As the holidays approach, our office becomes busy. Busy with wrapping up estate plans, busy with planning for the New Year, busy with trying to blend in time for families. It strikes me that some of the things we do to keep our business running would be good for our households, too.
As the year winds down, we take stock of what we achieved at the office this year, as well as what we failed to achieve. Because we set goals each year, it’s easy for us to measure our success.
At our firm we have a budget. How about at home? If you’re not sure if you are on track financially, the answer is likely that you are not. I am not a financial advisor, but I can say with confidence that you will not achieve a financial goal unless you state it and track it.
Did you achieve your life goals this year? If you were going to change jobs, pursue further education, or perhaps buy a new home, now’s the time to ask yourself what steps you took to get closer to your life goal.
Let’s move on to your personal goals last year. Did you want to lose weight, become more fit, try new things, get organized, or get your affairs in order? Any progress?
If you are still reading, it may be with a sense of dread. You may be thinking, “I did not achieve any goals because I did not set any goals.” The great thing about a new year, month, week, or day, is that we wake to a new opportunity and a chance to change our reality. Set aside time to imagine where you want to be next year and begin to determine how you will get there.
At our office, we spend a lot of time working on that. Remember, a goal should be SMART, that is, Specific, Measurable, Achievable, Realistic and Time-framed. Divide your goals into categories. I like financial, life, and personal.
We like to be specific in our goals, not general. For example, if you want to be in a better position financially, what does that mean? Does it mean better credit? Does it mean better savings? Write down what that goal means to you. Your plan should be set up in small steps, not just with an eye on the final result. For example, if you want to increase your savings, start with setting aside a small amount of money and doing a cost containment every month. In month 3, increase the amount that is set aside. In month 6, increase it again. Find a point you can make financially and stick to it. You are far more likely to meet a series of small goals than you are to reach the big one. Plus, when you set small goals and achieve them it’s fun to allow yourself a small reward along the way.
Whether setting achievements comes to you with ease, or is difficult, my advice is the same. Read a little about goal setting. There are plenty of online resources, books, magazines, and groups and organizations to help. Just make sure you are using a credible source to guide you. There are also plenty of good apps that can make time, money, or fitness goals more manageable so do some research on which might help you.
In the law, people commonly say, you don’t know what you don’t know. If you are having trouble imaging where you need to be, find an expert. Over the years, I have used a wide variety of experts to help develop my plans. And sometimes there’s no better expert than mom or dad, or a good friend who can listen and understand.
Don’t ignore the What If’s. When we create an annual plan, we have to plan for both the upside, things going better than hoped, and the downside, things falling apart. Thinking about the “what if’s” is not about doom and gloom. Rather, it is about being realistic. Facing your “what if” can help you to more fully plan and prepare.
We start on our plan to success with something relatively easy. We have a goal of being organized. To achieve this goal, the first Friday of the New Year we have an office clean-up day. Unless there is an emergency, we do not book client meetings or court. Rather, we organize our files and our workspace. We cater in lunch and get things done. The January clean-up sets the tone for the year. While other specific plans follow, this is one of our most critical, and just like that, gets us started on meeting a goal.
If putting your affairs in order makes it to your list of goals for the New Year, give us a call at 847-253-8800. After all, one of our goals is to help new clients with their estate plans. That sounds like a good match!