Have you ever heard of the “One Word” goal setting technique/New Year’s Resolution idea? Its popular and there have been articles and a book written about the concept. If you’d like to read the book, it’s called “One Word to Change Your Life” by Jon Gordon, Dan Britton, and Jimmy Page. It’s a short book that can be read in an hour and the basic concept is to choose a word for yourself for the current or coming year that you really want to have in your life.
For example, the words “joy” or “patience” might be popular words. The idea is that you are going to drill down and focus on experiencing joy or having patience for the next 12 months. Do you see how that works? Instead of setting five goals on New Year’s Eve, you set one word for the coming year that you are going to pay attention to try to embody in your life, or attempt to get under control, or experience more of in your life.
Many of us make multiple resolutions or goals each year, only to give up halfway through January. And that’s on multiple goals, not just one. As the authors mention, the reason it is popular and has caught on is because it’s so simple. Most of us don’t stick to resolutions that we make, but perhaps we can focus on a single word for a year. Personally, I like the idea and I will tell you what my word is down below. But when it comes to financial planning and money, I think focusing on one word may be particularly useful.
There are so many instances where focusing on one word for the year and drilling down on just one simple idea or concept could have hugely positive ramifications for you 12 months from now. For an example, focusing on debt, taking one year to pay down or eliminate debt all together would have a positive impact. Or focusing on the word “savings,” and then noticing when you are saving and when you are not. We could go on and on, but I am sure you get the point. Your word for the coming year around finances could be the end result of something, or an action, or a particular feeling you want to have.
Here are some words that I have noticed and seen over the past year as it relates to money:
Clarity – really getting clear on where you are, where you are going and how to get there.
Simplicity – we all have too much complexity in our lives and making things simpler, like rolling over old 401k plans, will have a calming effect for most of us.
There are a host of words, and you can answer for yourself what each of these words below means to you:
- Confidence
- Coordination
- Freedom
- Budget
- Vacation
- Peace
- Retire
- Security
All of these words have a meaning for each of us. And for you, the meaning might be different from the meaning it has for me.
If you were to choose one word to focus on for 2024 and it had to relate to money, what would it be? And if you chose one word and really decided to follow through, what impact would it have for you 12 months from now?
My word for 2024? Margin
The word margin to me means I have plenty left over. Both in a money sense and in time and calendar sense.
What’s your word?
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The views expressed here reflect the views of Alex Bishop as of February 20, 2024.These views may change as market or other conditions change. Actual investments or investment decisions made by Ameriprise Financial and its affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not account for individual investor circumstances.
Ameriprise Financial cannot guarantee future financial results.
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