The end of December has arrived. And inevitably you start hearing family members and co-workers talking about New Year’s resolutions.
You’ll probably hear a lot of them. During the first days of the new year, everyone shares their plans for self-improvement. But in reality 80 percent of people don’t keep their New Year’s resolutions.
Do an incredible amount of people lack discipline? Maybe. But I believe there’s another reason underlying those broken promises. You can’t change lifelong patterns with a can-do attitude and a little more determination. A whole new outlook, or Freedom mindset, that applies all 12 months of the year is needed.
With that in mind, today I’m taking a deep dive into three of the most common New Year’s resolutions and how to go about achieving them for real.
Save more money
You may know the feeling when, come December, you realize you’ve spent too much on fun throughout the year. Maybe that $200 pair of shoes you haven’t yet worn is staring at you making you feel guilty every time you open the closet door. Or maybe that Wednesday night happy hour habit burned a hole in your wallet.
So you set out to save more. After a careful analysis, you figure out what you need to prioritize, and you cut out unnecessary spending. And that’s great. But simply cutting out spending, in other words a lifestyle downgrade, isn’t very motivating.
Because in this scenario, your money ends up sitting in a low-interest savings account with little opportunity to grow. When something happens — whether emergency car repair or an upgrade to your living situation — you’ll be tempted to use that money.
Rather than focusing putting money in a savings account, send your money out to work for you. In other words, set up a Pay Yourself First account.
After your Security Buffer is in place, the money in this bank account should go toward Cash Flow-generating investments that will give you money in five, 10, maybe even 20 years’ time depending on your personal plan. But the key is to Pay Yourself First as soon as you receive your paycheck. And you ensure future you doesn’t suffer at the expense of your immediate wants and desires.
Find a new job
The new year signals new opportunities, possibly even the chance to find another job, if you’re sick of your current one. Looking back on your professional life at year’s end wanting to make a change is not unusual. Maybe your job doesn’t motivate you or you want to do something that aligns more closely with your values.
If “find a new job” is one of your New Year’s resolutions, have you stopped to ask yourself if moving from one company to the next, or changing fields altogether, is what you really need? All too often, professionals don’t put the right amount of value on their time. But in order to live a full life, you need to maximize every day.
Dr. Tony, founding director of MindShift.money adds, “Time is the most precious resource we have. The real question you need to ask yourself is ‘how do I want to spend the limited time I have?’ Gaining Freedom over your time allows you to live a purposeful life and prioritize what truly matters to you.”
Of course, understanding that purpose is a big part of the equation. You can’t make the decision to change jobs without first asking yourself the big “why” question. Only after you’ve answered this for yourself can you move forward and start planning your ideal life.
These plans must revolve around Financial Freedom, the most essential ingredient for personal success.
Practice self-care
Lots of people make resolutions to lose weight, eat better or get more sleep in the new year. If you’ve neglected self-care this year and want to make a lifestyle improvement, Financial Freedom can help you get there.
You’re not alone in trying to balance a job, family life and all the other daily tasks you need to tackle. One of the main reasons people don’t exercise enough is because of a busy schedule. The reality of having to trade your time for money limits everything else you do, including your attention to personal health.
To truly spend the right amount of time on yourself, while also having time left over to spend with family, a business or even a cause you believe in, you need to break the cycle of trading your time for money. The most important step you can take for self-care in 2019 isn’t a gym membership — it’s the gift of time.
You can’t buy your time back in a month, of course. But as you start the new year, you can make a commitment to reaching Financial Freedom. You can start, actually, by learning how to set up a Pay Yourself First account, so you can get your passive income stream going.
So, as you set about crafting your New Year’s resolutions, make Freedom a top priority. More than an end in itself, Financial Freedom positively impacts so many parts of your life throughout the course of the year.
The views and opinions expressed are those of the guest author and do not necessarily reflect the views and opinions of MindShift.money.
image credit: Bigstock/ leolintang
Sam Bojarski is a freelance journalist whose work has appeared in national publications, as well as local newspapers and magazines in his hometown of Pittsburgh, PA. A dedicated news junkie, he’s always on the lookout for how current events shape the financial aspects of our lives.