goal setting

What’s on Your To-Do List?

Posted by

2

Sometimes I wonder how we all survived before sticky notes. They sure come in handy for jotting down my daily reminders and holding myself accountable!

 

The discipline of writing out a daily prioritized task list (organized by importance and urgency) is a hallmark of a productive person. I begin each day with a to-do list, and it certainly has made me more focused and effective. (And, yes, when unexpected items arise, I add them to the list and cross them out after completion. There’s power in a sense of accomplishment!)

 

Here’s an idea. What if we took this concept beyond its daily application and take a “sticky pad” approach to planning our lives? After all, the most successful people begin with dreams and then establish goals and plans to make them come true.

 

How can the sticky note approach work for you?

 

Poor or random planning puts your dreams in jeopardy and, at best, makes it take that much longer to realize them. But, even if you’re not naturally a goal-setter, it’s not difficult to become one.  Start by imagining what you want your life to look like. What are the large-scale goals you hope to achieve? Think of areas like your education, career, service opportunities, family, finances, health, experiences, passion areas, and interests.

 

Once you’ve established your long-term goals, you can set some shorter-range goals that will help you achieve them. You can set one-year, six-month, and one-month goals, all of which will ultimately contribute to the larger picture.

 

At the same time, don’t forget those daily to-do lists!  You’ll be amazed how much more you accomplish. It doesn’t have to be a fancy leather-bound day-timer to keep you on track.  Many times all you need is a vibrant-colored sticky note placed somewhere visible to remind you what you hope to accomplish that day! Oh, and once all your items are checked off the list, be sure to take some time to celebrate for a job well done. You deserve it.

 

“If you don’t know where you are going, you will probably end up somewhere else.”

Lawrence J. Peter

 

What kinds of goals have you established for the short-, intermediate-, and long-term? What strategies have you learned to help accomplish them?

We’d love to hear your ideas!

 

 

 

Grow Your Wealth Patiently

Posted by

0

You’ve all seen the ads, “Get rich quick!” The implication is that, with little effort or investment, you can become wealthy overnight.
 
Not so fast.
 
In life, patience is a virtue. In building wealth, it’s an absolute necessity! It means starting early (so time is on your side), investing as much as you can (so you have more money working for you), and adopting a globally diversified, long-term strategy (so you avoid the pitfalls of market timing). Most studies show that the average investor loses about two percent (2%) per year to lousy timing decisions! That’s a wealth destroyer you’ll want to avoid.           
 
Bear in mind that a key component in this process is TIME. Inexperienced investors often succumb to get rich quick schemes and hot stock tips. They buy at the top, after the big gains have already occurred and just before the stock plunges. However, just because a stock or a mutual fund had a great run last year doesn’t mean it will have a repeat performance again this year. In fact, often last year’s biggest winners become this year’s biggest losers because they became overpriced.    
 
Here are some smart tips for investing wisely and growing your wealth patiently:
 

  • Regularly invest in a diversified, long-term strategy rather than chase yesterday’s winners or engage in market timing. Begin by establishing an automatic monthly investment program as soon as you receive your first paycheck.
  • Resist taking more risk after strong market gains and taking less risk (panic selling) after major market losses. Remember, it’s “buy low, sell high” not the reverse! Understand that markets peak when the economy is great and they trough when the news is bleak.
  • Avoid overly concentrating your investments in a few stocks or market segments (e.g., technology). The market has a ruthless way of humbling the overconfident investor!  
  • As a rule of thumb, no stock should represent more than 10-15% of your assets. That way, if things don’t pan out, you’ll still have the other 85-90% working for you.
  • Remember to diversify across different asset classes to reduce your risk and beat inflation. Too many people put all (or none) of their assets in stocks and live to regret it.

 
Do you see the value in building your wealth patiently rather than turning to get rich quick schemes or trading and chasing investments? Have you had some experiences with this you can share with our online community?  Questions you’d like to ask? We’d love to hear from you!
 

Time Is Precious – Use It Wisely

Posted by

0

Where did 2012 go?  It seems like last New Year’s Eve was just last week, not last year! Life is flying by at 58!
 
Time is a funny thing, isn’t it? When we’re having a blast, it’s like someone is pushing the “fast forward” button. In contrast, if we have a two-point lead with three minutes left in the game, it seems like an eternity.
 
Whether time flies or moves at glacial speed, we have 24 hours in a day and no choice in the matter. We use it or lose it. And, because time is one of our most prized possessions (recall it’s one of our three primary assets—along with talent and treasure), we need to use it wisely.
 
How do you become a good manager of time? Try the following:
 

  • Treat your time as a precious asset with limited capacity
  • Organize a to-do list by urgency (deadline) and priority (importance). Take both into account when deciding what to focus on each day.
  •  “Block” your time (i.e., group it in 30-60 minute intervals without interruption) in order to complete your highest priority assignments. Avoid interspersing lower priority tasks within your high priority assignment intervals. Take control of your time!
  • Don’t hesitate to politely tell someone that it’s an inconvenient time for you. Interruptions can destroy your productivity if you allow it.
  • Learn to multi-task (i.e. simultaneously performing) your lower priority responsibilities. For example, I rarely watch television without doing something else like reading the newspaper.
  • Keep your cell phone somewhere else when you need focused time. The temptation to answer calls and texts is a major distraction.
  • Find your best venue for focused work.
  • Take periodic breaks. Studies show we’re less productive when we work over an hour straight without a five-minute break. Breaks help our mind recharge.
  • Respect and honor the time of others by being punctual.
  • Always remember that you can’t recover the time you waste!

 
Becoming a wise time manager is an admirable New Year’s Resolution. Is it yours?
 
How productive are you with your time? Do you view it as a precious asset and focus on your most important priorities? What are some ways you have learned to become a more effective time manager? Share your thoughts and ideas with us!

Develop (and Stick to) Your Financial Goals Part 2

Posted by

0

Last week we talked about the importance of setting (and sticking to) financial goals. One of the most common reasons many people DON’T is that they fail to take into account their need to save and invest each month. Why not? Poor planning. Lack of foresight and/or self-discipline. Ignorance. Overspending. To name just a few!
 
Goal-setting—and the discipline needed to accomplish those goals—is critically important in the area of finances. You’ll find that many of your goals involve substantial sums of money, and it takes planning to reach them. Among the most common financially-related goals are your: 1) education, 2) car, 3) down payment on your home, 4) children’s education, and 5) retirement. Some of these goals will come soon (short-term), some will be in the next five to10 years (intermediate-term), and some are much further down the road (long-term).
 
For each of these goals, you need to develop a financial plan that gets you there, and determine how much you’ll need to save and invest for each goal. This process  shouldn’t be intimidating. In fact, it’s actually pretty easy.      
 

  • Consider items requiring (your) major spending over the next one to five, five to 10, 20-30, and over 30 years.
  • Then, come up with an estimate of how much money you’ll need for each item.
  • Take the total for each item and divide it by the number of years you’ll need to save for it.
  • Finally, calculate the amount of savings you’ll need per year for each goal.

 
It adds up, doesn’t it? By doing this exercise beforehand, it will reinforce the importance of not spending all of your earnings on items you want now. Good planning requires the discipline of putting off spending now for the sake of important items you’ll need later.
 
When you look ahead over the next twenty years of your life, which things do you think you’ll need to save up for? How will you plan for them when there are so many things you may want to buy NOW? Share your experiences and questions with us by commenting below; we’d love to hear from you!