I won’t lie to you. I am not the biggest fan of New Year’s resolutions, and it’s not because I can’t stick to them.
It’s because I believe self-improvement, especially of the financial nature, should be a year-round event. The notion that we should fix ourselves up simply because of an astrological event doesn’t really get me going.
Go ahead, you can call me the New Year’s party pooper.
Last year, I offered Daily News readers some advice on to how to financially prepare for the new year and, honestly, the advice I gave would be all too similar to the advice I would give you this year.
Yes, you should define, quantify and prioritize your financial goals. Yes, you should have a solid budget in place and intimately understand your cash flow. Yes, you should revisit employer benefits, including retirement and health savings plans.
(And yes, you can just click this link to re-visit that article and read what I am talking about.)
So what are we going to talk about this year, then? While I could dole out more financial tips on any number of financial planning topics, I would rather take this opportunity to share with you why it’s so important to embrace this and any other financial advice that you would consider taking from me.
Look, I get it. Most people think personal finance is boring and dry.
Dare I say, uncool?
However, understanding and embracing basic tenants of personal finance, like goal setting and cash flow, could help you increase the probably of achieving your financial goals.
If this isn’t a solid reason to change your perception about how exciting personal finance is, I don’t know what is.
The reality is that achieving your goals won’t just happen because you want them to. However, hard work, organization, education and empowerment can go a long way in improving the likelihood that you do.
I believe it is human nature to be lazy and complain about your problems. I also think it’s difficult to really think about your true goals in life and then go after them with a burning desire and passion.
It is said that nothing worth doing is easy. Therefore, let’s do everything we can this year to take action and fight against our humanly urges to do what’s easy, while also recognizing that we can equip ourselves with the tools to make the things that are hard more manageable.
After all, the end result here is your success and happiness.
So while you might have a resolution of losing weight or being a “better person” in 2016, why not also get your financial house in order?
Take an hour to gather your financial data (pay stubs, financial statements, a budget, tax returns, etc.). Then, contact a local certified financial planner professional who can help you put an actionable financial plan in place so that you can get started on making your goals a reality once and for all.
Oh, and many of these fine men and women I call my colleagues will be happy to provide you with a complimentary consultation, so there’s literally nothing to lose.
Happy New Year!
Douglas A. Boneparth is the CFP Ambassador for New York and partner at Life and Wealth Planning, LLC, a New York City based wealth management firm. Follow him on Twitter: @dougboneparth.
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