As the first quarter of 2014 comes to a close and mutual funds re-balance their holdings to make sure that their quarter end reports include the hottest stocks (window dressing) and they try to rotate sectors to make sure they are in the best performing sector…..blah blah blah blah…..and why should I care?
Your right, you shouldn’t.
But what can we learn from this? Glad you asked….
As the first quarter comes to an end today now would be the perfect time to look over those goals that you set for yourself for 2014. Not those New Year’s Resolutions (something you wrote down on paper Jan 1, namely to lose weight and then quit trying by Jan 31st).
I am talking about your actual goals that you put in place for 2014. More specifically, your financial goals.
Did you set out to start budgeting for 2014? Maybe to payoff debt? Or build your savings? Increase your 401K contribution or start contributing?
Now would be a great time to look back and review. What goals did you set for this year? Did you have a plan in place to achieve that goal? Did you start the plan? How much progress did you make? What went wrong? What did you do well? What could you have done differently?
Start by asking yourself these questions. Not to beat yourself over the head if you fell short. But if you did start and made some progress, reward yourself and do more of what you did well. If you did poorly, ask yourself why and make the necessary adjustments?
The main point is that you take the time to review, reflect and adjust.
Or just keep doing what you always do, write down goals at the beginning of the year, stick it somewhere you will forget and continue to bury your head in the sand, ignoring the problem and hoping it will all work out.
Which path will you choose?