The #1 mistake when setting a financial goal.

As you know, I have worked with hundreds of thousands of people and their finances over the years and I want to share the #1 mistake I see people make when setting new financial goals. It is trying to make a change in the same environment they've operated in the past.   

Let me give you an example.  Let’s say you usually go shopping to relax or to get out of the house and you’ve decided you want to focus on spending less money so you can build up a nice nest egg.  If you haven’t taken the time to plan other types of activities, you will continue to resort back to shopping because it is a habit you’ve developed. Remember, our mind prefers to stay with the familiar, then take a risk with something new and unknown. 

So, how do you defeat this?  You have to set up your environment first.  For example, if you want to get out and enjoy your weekend but not shop, research free things to do in your area beforehand?   Do a search of “parks near me”, or “events at my local library.   Drive a different route so you aren’t seeing the same shops.  Usher in expansion into your life by exploring a different part of town.   Widen your goals by visiting realtor open houses. These are just ideas, center similar activities around what you like to do.

The key is to re-train your mind and replace the habit you want to change with something else.  Try narrowing it down to its core.   For instance, is it a love of exploration, a need for socialization, or just boredom, for example?  Maybe it’s as simple as you like to dress nice.  In that case, how many clothes do you have in your closet that you’ve never worn?  Try shopping your closet instead and see how many new outfits you can put together. You can also host a swap party with friends where you each bring clothes you don’t wear and you swap.

Change isn’t easy. Growth isn’t easy.  For long-lasting results, we have to get rid of the “I want it now” mentality and cultivate success.  To be financially successful, work on your environment first so your goals and dreams are supported and have a chance to come to fruition.

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