Q. My new year’s resolution is to get rich! Get into shape! Help the less privileged! Buy low, sell high! Quit smoking! Travel more! Win the lottery!
A. Pause a moment before making that new year’s resolution list and glance at the crumpled, faded list from last year. How many were accomplished? If you are like a lot of Canadians — not many. Although my accounting and tax background does not give me the qualifications to help you lose weight or quit smoking, its approach may not be much different. Here is some of my advice:
• Be realistic with resolutions. “I want to look like I did as a teenager!” Don’t we all!
• Don’t just “say;” “do.” The word resolution implies action. Resolutions cannot be accomplished without following through. Stop talking about joining a health club, just do it.
• As important as the resolution is having a plan for its execution. Without a plan, there will be no success. “This year, I would like to save for a house.” Where will the savings come from? Identify how you can increase income and cut expenses.
• Set long-term goals but achievable objectives that can be measured periodically. For example: Lose four pounds a month. Pre-authorize monthly RRSP contributions. Set up automatic payments for investment.
Get going on your goals.
– Reach Henry Choo Chong, CGA, at email@example.com or 416-489-7800 Ext 227.
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