…you’re getting back in the swing of work, and 2021 is off to the races (hopefully on track to be a little easier than 2020). It’s the time of year where everyone is talking about their goals and dreams for 2021. New year, new you, right? You’ve set your resolutions… but now what?
It’s no coincidence to me that the year kicks off with Financial Wellness Month. The start of a year gives us a fresh, forward-looking perspective while the previous year is still fresh on our mind. We’re challenged to look at the new chapter and set resolutions to do better this year than we did last. Are the goals we’re setting really getting us anywhere, though?
Listen, New Year’s resolutions can be great – anyone who knows me knows that I love setting goals and working toward them – but if financial independence is only ever a New Year’s resolution for you, it’ll only get you so far. 51% of Americans Will Set a 2021 Money Resolution (MagnifyMoney). However, on average, 80% of New Year’s resolutions fail by the second week of February (ComRes). Here’s why:
If you’ve got financial resolutions set for 2021, we’re rooting for you to beat the odds and achieve them. But even if a new year means a “new you,” it may also come with new challenges, new responsibilities, or new expenses. You’re also another year closer to retirement. The best antidote I can think of for the high failure rate of new year’s resolutions isn’t less goal setting, but more planning.
You see, a financial plan is less like a life preserver and more like a boat. It doesn’t assume you’re going to drown; it assumes you have a place to go and need a way to get there. While a New Year’s resolution is likely to be something you set once and forget about in a few weeks, a plan is a living, breathing document that evolves and changes with you (and it’s not something we just pull from a shelf). It’s the result of conversation and collaboration—and a deep, heartfelt understanding of your goals, values, dreams, and lifestyle.
So, it’s 2021 – game time – and the ball is in your court. New year… now what? You decide!
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.