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Why Your 2016 Wealth Resolutions Will Fail (and How to Fix Them)

Are you skipping the usual New Year’s resolutions by avoiding the gym and keeping your wallet safe from the bookstore? Many people now avoid making typical weight loss resolutions in favor of more meaningful goals. When committed, making resolutions for business and wealth at the beginning of the year can be an excellent way to give a much-needed boost to motivation that might be lagging after the holidays.

 

But resolutions are not exactly known for being the most effective way to make big changes, with somewhere around 88 percent of all resolutions falling by the wayside before the first month of the year is even over. Here are some common problems with resolutions and how to avoid them:

 

  • Problem: Vague goals
  • Solution: Get specific

 

Want to grow your wealth in 2016? Step number one: Do not make your resolution simply be to “grow wealth.” How much wealth do you actually want to accumulate? Is your goal to increase cash on-hand or the worth of your investment portfolio? Get as detailed as you need to be.

 

  • Problem: No plan
  • Solution: Prepare your path

 

This one will require a bit of research, but consider that a good thing. Once you know what your detailed goals are you need an actual plan to get there. Research investments, introduce new products to increase profits, and get it all down on paper to make sure you have a clear and concise path to success.

 

  • Problem: Ignoring obvious obstacles
  • Solution: Keep it realistic

 

Those who actually lose weight during the New Year do not succeed because they schedule themselves to be at the gym an unrealistic seven days a week. Understand the limits of your business and yourself before you set out on a path toward eventual defeat.

Success in 2016 does not have to be complicated, and neither must resolutions be doomed to an untimely demise. Use the New Year to your advantage, and follow resolutions that are clear, reasonable and realistic.

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