The Modest Millions Show - Personal Finance, Budgeting, Early Retirement, Financial Independence and Getting Out of Debt Tips for Average Folks
About This Show
Personal Finance, Budgeting, Early Retirement, Financial Independence and Getting Out of Debt Tips for Average Folks – Welcome to The Modest Millions Show. We’ll discuss personal finance strategies for average folks like you and me so we can better understand and control our own financial destinies. We’ll cover everything from how to setup (and run) a budget, which is the most critical building block of any personal finance plan, to how to figure out what your “ideal retirement” looks like, to the exploration of supplemental and/or passive income streams that can help fuel your personal finance goals. If you listen to money podcasts like The Dave Ramsey Show, Dough Roller Money Podcast, Radical Personal Finance, Afford Anything with Paula Pant, Smart Passive Income with Pat Flynn, BiggerPockets, Investing in Real Estate with Clayton Morris and Listen Money Matters, you’ll definitely find value in The Modest Millions Show. Subscribe today so you don’t miss an episode!
Most Recent Episode
MM019: 15 Personal Finance Resolutions for the New Year - The Modest Millions Show - Personal Finance, Budgeting, Early Retirement, Financial Independence and Getting Out of Debt Tips for Average Folks
We come into January energized and refreshed to conquer the world. We set ambitious resolutions so we can better ourselves and achieve our goals. And then, almost as quickly as we made the resolutions, our resolve falters and we give up on our New Year's Resolutions. But, WHY do we have a hard time sticking to our resolutions? HOW can we set ourselves up to accomplish our resolutions? And WHAT are some attainable personal finance goals that we can strive for this year? That, and more, in this episode!
IN THIS WEEK'S EPISODE
* The problem with most New Year's Resolutions
* SMART goal setting
* 15 personal finance resolutions you can hit this year
Personal finance resolutions for the new year
It’s the beginning of a new year, and if you’re like me, you probably set some resolutions that you’d like to accomplish this year.
Now, we’re only a few days into the new year, so my hope is that some of your resolutions are still intact. It’s amazing how quickly our resolutions fall apart.
But let’s unpack that. WHY do our resolutions fail? Why do we give up so quickly on our goals? After all, they were important enough for us to realize that we needed to resolve to address them, so we KNOW they’re important.
The problem with most New Year’s Resolutions
In preparation for this episode on personal finance resolutions, I was curious what the most popular resolutions are, and I think I found a reason why many resolutions fail.
When surveyed, 38 percent resolved to “exercise more.” One third set out to “lose weight.” Thirty-two percent wanted to “eat healthier.” Fifteen percent aimed to “Take a more active approach to their health,” whatever that means. And 15 percent wanted to “learn a new skill or hobby.”
Note a pattern? How many times have you heard someone say “Gosh, this year I’m going to exercise more!” Do they stick with their resolution? Probably not. Why? It’s an empty resolution. There’s no meat in there. What I mean is that they don’t have a plan to reach their goal.
A better version of that resolution is “I’m going to go to they gym five days a week.” Do they keep that resolution? Maybe, maybe not. See, what we don’t know is are they already going to the gym three days per week? Or are they going to the gym zero days a week and trying to radically change their habits?
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