As 2015 draws to a close, thoughts turn to the New Year and what 2016 will bring. Resolutions are made for personal and professional development and, for many people, they include pledges to take control of their finances, or develop long-term strategies for wealth creation and planning for retirement.

If you ask successful people how they got to where they are, you’ll likely notice a common theme: they all set goals. More importantly, they learned the right way to set out and pursue their goals. Creating goals, staying on track, and measuring their progress is a tried and tested methodology that can be easily applied to your financial planning and investment management strategy.

A New Year’s resolution can be likened to a long-term goal. You know what you want, generally speaking. However the key to reaching your goal is to break it down into a series of smaller goals. This will not only make your long-term goal seem attainable and less intimidating, it will keep you motivated. Every small goal you achieve will be another successful milestone on the journey to your ultimate long-term goal.

For those who are new to setting goals, there is a tactical way to greatly improve your long-term chances of success – creating S.M.A.R.T goals. That is, goals that are:

Specific
Measurable
Attainable
Relevant, and
Timely

Be specific with your goal setting. If your long-term goal is to have enough superannuation to retire comfortably, for example, then make specific, attainable goals that will move you towards this. Establish a timeframe for each goal, identify requirements and constraints, and work out who is involved.

While your general goal could be: “to make my superannuation perform better in 2016,” your first specific goal could be: “Set up appointment with Elston on January 15th to discuss my superannuation options and the possibility of opening a Self Managed Super Fund.”

Set measurable goals. When you measure progress you stay on track, reach target dates, and renew enthusiasm to achieve your goal. Establish a criteria for measuring progress by asking how you will know when it’s accomplished?

Plan wisely and almost any goal is attainable. By establishing a time frame to complete each step towards your long-term goal, what once may have seemed out of reach eventually moves closer. You’ll also find that as you move nearer to your goal, your mindset becomes more confident and resilient. With each success, you begin to see yourself as more worthy of your dreams.

Make sure your goals are relevant and align with your long term objectives, values and mission. Time can be wasted on goals that don’t match this criterion. Every goal you set and achieve should be making substantial progress towards your end game plan.

Set a timeframe for your goals to create accountability. You’ll find that being time bound will also help measure progress as well as keeping your unconscious mind in motion with a sense of urgency and deadline.

No matter what your New Year’s resolutions are for 2016, you’ll find by applying the SMART philosophy you’ll have a much improved chance of realising your goals.

The team at Elston wish everyone a happy and prosperous New Year and are on hand to help move you achieve your goals with our extensive suite of services, including Self Managed Super Funds, strategic financial advice, investment management, risk management & corporate superannuation, division of marital assets, government superannuation advice, and philanthropy.

Call 1300 ELSTON (357 866) or email info@elston.com.au and an adviser will be in touch.