I used to be resistant to the idea of setting New Years Resolutions. In fact, I hated them – despised them with every ounce of my body. Okay, maybe a slight exaggeration, but you get the point. The thing that I didn’t like about new years resolutions is that people would wait until January, an otherwise arbitrary month, to change their lifestyle. Since then, I have come to realize the importance of setting new years resolutions. If you are considering setting new years resolutions, I want to encourage you to do it.
Why New Years Resolutions are Important
New Years Resolutions are important because it forces you to realize what is important in life. Sometimes, life is so busy that you can fail to take time to reflect on what is most important. You keep yourself in the race of life, with your head down, and fail to consider if there are any other things you should be directing your energy towards. Take it from me, this is no way to live your life.
Setting resolutions is another word for setting goals. Once you establish your goals, you will be even more motivated to accomplish these goals. Being intentional about what you achieve in life and in your finances starts with setting goals. If you fail to do this first step, you will fall behind in life and regret it. Life doesn’t have to be all about achieving things, but it doesn’t hurt to push yourself from time to time.
Some of My Resolutions for 2012
While I don’t have enough space for all of my resolutions for 2012, here are some of the more popular items:
- Finish Graduate School (Debt free)
- Maximize my Roth IRA contributions (for me and my wife)
- Continue to develop a side income from blogging (Yes, it is possible)
- Stay active and healthy, working out 2x a week
- Increase my networth by $20,000.
- Pay for my wife’s graduate school in cash
- Take a nice vacation with my wife for our anniversary
Someone may look at these goals and think that I am loaded. It’s actually quite the opposite. If you look at some of my goals, some of these overlap. For example, maximizing my IRA contributions adds to my networth. Why not kill two birds with one stone? I live in one of the most expensive regions in the country and make below average for my position education. By living a frugal life, I am able to put my money where it matters most. I don’t waste my money on lattes or expensive cars. Instead, I invest in my family’s future.
What are some of your resolutions?