by Matt Aitchison
Did you make a New Year's resolution for 2020? How’s it going? Most resolutions fail, but there’s a way to make them more likely to succeed.
For example, let's say you want to get healthier in 2020. They might start with you eating healthy and going to the gym. But there's a good chance by January you'll fall into your old habits. Most people do. Depending on which study you read, between 75% and 90% of people fail to keep their New Year's resolutions.
The reason? I think it’s because there is no substance to the goal, or system to achieve it. That's why I have a simple 5-step system to hold myself (and my clients) accountable to goals. You can use this system to keep focused as we go deeper into 2020.
The first step starts before you even begin. You need to figure out why you want to achieve this particular goal. Back to our example, why do you want to be healthy? Is the idea of having a six-pack going to keep you training when it’s cold, wet and dark? Maybe instead it’s the idea of being fit and healthy to play with your children/grandchildren.
Whatever it is, find that reason. Your why needs to be a compelling and personal reason. That way, the goal becomes much more meaningful.
Once you have your goal and your why, write it down. When writing it down, try to build a vivid picture of what life will be like if you can achieve that goal. If there is a picture you can associate to the goal, attach that too.
Writing down your goals can help increase the likelihood of achieving them. Once it’s written down, make sure you post it somewhere that you will see it regularly. It might be on your fridge, bathroom mirror or your desk at work. But have it somewhere that reminds you what you’re trying to do and why it’s important.
This one requires a bit of bravery but publicise what your goal is! If you tell someone else, you are more likely to stick to your goal. Why? Because when it gets tough to stick to your goals, having the knowledge that someone may ask about your progress will help keep you going.
Think about how you will achieve your goal. What will you need to do? What support will you need? In the above example, what will a typical week look like to get you and keep you healthy? How many times will you work out?
When building habits, be realistic! This is the way you will achieve your goal, so you need to be able to stick to it. Eventually, you need to turn this system into your habits. If you are going to work out three times a week, you need to become someone who automatically works out on a Monday, Wednesday and Friday before work (as an example) without even thinking. If you want to start running, you need to build it into a regular running habit.
This is linked to publicising your goal but having someone who holds you accountable: someone who is going to check on progress, motivate you and make sure you are sticking to your goal. It may a good idea to have your accountability partner be someone with whom you share similar goals.
By following these guidelines, I fully believe that you can radically improve your odds of sticking to and achieving not only your New Year’s resolutions but any goal you set yourself. These principles could be applied to fitness, building a business or achieving life goals. But what does all this have to do with financial planning? I believe the above guidelines are the reason why financial planning done well is so powerful. A good financial planner will…
Matt Aitchison is a Chartered Financial Planner, Certified Financial PlannerTM and Managing Director at Clear Vision Financial Planning Limited. In his free time, Matt loves spending time with his wife and four daughters, making memories and generally enjoying life.
