Setting Financial Goals with Kelly Lannan from Fidelity
It's the time of the year for goal setting! One of the financial goals I am most passionate about is Financial Independence, and that's the ability to work because you WANT to work and not because you HAVE to work. But, no matter your financial goal, the end of the year is the perfect time to identify goals and plan for the following year.
Joining today is Kelly Lannan, Senior Vice President of Emerging Customers at Fidelity, to talk about Fidelity's 15th Annual Resolution Study. She joins me to share the surprising findings of the study, as well as best practices for setting yourself up for some of those resolutions you make this year. This is the perfect episode to inspire you to set goals this last week of the year.
What are we drinking?
Kelly - Iced Coffee
Shannon - Black Cherry Schweppes
Podcast Notes
Reflecting on Fidelity’s Yearly Survey
The end of the year is a popular time to set goals. Fidelity's annual survey shows people are engaged in thinking about their 2024 financial goals.
The last few years have been challenging, from inflation to the stock market performance. People are still concerned about these things, but after living through it, they feel more confident in their ability to prepare and plan for the future.
More than ever, people are committed to saving more, spending less, and paying down their debt. Over ⅔ of the survey respondents confirmed they were setting financial-specific resolutions in 2024.
New Year's resolutions sometimes get a bad rep, but there is never a wrong time or reason to set a goal or intention to improve yourself or your life. If a new calendar year motivates you, lean in.
If setting goals has been challenging the last few years, know that you aren't alone. Survival was the main goal for a lot of people. You can start with small steps and intentions if it still feels overwhelming. Money touches every aspect of our lives, so it's important to think about it.
Achieving Goals Takes Time
A financial health journey is going to take time. Depending on what your goals are, they may take years to accomplish. That can feel overwhelming, but the key is long-term sustainable action.
40% of the survey respondents said they were thinking about their goals differently this year by breaking them down into smaller, more achievable chunks. These small milestones can go a long way in keeping you excited about your goals and progress.
There are ways to make daunting goals feel more attainable, and pausing to reflect is one of them. This allows you to celebrate financial milestones and recalibrate if needed.
We know it can be hard to set financial goals if you're in survival mode or feeling overwhelmed by your finances. The SMART Goal Setting system is a great place to start if you're new to goal setting. It helps you dive deep and get specific.
You do not have to do this alone! If sorting through free resources online feels overwhelming, you can work with a Trainer at The Financial Gym or someone at Fidelity.
There are lots of free tools and resources available out there. Fidelity has an entire guidance and planning center, plus their new Fidelity Bloom app. The app uses behavioral science to help people reach their goals.
Final Thoughts on Setting Financial Goals
Put time on your calendar to take care of your financial health. When you get started, remember to pause and take a deep breath. Money is emotional, but you can do the work. If you can plan for all the little things you do in life, you can also plan for the big things.
Remember that money touches every aspect of your life if you're setting other goals or resolutions in the new year. Don't avoid it. Use this as an opportunity to get grounded and make a plan. Having a plan is the key to success.
Having a plan puts you on the right path. Never underestimate the power of small, consistent actions. These things can snowball into change greater than you ever imagined possible.
The Financial Gym has seen clients make incredible shifts in a matter of just years. It's all about having a dream, a goal, and a plan to always keep working toward those things. Even if you don't reach every milestone when you want, that progress gets you closer every day.
Finances are something people tend to avoid. We focus on all other areas, but it's all connected: physical, mental, and financial wellness. When you start to improve one of those areas, it's common for the others to improve as well. The new year is a great time to set intentions in these areas.
If goal setting feels intimidating, you don't have to do it alone. You can work with a friend, coach, or Trainer at The Financial Gym. Money is emotional, and many people struggle to talk about this stuff. Don't be afraid to ask for help now and in 2024.
Takeaway: My biggest takeaway is to not let fear of failure stop you from setting and identifying big goals. You may not have control over the timing of when you achieve them, but with time and focus, I know you can achieve them. Over the last ten years, I've seen too many positive confirmations to convince me otherwise.
Random Three Questions
What is your biggest resolution for 2024?
What do you do to relax?
If you were given $20k and told you had to spend it, what would you spend it on?
Resources Mentioned in the Episode
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
In addition to hosting this show, I’m the founder and CEO of The Financial Gym. We are celebrating 10 years of this journey, and now, more than ever, I see the importance of the work we do every day. Rising inflation, the return of student loan debt, high-interest rates on mortgages, and volatile stock markets make it a time when you need a best financial friend to help you make the best choices.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and retirement.
To celebrate the final season of Martinis and Your Money, listeners can get 20% off of one-on-one training services. So what are you waiting for? Head over to financialgym.com to get started today. Our warm-up calls are free of cost and judgment.