“What the New Year brings to you will depend a great deal on what you bring to the New Year.” – Vern McLellan
New Year, new you?
Many people set goals for the New Year. Many rarely hit their goals. The reason is that they fail to put processes and systems in place to succeed.
To paraphrase James Clear, author of the best-selling book Atomic Habits, people fall to the level of the systems.
A system could be, don’t have sweets in the house if you are on a diet. Make the hurdles high so you default toward success.
What systems to implement and how to implement can be challenging and confusing.
So, how can retirees and business owners increase their chances of success?
Have a mastermind group, coach, or individuals that keep you accountable for each of your goals. For example, business owners can join mastermind groups related to their organization. There could be a cost to join. Think of it as an investment.
“The best investment you can make is in yourself.” – Warren Buffett
Some benefits of a mastermind group are:
- You can learn from the accumulated experience of fellow members.
- Share ideas and get feedback. Build profitable relationships.
- Deliver value to others in the group. Properly understanding a topic allows a person to explain it clearly and simply.
You learn differently from people and companies that are more advanced than you, the same as you, and less advanced than you. A good group should allow you to experience all three.
I am retired. Do I need to sign up for a Mastermind group?
Maybe. Depends on your goals. Let’s take fitness. Do you have a fitness group you can associate with? Can you find a personal trainer that fits your needs? Social media uses peer pressure to share and reward content. You can create your own “peer pressure” by having people and processes in place to help you achieve your goals.
You can have your golf group, fitness group, and book club group. These can be the same or different people.
Like social media, you can find many people to poo-poo your goals and ideas. Find people to help enhance your life. And remember, it is ok to fail. When you fail, fail forward.
Why is personal goal setting and achievement in the Finger Financial Five? Achieving personal and financial goals uses a similar process. Identify where you are and where you want to go, and track your progress.
Also, money is a means to what??? To live your best life as you define it.
On the lighter side, Iren, Elliott, and I went to Miami a few days after Christmas. We did a little resting and shopping, but a lot of eating. The food was fantastic but very expensive. Elliott leaves for the University of South Carolina to complete the second semester of his first year on Saturday. We will miss him until we see him again.
I hope you have an excellent 2024.
If we can help you in any way, please let us know.
Finger Financial Five – 5 points in 5 minutes or less – is intended to provide you with a weekly shot of useful financial information. My intention is to share principles so that you will have more clarity, more peace, and make better financial decisions.
Investment advice offered through Stratos Wealth Advisors, LLC, a registered investment advisor. Stratos Wealth Advisors, LLC and Riverbend Wealth Management are separate entities. This content is developed from sources believed to be providing accurate information and provided by Riverbend Wealth Management. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Stratos Wealth Partners and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.