New Daily 31st December 2014
Peter Horsfield, financial advisor
1. Start. It’s action that will make you successful. If all you do is daydream or worry about making a decision there is a great chance you will never achieve your goals. Now’s the time to start saving for that holiday, open that term deposit or invest that money.
2. Make your goals personal. You are going to receive the most personal and financial satisfaction if your financial goals are all about what’s important to you.
3. Reward yourself. Run your personal finances like a business. When you have worked hard and achieved a result above your targets, you expect a bonus. So when you do the same in your own personal financial goals, give yourself a small reward.
4. Focus on what you can control and let go of what you can’t. For example, you can control your regular savings and expenses but you can’t control the share or property markets. Regular savings, reinvesting returns for compounding and seeking out low administration cost investments are all within your control. Stop chasing that next hot investment, highest return or asset class.
5. Hold yourself accountable. Identify the gap between current reality and your goals and document a game plan that you will have to put into action. Ask someone you trust to monitor your progress.