More than 50% of New Year's resolutions have already been abandoned and we are barely in to February!
My fitness training coach just shared this statistic with me. Of course, his focus was on fitness resolutions, but the same holds true for all resolutions. In fact, the same things that throw people off track with their fitness goals throw them off track with their wealth goals.
Here are the 5 Traps to Avoid if You Want Your Wealth Goals to Stay on Track:
- #1 Winging It -
Winging it means the
e's been no planning. It's like walking into a financial planner's office, asking to see what investments they offer, and saying "I'll take one of those, one of those and two of those."
While it is great to take action, there needs to be a plan behind the action. Winging it in your wealth goals can set you behind by years, even decades!
- #2 Missing Priorities -
So you've made a plan and you have your goals, but your priorities are missing. For example, you have a goal to invest in a rental property and have a plan to look at prospective properties this month.
However, when you get the call to go look at the properties, you're in the middle of running errands, or too busy with work, or need to finish a project. The list goes on and on.
There is always something else to do if your wealth goals are not a priority. Simple solution: make your wealth a priority!
- #3 Your Neighbor's Plan Isn't Your Plan -
I can't count how many times someone has shared with me that they made an investment because their neighbor made the same investment. What works for your neighbor will not work for you!
Your wealth strategy must be specific to you based on your likes, your dislikes, your family, your goals, your dreams, your financial situation - everything must be customized to you!
- #4 Flying Solo -
I always share that the 3 most expensive words in the English language are "Do-It-Yourself." The road to financial freedom is not always a smooth one. In fact, it is common to hit several bumps along the way.
Those who fly solo are more likely to get off course when they hit that first bump, or maybe they make it to the second or third bump before turning around. It takes an entire team to navigate the road.
Build a team around you to support you and help you achieve your wealth goals faster than you ever thought possible.
- #5 Taking it to the Extreme -
Taking it to the extreme means you have no balance in your wealth goals - you are trying to go at a speed that no one can possibly sustain - and that means a lot coming from me because I like things to move fast. But the problem with going at an unsustainable speed is it will ultimately lead to failure and if you don't see that coming, it can be devastating.
Set reasonable goals and make your wealth building part of your everyday life.
Tom Wheelwright is the founder, CEO and creative force behind ProVision Wealth Strategists, a full-service CPA and wealth strategy firm headquartered in Tempe, Arizona. ProVision coaches investors and business owners all over the world to financial freedom, creating vast amounts of wealth and business success for its clients. For more information, please visit http://www.ProVisionWealth.com .
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