Set financial goals for 2021
What's your New Year's resolution? I wanted to start by telling you about someone I just met. She was young, in her 40s, and has been severely impacted by this year's economic situation due to COVID-19.
With mounting debt and sporadic work opportunities, and with government subsidies now exhausted, it's not hard to imagine why this client, like many Canadians, is feeling desperate about her finances this year.
With the world experiencing a resurgence of COVID-19, many of our local small businesses will be facing a tough winter.
The first wave of the pandemic hit Canadians hard. Many small business owners have closed up shop and many more are cutting jobs at double the rate of Canada's larger companies.
This second wave will bring some of our remaining small businesses even closer to the edge, especially those that depend on face-to-face interactions with customers.
So, can we really be optimistic about the coming year?
Absolutely. Many small manufacturers are finding success by shifting to new product lines that reflect consumer needs, while many others are demonstrating tenacious resiliency by adapting their operations to meet new customer needs.
As we start 2021, be honest with yourself. You too must be resilient and tenacious about your future. Make a list of what's working and what's not working. How are you going to make changes this year to better your situation? Fearing for your financial stability has no place in your future.
If this means you need to rightsize your living arrangement, change your career or simply start to live on a defined budget — then do it.
If you believe in the theory of cause and effect, that things happen for a reason, then you'll believe that everything in your past has led you here.
You must start to take the incremental steps to reach your goals with dedication and commitment.
Become an “unstoppable soldier” — someone who is determined to improve their situation for the better.
There really is no one else who can make things better except for you. The fact is, most people know how to improve their circumstances, but lack the courage to act.
It's OK to feel down about your current predicament — just don't stay down. Don't let worries about money have a toxic effect on the rest of your life and your family. Join those people who have risen above adversity to become successful and wealthy.
Get a journal, write down your goals, set out the terms of how to accomplish them, and put a timeline on each task.
Get tough with yourself. Know where you want to go this year and go get it.