Did You Pick the Right Resolution?
You’ll give yourself your best shot at success if you set a goal that’s doable — and meaningful too. Apparently, one-third of resolutioners don’t make it past the end of January. At Smartwills.ca we have seen that a lot of these resolutions fail because they’re not the right resolutions especially when it involves Estate and Will Planning. And a resolution may be wrong for one of three main reasons:
- It’s a resolution created based on what someone else (or society) is telling you to change.
- It’s too vague.
- You don’t have a realistic plan for achieving your resolution.
Your goals should be smart — and SMART. That’s an acronym coined in the journal Management Review in 1981 for specific, measurable, attainable, realistic, and time-bound. It may work for management within a company, but it can also work in setting your personal resolutions, too.
- Specific. Your resolution should be absolutely clear. “Making a concrete goal is really important rather than just vaguely saying I want to get my Estate and Will planning in order.” Sometimes this means an Internet search and finding resources that can help you understand what you need to organize before you start the process. It might also involve family members and friends providing a recommendation on professionals they use and have found helpful.
- Measurable. This may seem obvious if your goal is a financial goal. Using online and offline apps or crib sheets can help remind you of all the information you need to organize and reinforce progress. Our Smartwills website has a great resource guide to get you started.
- Attainable. Trying to take too big a step too fast can leave you frustrated. Every time I need to change a password or replace a credit card triggers my need to update these lists and files. It can be overwhelming when we think about the impact of these changes, especially the credit card when we have auto debt accounts attached to them. But it is important to keep on top of this kind of information. See our SmartAccess Kit for help with this.
- Realistic. Is this a goal that really matters to you, and are you making it for the right reasons? Estate Planning and Will Planning can seem daunting but is a process that requires updating every 3-5 years. As life changes your plans longer term may change. Will updates can be achieved by a Codicil and do not necessarily require a complete rewrite.
- Timely. Like “achievable,” the timeline toward reaching your goal should be realistic, too. Perhaps taking an hour each week to update files and make sure you are on top of your accounts and contact lists can keep you on top of things and not feel overwhelmed requiring a whole day or afternoon to catch up.
Want a fuller life? Read this short article on contemplating death!
Want more information?
Are you interested in a consultation with Peter R. Welsh?
Contact me at Peter@SmartWills.ca
By telephone 416-526-3121
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This material is for general information and educational purposes only. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions.