1. Goal setting, positive thinking and visualization. The financial planning and investment industry is often full of cheesy one-liners and fluff advice but goal setting, positive thinking and visualization are not among them. I personally believe that goal setting is the master skill to success. Without a clear target to shoot for you are simply ambling about and are likely to jump from one idea to the next based on the word of the media or your mood that day. Positive thinking brings about positive action which brings about positive outcomes. Visualization is a way of rehearsing for success and programs your mind for better results. These are simple techniques that you can employ today to bring about more success this year.
2. Follow a plan when it comes to reducing your debt, taxes and increasing your investments. “Winging It” does not work. Most people have no idea how much money they spend, how much tax they pay, how long it will take them to clear their debt or how much they need to save for reticent. No builder starts building a home without detailed blueprints (a plan). Building your wealth is the same, start with a personalized plan and follow it consistently. This is how you can achieve a predictable result. A good place to start is with your financial/investment advisor.
3. Persistence and compliance are mandatory. Don’t start one plan this week and then drop it for a new one the following week. Pick a course of action and see it through. No plan can produce an overnight miracles or perfect results; however, a good plan will produce measureable positive results cover time.
4. Results require effort. The most financially successful people achieved their wealth spending many days, weeks and years focusing on their written plan, educating themselves, meeting with their advisors and staying committed to achieving their financial and investment goals. You can’t get out of debt by spending time at the mall, eating out 5 nights a week or moving your debt from your credit card to your line of credit and using both to fund monthly exenses.
5. Learn from the best. Talk to people you knows who are financially secure and ask them how they did it. Read books such as The Wealthy Barber and visit websites such as The Financial Planners Standards Council. www.fpsc.ca
6. Set a deadline if you ever want to get things done. Positive pressure is a good thing. Frame your goals around realistic timelines and have someone hold you accountable. For 90 percent of us it is the only way we can get things done.
7. Take responsibility for who you are and what you’re doing. Stop blaming others or making excuses. Understand what you can’t control and let it go. Accept what you do have control over and do something about it. Acknowledge your personality and be honest about what you will and won’t do verses what you can or can’t do.
8. Stop being wishy-washy. Commit yourself to a course of action and use the power of focus to amplify your results. Successful people are focused people. If you want to get your finances into shape then focus on doing those things that will cause this to happen. Don’t get distracted from your goal. This is your life we are talking about. You only get one go around so why not find out exactly how capable you really are? When you do this you feel like you are in control over your destiny and this is how you should approach 2012. Life will happen with or without you so why not have more control over how life happens for you.
I wish you a successful financial year in 2012 and look forward to helping you with that plan.