A study conducted on the 1979 Harvard MBA class produced an interesting observation about goal setting. Within this group there seemed to be a strong correlation between the physical act of writing down ones goals and the likeliness of achieving them. As the author of the linked article suggests, one of the benefits of writing down your goals is to set a benchmark to measure your progress. Hitting milestones along the way can be reason to celebrate, which in turn can provide the motivation to keep working towards your goals.
If you're not sure how to start, this workbook is a great place to start.
“Buy high, sell low” has never been a recipe for successful investing, but it’s a practice far too many investors follow. The reason? They’re letting fear and greed influence their decisions, even though many may not be aware of how feelings impact their decision making. Six strategies to take your emotions out of investing showcases how emotional investing has big consequences and provides six strategies to help mitigate reactive emotional impulse.
Setting financial goals is the key to achieving financial success. Whether you are saving up for a down payment on a new house or wanting to retire early, having a plan of action will help ensure you reach your desired outcome in the most efficient way possible.
Check out this article by Forbes on the benefits of goal setting and how it helps you stay focused and motivated. Still need inspiration? Contact us to book a meeting to review your finances and help get you started on the road to success!
Keep up with the financial goals you set for your business. A budget provides the framework for your small business finances. It helps you know exactly where your money is coming from and going to, which you need to know to plan for your company’s success. Read more here: Budget 101
Tim Eastwood, CFP®, CIM®, FCSI