As we round up the year, I wanted to remind us all to take the concluding days of 2020 as reflection days. For a lot of us, this year has been full of more troughs than highs, and the struggle has been real. Looking back may seem painful and grueling, but I urge us to try.
The number one reason to reflect and take stock is that it allows us to be thankful. It is easy to get overwhelmed and disheartened by all the things that went wrong, especially during this COVID 19 pandemic, and I can go on about all the things that have not gone well in 2020. But what about all the things that we take for granted that have gone well. Think hard and think deep, and you will see that there is a lot to be thankful for, then take the time to be thankful.
One of the most effective ways to lift your spirit is reflection and thankfulness.
Ok, enough on the preaching back to what this blog is known for… 😊.
The end of a year is the best time to examine financial habits because you have a full years’ worth of data to analyze your behavior. When I talk to people about spending, their monthly expense allocation is usually inaccurate because they do not account for the extra shopping on amazon, the one bottle with friends, the tuale baba spending, credit card swipes, and all the other miscellaneous ways that we spend money. As the year ends, investigate all the avenues that money sips out and just itemize them. It is the holiday season I would not dare to ask you to analyze or change the habit, or even make space for it in your expenses, just itemize it, take stock of it, know that it is there and that it is not a ghost expense, be aware of it. And then when the new year comes in, we will think about ways to deal with it.
Another aspect to take stock of is the goals and objectives that you set out to achieve in 2020, where are you on them. Like the paragraph above, do not analyze or create mitigation plans or get sad that you are not where you expected to be, and if you are a sharpshooter, do not get overly excited that you exceeded your goals, just take stock of where you are and what you have done this year and digest it
Why take stock?
- Thankfulness: Sometimes, we do not realize all that we have done and all that we have survived if we do not look back to take stock
- Clarity: looking back allows for clarity, you see how you have lived, where you have focused your time and energy, and you get specific insights about your current state
- Removing ambiguity for future planning: Ambiguity on your current state will carry forward into your future state, which can be dangerous for financial freedom.
This week I urge you to do three things
- Think hard about the things to be thankful for this year and not all the things that went wrong.
- Be clear on the things that took your time, your energy, and your money this year
- Be clear on where you are on your aspiration milestones.
Next year we will begin to use these stocks as inflection points for planning and forecasting 2021.
2021 looks bright to me, so let us go into it with a positive attitude and the charge of achievers
From the Unshaken OG family, we wish you a very happy new year. See you on the other side