I did not write this post about New Year’s resolution until now on purpose. Some studies suggest most people would give up their New Year’s goal by now.
We all have a list of things that we “should” do, we “should” lose some weight, we “should” do more exercise, we “should” spend more quality time with our family, we “should” work on improving our financial situation.
Not until we turn the list of “should” into a list of “must,” we rarely can sustain the motivation for long.
Forcing yourself to work on something is only a short-term cure. There is a certain extent where you could push yourself. Therefore, it is important to tune your mind into the right direction.
You need to envision and understand what does achieving these financial goals mean to you?
- Can having a lifetime of guaranteed income bring you peace during retirement?
- Will a properly constructed portfolio give you the confidence in looking forward to your saving goals?
- Can a detailed estate planning reduce the burden of unforeseen future off your shoulder?
Regardless of what is your financial goals, always ask yourself these questions: “Will doing so increase your happiness? Fulfill your responsibility? or reduce your stress?”
I remember back in the days when I was still studying at the University of Toronto; I took a Computer Science course. The professor stated that if a task will only be done once, then it does not matter whether you do it manually or automatically. However, if the job is needed to be done continuously, then you should automate it.One practical strategy I would suggest is to automatic the process. It could apply to your savings plan, re-balancing your portfolio, paying for an insurance premium, or even withdrawing your retirement income.
As your advisor, you and I will still get together regularly in reviewing the process. However, automating certain part of the process can take some of the workloads off your shoulder. Most importantly, it is an excellent solution to procrastination.
I do hope this post could be helpful to you. As always, if you have any financial-related questions, I’m just an email away.
Disclaimer: All the details in this email are for general understanding only, not intend to provide any specific advice and could be subjected to changes without notice. Please contact us or consult with a financial professional before making any decision.