Yet another year ended. We would have achieved some goals, procrastinated on some and forgotten some. That’s the thing with goals, it requires a daily reminder, action and discipline. More importantly a plan and process are required to achieve your goals. Be it fitness, spiritual, career or any other goals, it cannot be done without any plan and push. I came across a report that said that after 6 months, only 46% of people who make a resolution are still successful in keeping it. In comparison, of those people who have similar goals but do not set a resolution, only 4% are still successful after 6 months. And the reasons for failure given were, 35% of participants who failed their New Year’s Resolutions said they had unrealistic goals. 33% of participants who failed didn’t keep track of their progress. 23% forgot about their resolutions.

Not surprising, we are too busy with our daily routine of working for a living, looking after kids, parents, enjoying etc. That leaves us very little time for our personal goals and resolutions. Hence only the resolved and determined are able to achieve it because they take the effort to put down a plan, change their behaviour, track their progress and above all are self-motivated.

We underestimate the role of goal setting in our personal life, setting goals helps trigger new behaviours, helps guides your focus and helps you sustain that momentum in life. For e.g., if you have a goal of buying 2- or 3-bedroom apartment in 5 years, then you know what amount it requires, what amount you need to save and invest on a monthly basis. Accordingly, you will make your lifestyle choices to ensure that you save the required amount. This behaviour change needs to be sustained over a long period of time so that all your goals can be achieved. It can get boring, mechanical and routine. That’s when we lose interest and give up.

This is where a financial advisor makes all the difference, starting with helping you set realistic goals based on your income and aspirations. We think it’s very easy to set goals, in fact it is hard because we are generally vague about it, we could either have too small or lofty goals. We don’t have or have an underdeveloped action plan and an unclear routine to keep us accountable. This is where the financial advisor steps in and helps you set realistic, specific goals with timelines. That done, they chart out a plan and a roadmap that shows the path for your goals. They are the ones who track the progress of these goals and keep nudging you towards it. So the financial advisor plays a pivotal role of a motivator, sounding board and a guide in your financial journey. Of course, apart from this is their in-depth knowledge of the various financial products and the ability to match these products to your requirements will further strengthen your path towards achieving your goals.

“When times get hard, call your financial advisor or remind yourself what you want to achieve, to cue your brain to resist temptation”.