HERE'S A FUN FACT FOR YOU,
TOMORROW IS NATIONAL QUITTERS
DAY.
IT'S NOT ABOUT QUITTING YOUR
JOB OR ANYTHING LIKE THAT, IT
MARKS THE TIME WHEN MANY OF US
LOSE ENTHUSIASM FOR OUR NEW
YEAR'S RESOLUTIONS.
I SPOKE WITH LOCAL FINANCIAL
PROFESSIONAL TONIGHT ABOUT WAYS
THAT WE CAN MAKE IT PAST THE
MONEY GOALS.
OKAY, MIKE, TELL ME WHY WE
MAKE AND BREAK RESOLUTION SO
OFTEN?
FOR THE ONES WHO ARE MAKING
THOSE RESOLUTIONS WE ARE
FINDING LESS THAN 10 PERCENT OF
THEM MAKE IT PAST A COUPLE
MONTHS. AND WHERE WE ARE
MIDMONTH, MID-JANUARY, THAT'S
WHERE THE MAJORITY OF PEOPLE
GIVE UP ON THEM FOR A LOT OF
REASONS.
BUT HE SAID IT WAS GOING TO BE
EASY SETTING RESOLUTIONS AND
GOALS THAT PEOPLE GET STUCK IN
THEIR HABITS.
UNFORTUNATELY I THINK EVEN
PEOPLE WORKING FROM HOME AND
YOU GET THIS COMFORT LEVEL BUT
UNFORTUNATELY PEOPLE ARE
SETTING GOALS AND YOUR HEART
HAS TO BE INTO IT.
YOU SHOULD BE SETTING GOALS
THAT YOU WON'T BE UPSET IF YOU
MISS OUT ON THEM.
TELL US WHAT IS WRONG WITH
YOU HAVE TO REFRAME THEM,
WHAT ARE YOU TRYING TO
ACCOMPLISH?
GET SPECIFIC WITH YOUR GOALS.
UNFORTUNATELY PEOPLE ARE
SETTING GOALS LIKE I WANT TO GO
ON VACATION NEXT YEAR, I WANT
MONEY IN MY SAVINGS OR PAY MORE
MY DEBT OFF.
BE SPECIFIC.
IF YOU WANT TO RETIRE EARLY,
CREATE AN ACTION PLAN. IT'S NOT
ABOUT HAVING PLANS WITHIN A
PLAN.
IT WILL BE SAVING MORE AND
PUTTING MORE IN YOUR IRA AND
401(K), PAYING OFF DEBTS.
IT'S ABOUT WHAT THOSE
INVESTMENTS LOOK LIKE.
THERE'S SO MUCH MORE THAT GOES
INTO IT.
FOR THE PEOPLE WHO HAVE
ALREADY FALLEN OFF THE
RESOLUTIONS, GIVE US SOME
ADVICE FOR GETTING BACK ON
TRACK.
SOMETIMES YOU HAVE TO HAVE
ENCOURAGEMENT TO GET UP AND DO
IT AGAIN.
JUST BECAUSE YOU FELL OFF
DOESN'T MEAN YOU HAVE TO WAIT
TILL NEXT YEAR TO START OVER.
RESOLUTIONS DON'T HAVE TO BE ON
NEW YEAR'S.
WE'RE GOING TO FAIL, WE JUST
HAVE TO KEEP GETTING UP.
I THINK IT'S IMPORTANT, I HAVE
A PERSONAL COACH MYSELF TO KEEP
ME ON TRACK AND I'VE HAD
ARE SUCCESSFUL, BUT SUSPECTS
A JOURNEY.
EVERYBODY HAS THEIR UPS AND
THEIR DOWNS.
SOMETIMES YOU ARE ON TOP OF THE
WORLD AND SOMETIMES YOU FEEL
IN THE WERE IN THE MORNING.
YOU NEED TO FIND SOMEONE WHO
WILL ENCOURAGE YOU ARE SOMEONE
WHO HAS BEEN AT LEAST ONE STEP
FURTHER THAN YOU HAVE BEEN THAT
WILL HELP YOU ACHIEVE YOUR
GOALS.
OTHER THAN THE BUDDY SYSTEM,
HOW ELSE CAN WE KEEP OURSELVES
ACCOUNTABLE?
HAVE ALWAYS HAD SOMEBODY TO
LEAN ON, WHETHER IT'S BEEN A
SPOUSE OR FRIEND I'VE HAD TO
HIRE SOMEBODY.
THERE'S A LOT OF ENCOURAGEMENT,
WHETHER IT'S LOOKS OR PODCASTS.
SOMEBODY THAT'S FURTHER ALONG
THAN YOU'VE BEEN.
SOME OF POSITIVE FINANCIAL
GOALS THAT YOU THINK ARE
SPECIFIC ENOUGH AND COULD APPLY
TO A LOT OF PEOPLE?
ONE OF THE OTHER TIPS IS FOR
FINANCIAL GOALS IS GETTING
THESE AUTOMATIC DEPOSITS COMING
OUT OF YOUR PAYCHECK, WHETHER
THAT'S PUTTING MONEY ASIDE FOR
YOUR 401(K) OR YOUR IRA OR YOUR
HEALTH SAVINGS ACCOUNTS OR EVEN
IMPORTANT TO HAVE MONEY SET
ASIDE AUTOMATICALLY OUT OF YOUR
ACCOUNTS AND DON'T JUST SET IT
AND FORGET IT.
AS YOU GET RAISES, KEEP
INCREASING THOSE AMOUNTS ALL
THE TIME.
SO IF YOU HAVE A 401(K) YOU CAN
PUT FIVE PERCENT OR IF YOU GET
A RAISE NEXT YEAR TAKE HALF OF
THAT RAISE AND KEEP ADDING TO
YOUR 401(K).
IT'S NOT ABOUT JUST FOCUSING ON
ONE THING, SOME PEOPLE LIKE TO
AND THEY WANT TO FOCUS ON
SAVINGS AND THEN RETIREMENT.
YOU SHOULD BE DOING ALL THINGS
CONSISTENTLY, MAKE STEPS IN
EACH OF THOSE CATEGORIES AND
NOT FOCUS ON JUST ONE.
HOW CAN WE AVOID GETTING
DISCOURAGED IN THIS PROCESS,
ESPECIALLY SOME OF THOSE
FINANCIAL GOALS CAN BE TOUGH TO
SAVE AND PUT STUFF ASIDE.
HOW DO WE AVOID GETTING TOO
DISCOURAGED?
YOU CAN ONLY DO WHAT YOU CAN
DO.
MY STORY 10+ YEARS AGO I WAS IN
THE MORTGAGE BROKERAGE IN REAL
ESTATE INDUSTRY AND I WAS A
I HAD TO CHANGE CAREERS IN A
SENSE, SO I'VE BEEN THERE.
I'VE HAD SUCCESS AND I'VE LOST
IT, YOU JUST HAVE TO PICK
YOURSELF BACK UP AND DO IT OVER
THIS WHERE YOU ARE CALLED TO BE.
IF YOU FEEL YOU CAN GIVE
SOMETHING BETTER TO A DIFFERENT
INDUSTRY THAT'S GOING TO PAY
YOU MORE FOR YOUR TALENTS, GET
UP AND DO THAT.
THIS IS A GREAT OPPORTUNITY TO
BE WHERE YOU WERE SUPPOSED TO
AND DISCOURAGED AND SAY THIS IS
YOUR LOT IN LIFE.
IT'S WHAT YOU MAKE OF IT.
IF WE KNOW WE ARE DOOMED TO
BREAK THESE RESOLUTIONS BEFORE
WE EVEN START, IT CAN BE
INTIMIDATING TO GET STARTED,
YOU SAYS IT IS WORTH IT TO TRY
TO REFRAME AND REFOCUS
YOURSELF.
100 PERCENT.
GET YOUR HEART INVOLVED IN IT,
MAKE THE RESOLUTIONS THAT
THINKING ABOUT, WHETHER IT'S
STARTING A NEW BUSINESS OR
RETIRING WHEN YOU WANT TO
RETIRE, TO WRITE DOWN ALL THE
THINGS IN RETIREMENT YOU WANT
TO DO AND WHAT THAT LOOKS LIKE,
BECAUSE WHEN YOU DRIED OUT AND
YOU DREAM IT OUT, IT'S GOING TO
BE PAINFUL IF YOU ARE NOT GOING
TO BE THERE. AND WHAT YOU GOING
TO DO IN THOSE DAYS OF
RETIREMENT, ARE YOU GOING TO
CALL FOR TRAVEL OR JUST SPEND
TIME WITH THE GRANDKIDS?
ARE YOU GOING TO GIVE TO
CHARITIES AND ORGANIZATIONS AND
BEGIN VOLUNTEER TIME THAT YOU
WANT TO DO IS THAT'S WHERE YOUR
HEART IS.
YOU HAVE TO BE SPECIFIC AND
THAT I THINK IT'S GOING TO BE
REALLY HARD TO MISS THOSE GOALS
AND I THINK THOSE PERCENTAGES
OF LESS THAN 10 PERCENT OF THE
PEOPLE WHO STICK WITH THEM WILL
GO MUCH HIGHER.
IT'S NOT TOO LATE TO REFINE
THOSE RESOLUTIONS AND YOU WILL
FIND MORE MONEY ADVICE FROM
MIKE ON WCCO.COM.