I want to quit smoking, I want to quit drinking, I want to get rich, I want to buy a house, I want to find a good job, I want to lead a happy family life, I want to go on a cruise, I want to go on vacation and this is endless. 

But most of us are unable to achieve goal, plan and action these new resolutions. why is that in this article I'll explain you.

Why we fail to achieve our new resolutions? but at the same time how we can go about achieving these new resolutions because unless we achieve them. There is no point in just setting these new resolutions which are also goals or objectives that we have set for the next 365 days.

So let's take a look at how to go about setting these new year resolutions and importantly go about fulfilling them. So that you can lead a very happy life exactly the way you want it. 

So friends let us first discuss

Why most of us fail to achieve these New Year's resolutions?

Obviously there's some reason why we can't achieve those. What are those? One is that we set very unrealistic resolutions which we cannot achieve and over a period of time, over a Peter days or weeks. 

We get frustrated and we say oh this is just not for me, I can't do it, may be next year, may be I'm not prepared for it, may be this is not for me and that's the reason most of us flounder and fail.

  • So how do you set a trend in your resolutions? how do you make them?

This is the time to make them. So how would you make this? There's one way one technique which I'm going to talk about today listen carefully. ecause this might help you secondly resolutions and go about fulfilling them achieving.

So that at the end of this year you can say that yes I am successful, I have achieved most of them or at least some of them. So first definitely must have heard about this English world which we use very commonly 'SMART'

Our tea or Sugar, Mike, Alfa, Romeo & Tango as a ham radio operator of anyone who knows the radio phonetics would say but when you're setting goals. The world smart if you break it down to SMART attains a totally different meaning. 

What is that ?

"S" Stands For Specific 

Your new year's resolutions have to be specific meaning you have to decide what they are exactly, what they are means, what you want to have in the next 365 days or 365 days, what you want to own, what you want to be as a person, what you want to be in the society already a profession or job or business. 

So the goal has to be specific. So write down your new resolutions based on how specific they are and their relevance to you remember.

The linear resolution should contain goals that are very specific to you and only you not to your family, not to your job, not to the society or not anyone else.

Because you are going to achieve them and the other persons around you can only serve as a catalyst or a means to achieve them. So "S" stands for specific. So your new resolutions have to be specific about what you wish to achieve in the next 365 days.

So now let's move on to the alphabet "M"

"M" Stands For Measurable

What do you mean by measurable? Of course there is no measuring tape or a scale or a vernier caliper or some instrument on which are going to measure. The only way to measure how far you're achieving your new resolutions or new year goals is by the time. 

So yet new your resolutions have to be measurable, to be smart, they're also to be measurable means at the end of each day or the end of a week or the end of a month or maybe three months or six months. 

You have to be able to sit down look back and see how much of these goals have you achieved, how much of a linear resolutions have you achieved.

You have to be able to measure your success and how near or far are you from achieving that specific objective. So your new resolution has to be smart as I explained before alphabet "S" stand. So specific "M" stands for measurable.

And next I'm going to guide you about what is "A,R,T" ? Which also stands for ART. So I'm going to show you the art of achieving your new year resolutions also. So friends a let's come to the alphabet "A" the third letter in the word "SMART" and the first letter in the word "ART".

"A" Means Achievable

The goals that you can achieve the new year resolutions which you can achieve within 365 days. Obviously everyone would have fabulous goals, I want to be Bill Gates, I want to be Peter Drucker, I want to be the best biggest millionaire Jeff Bezos or I want to do this or that.

Yes, those types of New Year's resolutions are fine but are they achievable. This is a question, you have to ask yourself and how will you go about answering that, you have to take an inventory of a personal skills and where you stand right now.

Because where you stand right now is, how we are going to define the path on, how we are going to achieve these goals. So your goals, your money resolutions have to be achieved able depending on your personal abilities, your personal skills and the position failure right now. 

If you're down, beaten, possibly poor, thinking about money, then you have to take that into consideration or if you are working somewhere you have to understand that, yes this is something that I need to do. So here to set objective which is achievable over a period of 365 days and that's an "ART" in itself.

So next, what is "R" stand for in this word "SMART" ?

"R" Signifies a Realistic

Absolutely realistic meaning you cannot set goals unrealistic if you want to achieve your New Year's resolutions. What is being realistic, being realistic is knowing what is achievable, what is non achievable if you want to be a billionaire. 

Obviously within a year that's not quite possible unless you win a lot to and that to a really big lot with that but is that possible for everyone obviously it's not.

So your goals, your new year resolution has to be set on a very realistic basis. How do you do that, again you find out where you're standing, what are your skills and what action that you need to take.

What are the things you need to do with yourselves not with the others around you, what are the things that you have to take, what are the steps here to take realistically to achieve these new year's resolutions within the specific span of 365 days.

Because a new year resolution is valid only for a year, 365 days, because most of us set resolutions on the last day of the year, which is December 31st.

So in those 365 days you have to achieve a target which is realistic, therefore make your resolutions which have realistic and based on your current reality.

Which means taking into consideration external factors also such as your family, circumstances, economic situation in the country, the way the markets are moving maybe stock markets or currency markets or anything because that also defines in some way how we are going to achieve your goals.

Obviously your skills also matter, your education matters and lots of other things matter but remember that the letter "R" or realistic is also very important, you cannot say I want to reach planet Mars unless, you have a rocket and are an astronaut and it is technology to take - planet Mars, but you can achieve a goal if it is a real estate such as maybe relocating to another country or to another city to make a better career.

So now let's discuss the last alphabet of the word "SMART" which is "T" for tango or does "T" stand for not a cup of tea that I'm talking about which all of us like to have some time, I love green tea either black tea but I'm talking of "T" which is Time-Bound.

What is a Time-Bound New Year Resolution?

A time bound New Year resolution is that it has to be achieved within a specific period of time. There are three types of time bound resolutions that you can achieve within those 365 days or one calendar year. 

1. Short Term Goals 

What are those short term goals?

Goals that you can achieve within a month, two months or less three months and you have to take into consideration the other factors which are "S,M,A" and R right, specific, measurable, achievable, and realistic to reach the letter "T" that is time-bound.

2. Mid-Term Goals 

Which you could possibly achieve within a period of three to six months in those 365 days that is saved by the end of March or at the end of June.

3. Long-Term Goals

Long term goals within that particular time span of 365 days. What are those long term goals? It is need not necessarily end on the December 31st of this year, it could end maybe next year, but still it has to be you have to start the work right now. 

If you wish to achieve the long term move, it will be a goal which is set for a period of two or five years, but you have to start working right now, from today from 1st of January and you have to eat towards these goals long-term goals gradually, with purpose, deliberately, specifically and by measuring your progress at every step as I have explained measurable. 

So these are the five you can say magic words or magic alphabets to achieve your smart goals to set a new year resolution. Now let's discuss also about what are the most common in your resolutions that people try to set and of course that many many myriad types of New Year's.

Resolutions depending on your personality, your situation, what you want to achieve, your age, and a lot of these factors, but I broadly define some of these common New Year's resolutions that we all try to make and achieve.

So friends now that you know how to set smart objective. "S,M,A,R,T" new your goals that is specific, measurable, achievable, realistic and time-bound goals for your new year resolutions.

Financial Goal

To achieve your financial goals. I would suggest that you visit your bank or credit union or download an app like acorns or something like that, where you can start investing anything from say three to five dollars or even a hundred dollars or whatever I always believe in this old adage that income minus savings is equal to expenses.

I repeat income, minus savings is equal to expenses but unfortunately a lot of us go the other way around that is we believe that income, minus expenses is equal to savings. If you are going to focus on just income, minus expenses is equal to savings you are never going to achieve your financial goals for the new year or your new year resolution to become rich or have some considerable amount of money steadily is going to go futile it is going to go waste and you're not going to achieve it.

So set a realistic financial goal on how much you can save every month, as soon as you get your pay keep aside the money invested talk with your banker, if necessary talk with a financial adviser, plan on how you're going to invest that money in various plans, various schemes, various legit schemes and plans that are going to give you the best possible divisions and emphasize on this world legit because there are lots of scams that arrive on the internet. 

So the best way to achieve your financial goals which are the most common for all of us including me is to have your savings, aside set your savings and then spend from whatever is left over that doesn't mean that you are going to live a very simple frugal unhappy life. 

No! but you have to define where you need to spend, how much needed to spend to have and maintain a decent good enjoyable lifestyle. 

Career Goal

I want to achieve a career goal. How do you go about achieving your career as a New Year's resolution?, how do you go pursuing your career in a new year resolution?, then many ways to do it. But I'll talk about those two or three which I feel are the most relevant in today's world. 

One of the ways to achieve your career goals is by keeping yourself updated with the latest technologies or the latest happenings and latest news in whatever the field you are specializing, you could be a student who wants to be an engineer or doctor or anything like that a management expert an attorney, an architect, an interior decorator, a scientist astronaut, or just join the Armed Forces.

But whatever it is you have to find out what are the scope, what are the latest trends and how I can go about achieving these goals to become what I want and that is one way to set your career goals.

And career goals are very important because a career is going to be a lifetime affair, it is it has to be a lifetime love affair with your career because unless you love your career.

You are going to end up a very happy man or a very unhappy man. Therefore your career goals have to be very specific using the same technique as I said smart, "S,M,A,R,T".

So the other way to set your career goal is by knowing what are your skills, whatever interested in, obviously every one of us has a passion and if we follow those passions, then is assured that you'll succeed. 

Your passion people may laugh at it, you may be a good cook but you may feel that if I become a cook, I may be ridiculed by people, but think of it the other way what if you become my chef.

You could become my chef at one of the top most hotels and resorts chains and maybe one day you could be a celebrity chef. So take first into concentration what are your personal interest when setting your career goals. 

So what are the third types of goals and these are the most common ones which I get asked about they are personal goals. 

Personal Goals

The personal goals are these I want to quit smoking, I want to quit drinking, oh I am going to get into shape, I am obese, I want to slim down etc. Yes, these are legit goals, these are legitimate goals, these are legitimate new year resolutions and you can go about achieving them.

But what is required for them is complete dedication?

The first thing if you're a smoker or a drinker or you want to stay fit. Find out what are the flip sides, what are flip sides of doing or engaging or indulging in these unhealthy things. 

You will have to definitely find them out, because you will know then what are the benefits of kicking those things such as sharing a few extra pounds, kicking with a smoking habit, stopping drinking or any other why's that you may have or it could be a person goal like going on a cruise or going on a vacation.

So what are the benefits if the goals are positive like going on a vacation, going on a cruise or becoming a family man or even getting married, your thing on the positives now what are the positives and you to find out how we are going to go about achieving them and whether they are negative or positive goals study the pros and cons.

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