In the course of a lifetime, we will achieve goals or we may fall short on goals. Even worse, we could just keep putting a financial goal off because of procrastination.
Why do we procrastinate? One thing that we may be avoiding is that sense of incompetence that can come along with a financial goal. We do not want to appear foolish, or get taken for a ride.
If this is the reason for you procrastination in setting and achieving financial goals, you have two ways to beat this nemesis. First, set smaller more manageable goals. For instance, if you have put off learning about setting up a trust, then start out with a goal to research everything you can about trusts. Start learning the lingo and this is a goal you can achieve without spending any money or engaging the services of a professional. Another way to attack this would be to get personal recommendations on how to start learning or what kind of professional to use – a lot of your friends on Facebook or Linked In might have a little kernel of knowledge that can get you started!
Second, as you set goals, nothing will make you achieve those goals faster than setting a consequence for not doing it. The sure fire way for some to accomplish a goal is the threat of taking away a tablet, or iPad, or some other activity they enjoy. These consequences do not have to be money related, but money works as well. Especially if you agree with your accountability partner that you will have to pay money to their favorite charity – not only will the money sting, but they your friend may want you to donate to charity that you would not want to be associated with and thus you will have extra motivation.
Use these powerful tools with discretion – these strategies are powerful and here’s to a prosperous new year!
Enjoy this article? Receive email alerts when new articles are available. Just click on “Subscribe” button.