What to cut out in 2024
It’s resolution time again!
Last year I wrote about how New Year resolutions don’t work and how major changes in short spaces of time tend not to stick.
Warren Buffet and Charlie Munger, two giants of the investment world have said on several occasions that they aren’t successful because they try to be smarter than everyone else, but because they just try to ‘avoid being stupid’ in their words and to learn from mistakes when they are made.
Taking an approach to removing things that hold you back may see you move further ahead than trying to be better at everything. Think of it like a carrying weights you don’t need to - remove a few and you’ll be lighter and able to go further.
Here are some ideas of things to cut out of your life as we start this New Year:
Distractions - from surfing the web during the day to binging Netflix - if this doesn’t hold so many of us back I don’t know what does. Time management will make you happier, and you’ll find yourself getting a lot more done while having more time for things you love. A tip would be to allocate specific times for specific things.
Taking the time of others - Time is the only resource we don’t get back. We wouldn’t think of taking other’s money but we often take their time without a second thought. Managing our own time and sticking to our commitments will not only increase our reputation with others but also give us back more of this precious resource.
Broadcasting changes and decisions - if you have a mentor or close friend you can share things with that’s good, it can help you remain accountable to your goals. But social media and half your circle of acquaintances doesn’t need to know you’re going jogging, saving 10% of your income, or have decided to cut sugar from your diet for 2024 do they?
Comparing yourself to others - Comparison is said to be the thief of joy - and that’s true. We should focus on how we can be better than we were yesterday. Buffett once said the team focused on the playing field will beat the team focused on the scoreboard. Now imagine focusing on the scores of other teams playing other sports to your own and comparison starts to look less and less productive.
Perfectionism - Wanting everything to be perfect every time will delay dreams, stop good plans going forward and ensure moving forward becomes almost impossible. Chase, good, workable ideas and plans with a sensible approach to risk vs reward.
These apply to all areas of life, not just our finances. Some will have a direct and measurable impact on that area without a doubt.
Whatever you need to do less of, in order to help you move forward, I hope 2024 is the year you are able to do that. And if it’s something impacting your finances and future goals - let’s chat.