I have always found it interesting how some people consistently achieve their goals, while others make a start on dozens of plans but never see them through to completion.
I read a blog article this week on achieving goals which summarised the findings of a study conducted by Ayelet Fishbach and Jinhee Choi at the University of Chicago / the Korea Business School.
Basically, they ran a series of experiments which focussed on people achieving their goals across a range of areas (spanning from people wanting to get fitter to people wanting cleaner teeth).
They took each group of people and split them in half;
Initially, the group who were focussed on their final destination were more disciplined and showed better progress towards achieving their goals. In the short term, they were ahead of the other group.
But what was interesting was what happened over the long term.
The group who were more focussed on each step of the journey were more likely to get to their destination. Focussing too much on the end goal, and not enough on each step of the way actually stopped people from achieving what they wanted to.
So what has this got to do with financial planning?
Sometimes when we want to achieve something (e.g. saving enough for a house deposit in 3 years or being able to retire at age 65), we focus on our goal and get excited. For a few weeks and maybe months we are disciplined in sticking to a plan that can get us there, but then our motivation dies over time. Something changes and we stop working towards achieving what we set out to.
If you are like most people, you probably don’t find financial planning interesting (let’s face it, you won’t spend your weekend reading up on your super fund investment options or getting to know various types of insurance policies).
So why not outsource this area of your life (and motivation) to someone who will focus on each step of the journey (and who will actually enjoy doing so!)
Whatever you want to achieve, don’t overly focus on the big goal. The most important step is to make a start and then attack it step by step. And maybe that start is to get in touch with a financial adviser who will not only show you how to achieve what you want to, but also make sure you stay committed to it over the long term.
Feel free to leave a comment below or if you have a question, feel free to email me.
Enjoy your weekend guys,
- Michael @ PSK