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This is your New Year resolution review.

February 24th, 2010

Prepare to be honest

New Year’s resolutions work like a dream for some people and are just a waste of time and money for others. Two months into 2010, how many of us are still working on their New Year’s resolutions, like saving money, quitting smoking, losing weight and attending to chores around the house? Here’s an idea to help you stay on course. Don’t let your resolution end up like an abandoned car on the side of the road.

Success story

I was 40lbs overweight at the start of 2009 and resolved to lose weight. Because I thought it was too difficult to shed it all in one year, I set a 20lb loss target for 2009, which I achieved by:

• Setting a target that was not too difficult.
• Breaking up the target into smaller units, 3lbs at a time.
• Setting intermittent targets and being encouraged every time I reached a small target.
• Adjusting my habits to achieve my goal: for instance, no second helpings and no eating between meals.
• Spreading the target over the entire year, more or less securing success.

I’ll tackle the next 20lbs in 2010.

Financial targets

I like to apply the same principles to financial targets though these can be expected to stretch beyond the two-year mark, like accumulating for retirement or for an overseas trip – stuff that will take a longer time to achieve. The question is where to start and how to stay on track.

The GPS system

GPS owners will understand this. When you make a wrong turn, the voice will not tell you that you are dumb, missed the turn and that you have to go back. The GPS is “re-calculating”, meaning its setting you a new course. We must do the same – re-adjust and re-calculate. We must never give up and think that we cannot achieve our goal. Life is unfortunately full of abandoned dreams. Don’t become a victim and give up on your dreams.

Be specific

The GPS needs a specific target address; and likewise your financial goals need to be clearly defined. Say that you want to start saving $200 per month this year, or want to retire on an income of $10,000 per month. The GPS can give you an estimated time of arrival at your destination; a good financial advisor can help you calculate your financial “destination”. The secret is to start moving towards a specific goal or destination – set a time limit.

The basic steps to success

To make your resolutions and goals work, I suggest the following:

• Set a target.
• Make it realistic.
• Set time limits.
• Break larger goals into smaller interim targets.
• Be specific.

• Adjust and recalculate when you go off course.
• Give big targets more time to achieve.
• Make contingent plans for when the battery dies.
• Never give up.
• Persevere to the end.

Keep working on those New Year resolutions!

Tags: Attend to the leaky faucets, Lose weight, New Year resolutions, Quit smoking
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