Welcome 2019! It’s the start of a fresh New Year full of potential and prosperity. After all, most of us look at the month of January as a clean slate to start anew. I, for one, don’t buy into the traditional idea of “New Year Resolutions” per se. Research reveals that as many as 80% of people fail their New Year resolutions. They throw these resolutions aside within 14 days, no less!

Financial goals are different, though.

A financial goal isn’t just a resolution – a decision to take or stop action. It’s a specific and attainable result of your effort. A financial resolution may be, “I want to save more money,” but a financial goal is, “I will save 20% of my income this year toward retirement by setting up monthly auto deposits into my 401(k).”

So, for 2019, I invite you to set new financial goals or continue working toward established financial goals. Just make sure your financial goals reflect your values and what matters most to you. Here is a quick way to find out what your financial goals reveal about you.

 

Saving Money Goals → The Pragmatist

If you are someone who sets money saving goals, bravo! You understand that building wealth and securing your future takes a practical and methodical approach. You also likely subscribe to the belief that you can control your money rather than allowing it to control you by simply saving up enough of it to afford those short-term goals outright, like saving for a vacation or new car. You’re responsible with what you have and operate with the end in mind.

Income Growth Goals → The Confident Optimist

When you set goals to grow your money by increasing your income potential, you aren’t just confident, you’re also a self-assured optimist. You believe that you are capable and worthy of earning more, and you are willing to work hard to make it happen. Increasing your income is a worthwhile financial goal, as the more money you make, the faster you’ll be able to reach financial independence.

Generosity Goals → The Giver

When you get to the point where you have more than you need, a shift often happens to where you may focus on other areas your money can be used to do good things. Many of my clients have a desire to have enough wealth so that they can do something meaningful with it and give it away. Generosity goals are noble and powerful and reveal that you like to give back to others in meaningful ways. You know that you don’t have to be a Bill and Melinda Gates to allow your money to have a considerable impact on the lives of others.

Debt Deletion Goals → The Newly Empowered

You’ve been living beyond your means, but not anymore! Now, you’re tackling your debts head-on and you made a plan with a timeline of how you’re going to chip away or take a wrecking ball to your debt. If this is you, you may have had a wake-up call or a sudden realization that you don’t have to live in a continuous state of playing catch-up with your finances. No, no. You’re empowered to regain control of your financial life, starting with the elimination of debt that has been holding you back from achieving lasting financial success.

Above and Beyond Goals → The Financially Independent

For you, just checking off all the boxes of what you *should* be doing from a financial perspective isn’t quite good enough. You already have your emergency reserves built up, you’re on track to have your nest egg be large enough to replace your earned income when you want to retire, you aren’t carrying any debt except for your mortgage, you have 529 plans for your kids established, your estate planning needs are in order, and you have adequate insurance coverage. Oh, and you have your financial life automated to ensure you continue funding your primary financial priorities.

So now, you’re setting above and beyond money goals so that you can enjoy an abundance of financial success now and later. This means that you are looking for even more ways to maximize your dollar and use your money to enhance your life without compromising your future plans and needs.

Conclusion

You may find that your financial goals for 2019 fall into one or several of the categories I described above. It is an exciting time of year to get reinvigorated by your financial journey. Setting financial goals and putting a plan in place to reach them is an effective way to hold yourself accountable and get results from your efforts. French writer and poet Antoine de Saint-Exupéry once said, “A goal without a plan is just a wish.” Therefore, don’t just wish for your financial dreams to come true or set fleeting New Year resolutions. Take charge, take action, and take 2019 by storm, ladies! I have every confidence in you.

Interested in working with a fiduciary financial advisor to help you turn your financial goals into reality? Let’s start talking. I’d love nothing more than to join your financial journey and see to your success.