Lessons from Losing
February 15, 2011One of my biggest challenges since starting a family and focusing on career goals has been drumming up the motivation to get back into the shape I was in college — and thirty pounds lighter. I knew this part of my life was not on track, but the task seemed overwhelming and I felt paralyzed just thinking about what it would take to correct it. Then, early last year I decided to participate in a challenge with fifteen other men from my church who were facing the same problem. The excuses that were keeping us from living the life we desired such as, “I am too busy” suddenly became inexcusable.
A year later and forty pounds lighter, I am as healthy as I have been since high school. Not only was this a valuable life experience, but it has also translated into how I view other areas of my life and my clients’ lives. This experience has taught me that most challenges, regardless of their nature, can be overcome with the right motivation, persistent action and accountability partners to keep you on track. In this time of New Year’s resolutions, if financial health is one of your goals this year, consider the steps below as your challenge to stop eliminating the excuses.
To Achieve Results, You Must Set Reasonable Goals
It is important to have a coordinated plan for both short and long-term goals. I started with an ambitious but attainable long-term weight loss goal. Then I set weekly and monthly weight targets. These goals were the critical cornerstone of a plan of action that integrated my schedule, my family’s grocery list and even my sleeping patterns. Similar to shaping up your finances, setting short-term goals with a vision for where you want to be in the long term is important.
Stick to Your Principles
One of the most common questions I am asked is, “What program did you use?” In our culture today, we are inundated with a myriad of end-all programs designed to get you the results you want in the fastest time and with the least amount of discomfort. My program was simple: eat better, exercise more and track both. Tried and true financial disciplines are very similar: spend less than you earn, save consistently and plan for both short and long-term needs. Whether it’s an all bacon diet or the next all-in-one guaranteed financial product, quick and easy answers rarely lead to long term success.
Take Action
Feeling guilty about my current condition and my fear about how long it would take to lose the weight led to paralysis — my inability to take any action to improve my situation. Many times I have seen this with new clients in areas such as estate planning. Mired in the overwhelming confusion of complex strategies or overly verbose legal documents, many people will simply put off getting their wills done. In an effort to “eat the elephant” in one gulp, they neglect to take a bite. The same goes for years of neglecting your investments or insurance strategies. Financial security is often not achieved overnight; it takes a number of years with carefully crafted strategies, adjustments along the way, and discipline. In the end, taking small steps to achieve a big result is the cornerstone to achieving positive results.
Don’t Sabotage Yourself
Possibly the hardest aspects of improving your personal health or financial situation is the elimination of the bad habits — those that put you in a bad position to begin with. It does not take many lapses to destroy the success that you worked so hard for. Investors can sabotage their own financial success when their comfort level is low. One example was the investors who took their money out of equities at the market lows in 2009, and are now faced with the reality of permanent capital loss in their portfolio.
Have an Accountability Partner
Finally, my success would not have been possible without the accountability, inspiration and guidance of my family and friends. My group utilized a calorie and exercise tracking website to allow us to hold each other accountable. My wife committed to preparing healthy meals and stocking our pantry with appropriate alternatives. Most importantly, those individuals cared for me and wanted me to succeed. They knew what my goals were and did everything they could to help me achieve them. As you continue in your own journey, it is imperative that you surround yourself with counsel, accountability and support people that care for you and are committed to your ongoing success.
