By: Roshawn Watson
It is such an exciting time of the year where many people have recently set (and possibly have already broken) New Year's resolutions. The beginning of the year is a wonderful time to birth new habits and to reassess some of last year's decisions (i.e. what worked? what failed?). As I write this today, I am so excited about what 2009 will bring for you. Here are 3 tips to get the most out of this year.
1. Set bold goals for 2009. Goal-setting is one of the most powerful tools for uncommon financial achievers. Steven Covey said it this way...
(Goal-setting) is based on the same principle of focus that allows us to concentrate rays of diffused sunlight into a force powerful enough to start a fire...It's the transformation of vision into achievable, actionable doing. It's the common denominator of successful individuals and organizations.
I couldn't agree more because goal statements establish your direction and keep you on track. One of the major causes of failure is the unwillingness to take the time to determine your true goals.
For me, much of last year was decided by my goals. I have previously shared the devastating impact of debt and
my own struggle with eradicating it from my life. Since I began this site,
one of my primary goals was to become debt-free. I achieved this goal as of last June, and I am still ecstatic. Some of you know that I was so happy that I threw a huge party to commemorate the event (i.e. nice venue with catering, live music, photographer, the works). My timeline for eliminating my debts was unreasonably short. Thus, to achieve it, I stretched myself in ways that I didn't know was possible at this stage of my life.
In the end, I was able to write a check for tens of thousands of dollars to pay off my remaining balance. It feels good to be a debt-free man. Never underestimate the power of goal-setting. This was a life-changing goal for me, and I wouldn't have achieved it unless I deliberately planned for it.
For 2009, I have raised the bar. I wrote a detailed list of my top 11 goals for 2009 this past Sunday, and I will complete my first financial goal this Friday (January 9). Technically, I have been working on this goal for 6 months. My intention in mentioning this is not to brag at all, but I hope to inspire you to set your own bold goals.
2. Seek wise counsel. The power of mentorship can not be overstated. A mentor is merely a trusted teacher. It is not the person who gives you advice, but the person who's advice you follow. We can receive mentorship many different ways: books, TV, blogs, personal relationship, etc. Personally and professionally, mentorship is a big part of who I am and what I can accomplish. I can give you numerous examples of how mentorship has saved me thousands of dollars. If you don't have a mentor, that probably should be your first goal. Mentorship will spare you pain and save you money.
A major mentor in my life and former employer recently shared that someone offered him $40 million dollars for primary ownership of his current start-up. He refused the offer. His current project has been several years in the making, and giving up ownership would sacrifice the vision he has for this venture. Honestly, I still struggle with his decision. I do not know many people who can turn down that kind of money, but his wisdom is sound, and he is becoming
very wealthy because of it.
Check the mentors in your life. Their advice may not always be pleasurable (believe me I know this first-hand), but they have (hopefully) already traveled down the road you are trying to go. Dip your cup into their wells often. You will benefit from their years of experience and expertise immensely.
3. Be optimistic and don't give up. I am fully aware that 2008 has been a tumultuous and scary year for some. Several of my friends had their portfolios decimated. Others have had their businesses destroyed or loss jobs. Let me share a little advice though.
Don't allow the economy to dictate your ambition and your destiny. No one can stop you from reaching the top except for you. Generally, most circumstances cannot stop you without your consent.
This may sound like typical motivational talk, but let me assure you it goes way deeper than motivation. I recently read the account of a former farmer who decided that he wanted build a weekend business separate from farming. That business became so profitable that he currently travels around in his nice private jet. Through acquaintances, I became familiar with another remarkable story about an ex-con with a 3rd grade education. He had made plenty of bad decisions in life; however, he decided that his past indiscretions would not decide his future. He built several businesses, and to this day he makes over $30 thousand per month (more on this story later).
Now some would argue that these results are not typical. However, given that normal is broke, busted and disgusted, the last thing I would want you to aspire to is to be normal.
This past Monday, a reader sent in the following account...
I am 29 years old and suffered for most of my life because of poor spending habits and work ethic. Once I pulled my head out of you know where and started budgeting and paying off debt, I was able to actually save money. My wife and I only make about 35K a year combined, but through fiscal discipline and hard work, we are able to save for the future and improve our financial status.
Make 2009 a fantastic year for you and your family. Don't allow discouragement and poor decisions to rob you of the financial destiny you dream of. Eliminate every "dream-stealer" from your life; they are not worth the time. Smart money decisions will produce results regardless of what year you make them in. Here's to a prosperous 2009!
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