We can’t resist making ridiculous resolutions this time of year, but if you’re going to set investment goals for 2023, make them small, and achievable, writes SimonPB.
Don’t make these big and audacious; go for bite-sized resolutions you can control as you square up to the new yearI wrote about goal setting in September, and at the time cautioned about making giant, audacious goals that could never be achieved. I suggested to focus instead on small, bite-sized goals that you can notch up, one by one, and that in time will get you to the large goal or goals you want in your life.
Yip, these are the same New Year’s resolutions that seldom get into the second week of the year before they’re tossed out; and that’s not because we’re lazy. Rather, it’s because we are bad at setting realistic goals that we are actually able to achieve.Let’s say you want to grow your portfolio in 2023. Of course you do, but rather than saying you want your portfolio to be a certain rand amount at year-end or a certain percentage larger, focus on what you can control.
how are you going to do this? Is extra money going to arrive magically in your bank account every month that you can add to your portfolio? Not likely. For That means your first resolution should be to budget. Once again, this is a grey area, but it will help to have this in place by the first week of the year. You can then revisit it every month on pay day to see how it is going.
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