New Year's Resolutions - The Rest of Your Financial Life Starts Now

ï¿½Tis the Season for making New Yearï¿½s resolutions! As we approach 2007, it is likely that many people are making lists and checking them twice, preparing for a fresh start in the new year and setting goals for the things theyï¿½d like to accomplish.

Typically it seems that the most common resolutions include pledges to work out more often, watch what we eat, get involved in volunteer work, take up a new hobby and spend more time with our families. Also high on many peoplesï¿½ lists are financial goals for the coming year. After the extra spending of the holiday season, many of us may be looking for ways to make better decisions regarding our money.

The thought of New Yearï¿½s resolutions is often not taken seriously by many people, because historically it seems that these resolutions are made to be broken. Here are a few tips that might help this be the year where you make, and just as importantly keep, your New Yearï¿½s resolutions.

Make sure that your resolutions are realistic/attainable. If your resolutions are realistic youï¿½re more likely to work toward them without getting discouraged.
Write your resolutions down (or post them below!). This will keep you from forgetting them and will give you an informal contract with yourself to refer back to.
Tell your friends and family about your resolutions. Telling others will make you feel more compelled to stick to your resolutions ï¿½ plus these people can serve as your most helpful supporters and cheerleaders.
Make a plan. Thinking about ways you might achieve your goals will help them seem more attainable, and help you work toward them daily.

Also remember that managing your money is a long-term commitment, with long term consequences. It is not meant to be a a temporary phase, so I encourage you to set realistic goals, make a plan to reach them, and take steps each day toward the financial future youï¿½ve always wanted.

Investor Term of the Day: Customer Protection Rule
An SEC rule requiring broker/dealers to establish separate reserve accounts into which customer credit balances are maintained, and prohibiting them from using customer balances to finance their own trading.

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3 Comments - Post your comment below.

Joe Dolan
Dec. 30, 2006

I figured I would do bullets #2 and 3 by writing down a couple of my goals as a comment! This will make me write them down, and have me share them with friends.Take a risk with the company and try to move in a service-based direction. It will cost a lot of money (the risk), but if it works out, the success will be worth it.Try to get back my social life again. Most of my time is committed to the company right now, but I have to change that. I want to go on dates, hang out with friends, and just enjoy some of my life again.Finish my graduate Thesis. It looks like it is finally in motion, so now all I have to do is "get 'er done".

Thanks for letting me share my resolutions!

--Joe

Chad
Dec. 30, 2006

Joe - your resolutions are impressive and I am glad to see you making a commitment to take those steps. Best of luck on the thesis. Glad to hear the thesis is finally off the ground now.

Kate
Jan. 6, 2007

Thanks for sharing your resolutions! Even though we're a week into the new year I encourage everyone to think about this topic. Despite the fact that many of us make resolutions and then break them, I think the thought process behind making resolutions is important and valuable throughout the year! Happy New Year and best wishes everyone!