What Will You Do Differently in 2013?
As the year draws to a close, one of the most productive things you can do is make a one-hour appointment with yourself to review, reflect and realign your financial position.
Step One: Review. Think of three things that you planned to do in 2012: Did they happen? Were you financially prepared for them? If they didn’t happen, is there something you need to do to avoid a repeat performance in 2013?
Step Two: Reflect. Now think back over this year. If you had a chance for a “do-over” what would you have not done? What would you have done more? What would you have done differently?
Step Three: Realign. What in your life may or should happen in 2013 that will change your financial situation? From changing employment, birth of a child, change in medical condition to education expenses, anticipate how those changes will impact your “normal.”
Spend just 20 minutes on each of these steps and you’ll have the nucleus of your focus going forward. Sure, there will be a lot of detail that needs to backfill your assessment, but your decisions will be based on a thoughtful review of mistakes and successes and a realistic forecast of challenges and opportunities.