The End Is Near!
The end of the year is here, and I hope 2023 was prosperous for you and your family. As we approach the new year, it's imperative to set goals. Setting goals is not merely a task but a declaration of intent, a compass that directs your efforts toward a specific destination.
Tony Robbins is a master of setting goals, and he uses the acronym SMART, which stands for specific, measurable, achievable, realistic, and time-frame. These five ingredients are crucial to achieving goals. A goal of wanting to lose ten pounds by April 1 meets these five criteria.
In addition to his list, writing your goals and committing them to paper is paramount. Tom Clancy said, "If you don't write it down, it never happened." Written goals are like magnets pulling you closer to your dreams. In a study by Dr. Gail Mathews, she found "that you become 42% more likely to achieve your goals and dreams simply by writing them down regularly."
However, writing your goals down doesn't guarantee success. You must take action and track your progress regularly. I read several books on running marathons, but it didn't mean anything until I put on my shoes to start running. While training for the Boston Marathon, I tracked my progress daily – runs, distance, pace, weight, etc. My goal sheet motivated me to keep training, especially during the cold, dark winter days.
Goal setting is vital to achieving financial success. Written investment goals can help you track your results. Your financial goals should follow the SMART model. For example, saying you want a lot of money is too generic; it is a dream, not a goal. Changing it to say I want $1 million by December 31, 2024, becomes a goal because you can measure your results and progress.
The new year is approaching, and you can use this time to record your 2024 goals. Here are five suggestions to help you achieve financial success in 2018.
- Plan. A financial plan will commit your goals to paper, including specific dollar amounts with dates to track your progress.
- Benchmark. Comparing your investment returns and asset classes to a benchmark that resembles your portfolio can help improve your performance.
- Review. A quarterly review of your financial plan and investment accounts will allow you to adjust your goals as needed.
- Update. It's okay to update or alter your goals throughout the year. If you obtain a goal early in 2024, raise the bar or add a new goal.
- Advice. A Certified Financial Planner® is your accountability partner who will keep you moving toward your financial goals.
Here is a list of books to help you kickstart your 2024 campaign.
- The Magic of Thinking Big by David J. Schwartz, Ph.D.
- Braving the Wilderness by Brene Brown
- The Power of Positive Thinking by Norman Vincent Peale
- Think and Grow Rich by Napoleon Hill
- 7 Habits of Highly Effective People by Stephen Covey
- Awaken the Giant Within by Tony Robbins
- Make Your Bed by Admiral William H. McRaven
- Grit by Angela Duckworth
- Atomic Habits by James Clear
- Start With Why by Simon Sinek
"Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success." —Pablo Picasso
December 12, 2023
Bill Parrott, CFP®, is the President and CEO of Parrott Wealth Management in Austin, Texas. Parrott Wealth Management is a fee-only, fiduciary, registered investment advisor firm. Our goal is to remove complexity, confusion, and worry from the investment and financial planning process so our clients can pursue a life of purpose. Our firm does not have an asset or fee minimum, and we work with anybody who needs financial help regardless of age, income, or asset level.
Note: Investments are not guaranteed and do involve risk. Your returns may differ from those posted in this blog. PWM is not a tax advisor, nor do we give tax advice. Please consult your tax advisor for items that are specific to your situation. Options involve risk and aren't suitable for every investor. Prices and yields are for today only and are subject to change without notice. Past performance is not a guarantee of future performance.
 https://www.tonyrobbins.com/ask-tony/can-create-compelling-future/, website accessed 12/28/2017.