January 18th, 2024 | 2:30PM MST
Written By: Teresa Milner | Senior Wealth Management Advisor with Pearl Capital Management
As we step into 2024, we are greeted with the feelings of new beginnings, fresh perspectives, and opportunities to set goals for both health and wealth. However, amidst the clean slate, the daunting statistic of failed resolutions looms over our well-intended resolutions. Similar to Maslow’s hierarchy of needs concept, where the base need must be met before moving up the pyramid, our resolutions also have their own hierarchy of needs, and the base layer is our mindset.
Layer 1 – The Base is Mindset
Whatever your resolution, willpower is not enough. You must begin with a declaration of change instead of a wish for an outcome or a hope for something different.
Napoleon Hill, in his timeless work, Think and Grow Rich, underscores the immense power of mindset in achieving success. A more modern take on the same concept is given to us by Mike Michalowicz, author of Profit First; he writes “Profitability is not an event; it’s a habit. It’s a way of thinking and acting.”
Your mindset forms the bedrock upon which your goals and aspirations find their footing. As financial advisors committed to your success, we recognize that nurturing the right mindset is the cornerstone to unlocking triumphs in both health and wealth pursuits.
Layer 2 – Create Habits and Forcing Mechanisms
Do not discount the transformative power of small habits and forcing mechanisms. Small, incremental changes and tiny, strategic choices often lay the groundwork for monumental success. “One small habit at a time can lead to extraordinary outcomes; success is a product of daily actions.” – James Clear
In meeting your financial goals, embracing small, consistent habits can significantly influence your path toward financial security. An easy forcing mechanism is utilizing the “Pay Yourself First” strategy by allowing your bank account to make automatic transfers to your savings on payday, thereby forcing you to save towards your goal.
Layer 3 – Action
“Success is not final; failure is not fatal: It is the courage to continue that counts.” – Winston Churchill. Taking action is the pivotal step that bridges aspirations with accomplishments. It is the commitment to consistent effort and the courage to persevere through challenges that ultimately define success.
We are honored to be your trusted partner on your financial wellness journey. We are here to be your accountability partner along the way and re-write plans to pivot as your life changes. Cheers to meeting your goals and resolutions in 2024.
Best Regards,
17 Capital Partners & Pearl Capital Management
