Goal Setting is About Process and Habits

PUBLISHED Oct 15, 2022, 3:19:02 AM        SHARE

imgFreeman Capital Blog

When Setting Goals, Always Trust the Process

Image Source: AllThingsHoops

Last week, we began to discuss goal-based investing as we wanted to address what was happening in the markets and our investment philosophy.

Let's take another step back and examine the actual process of setting goals.

The beginning of the year is often when many people set time aside to contemplate what they want to achieve or resolve over the next year.

We may find ourselves asking, “what are my goals”?

To make the progress that we want to make, we may need to reframe how we ask that question. Instead of asking what the goal is, should we be asking what the action is? What is the one thing you can do today to get you closer to where you want to be?

This question doesn't necessarily mean you don't have goals; it's just a way to shift the focus on the process, on the behavior, on the system that you've created to enable you to move closer to where you want to be. The outcomes that you achieve are the results of the process. The correct processes, repeated over time, lead to good outcomes more often than lazy processes do.

Focusing solely on outcomes may force us to make choices that are short-term or selfish. It takes our focus away from the journey and encourages us to give up too early.

Let's not forget the topic from last month. Be mindful of your expectations and be kind to yourself if you don't see the results you hoped to see. Often, when we sit down to explore our goals for a specific period, we may get too aggressive on what we think we can accomplish. It's ok to start small, as those little things done with consistency can have a compound effect.

As Joel Embiid always says - Trust the Process.

Forming New Habits

Forming new habits - and breaking bad ones with technology and automation.

The best way to break a bad habit is to make it impossible to do. For example, you can always remove Social Media Apps from your phone. Studies show that the average person scrolls a football field a day of social media content.

In other words, the best way to create a good habit is to automate it. That way, you never have to think about it again.

Let's look at company retirement contributions as an example. Maybe you work for a company that offers a retirement plan to which you can contribute. You were either self-selected or auto-enrolled with the option to opt-out of the plan. This one-time behavior of enrolling in the plan makes it easier for you to create a good savings behavior. If the company is pitching in their own dollars to match some of your contributions, that could be even better for you too.

How else can you create good habits by taking these principles and using technology to your advantage?

You can automate a portion of your income to a savings account to build reserves that cover 3-6 months of your expenses. If you have already created these reserves to protect you in an emergency, automating that portion of income to an investment account could be an even better option.

If you can also create a buffer in your everyday spending account, we recommend setting up automatic payments for your regular fixed expenses such as the phone bill, utilities, insurance, internet/cable, and credit cards.

Sound investments
don't happen alone

Find your crew, build teams, compete in VS MODE, and identify investment trends in our evergrowing investment ecosystem. You aren't on an island anymore, and our community is here to help you make informed decisions in a complex world.

More Reads
The Best Water Utilities that Pay Dividends

Water Utility stocks are great sources of dividends and can add more stability to an income portfolio

Intel (INTC) Stock – Too Cheap to Ignore?! | Dividend Investing

Intel (INTC) stock is down 45% this year. The dividend yield has SWELLED up to 5%. As a dividend investor, looking for iconic dividend stocks, Intel stock may have too low of a stock price to ignore.

Dividend Kings In Focus: Lowe’s Companies

Lowe’s traces its roots back to 1921, when LS Lowe founded a hardware store in North Wilkesboro, North Carolina.

Invest in Water Stocks

Water stocks are a unique class of utility equities. Water and wastewater treatment and service is often a municipal function.

The 6 Best Infrastructure ETFs to Buy Now

Infrastructure is necessary to make the world go round in our day and age. Both developed and emerging markets make use of energy and transportation to connect their people.

Alexandria Real Estate (ARE): Undervalued REIT

Alexandria Real Estate (ARE): Undervalued REIT. The overall Real Estate Investment Trust (REIT) sector has been down a lot year to date. For example, the office REIT category has been down 21.9% since the start of 2022. In addition, the REIT Industrial category is down 18% year to date. This decline provides long-term investors with some opportunities in the Real Estate sector.

Up in smoke

Who's ready to get baked

Why Don’t Investors Just Invest in the S&P 500?

The S&P 500 has a long streak of positive returns. So why doesn’t everyone just invest in the S&P 500?

GME Stock Forecast | Price | Quote | News

GameStop Corp. (NYSE: GME), is involved in the business of consumer electronics, video games, and gaming merchandise retailers.

Sonnet Biotherapeutics Holding Inc. | Sonn Stock Analysis

A company called Sonnet Biotherapeutics has been developing a drug that treats inflammatory bowel disease known as Crohn's.

NRG Energy Stock Forecast

NRG stock forecast regarding Return on Equity (ROE) is very bright and optimistic due to its solid income statement, robust balance sheet and rosy ESG outlook. But this stock has its own risks as well.

Recent Stock Purchase September 2022

As you know by now I make a stock purchase every single month no matter what is going on in the world and despite the doom and gloom headlines. Perhaps I am naive or more of an optimist that we will get through these dark financial times somehow.

Will Nike Stock Recover?

Nike is an American multinational corporation that design, develops, manufactures and markets footwear, apparel, equipment and services worldwide.

5 Income Stocks for Retirees

When most people reach the age of 50, they start thinking about retirement. At this age, you need a strategy in place about housing, working, and income before retiring.

Mondelez International: Buy The Snack Giant

Slow and steady wins the race. It holds true for investing in equities because of reversion to the mean. For instance, the latest group of new tech stocks were trading at bubble valuations and plummeted when the Federal Reserve started tightening.

Monthly Dividend Stock In Focus: Pembina Pipeline

Midstream energy companies are widely-known to be a source of high dividend yields. Midstream operators benefit from favorable economics because of the continued need for oil. In addition, midstream companies are less exposed to commodity price risk than their upstream peers in the exploration and production industry.

Will it break through

At&t feels good to me this week

10 Solid Picks For A Rocky Market - Zen Investor

I searched for companies that are inexpensive relative to their fair value (margin of safety) and have above-average price and earnings growth prospects.

September 2022 Stock Considerations

With the start of a new trading month, it is time, once again, for me to highlight some of my potential stock buys for September. With all the recent market volatility there is no shortage of stocks that are looking seemingly cheaper when compared to the closing months of 2021.

Monthly Dividend Stock In Focus: Prospect Capital

Business Development Companies — or BDCs, for short — allow investors to generate income with the potential for robust total returns while minimizing the amount of tax that is paid at the corporate level.

Resources for Publishers
Resources for New Investors
Boosted with BossCoin
Financial Literacy Leaders
Tom Hamilton
Wise Intelligent
Mark Robertson
Kevin Matthews II
Akeiva Ellis
Brendan Dale
Kenneth Chavis IV
Sharita Humphrey