In our first episode of season 4, we look towards the year to come and map out what 2023 may look like. Join us as we dive in to some potential goals you might have and some tips on setting some goals to get you heading in the right direction this year:
2022 in Review
Before looking at 2023 to come, there is some value to be gained by assessing the year that’s been. 2022 threw challenges at all of us around the world in what was certainly an eventful 12 months. Host Andrew Baxter points out the significant pivot for the public from a Covid-era world into a world living with the infamous virus. Then, we had the war in Ukraine which really wreaked some havoc in the financial markets. With inflation at record highs and interest rates increasing sharply, it was nothing short of exhausting in financial markets.
In reviewing his goals and efforts to reach those goals, Andrew aims to look at how he shaped up in reaching his specific goals and then break down each different area and assess how you went. The diagnostic process at the end of the year is vital for not only assessing whether you reached the goal, but why you missed it. This is all useful information for setting your goals for the next year.
Good Goals vs Bad Goals
For those of you who have never used goal setting as a tool in your striving for success – something is better than nothing. So long as you are willing to work, goals are a great step to enabling you to progress in life and reach important milestones. As you grow more experienced and in tune with your aim setting, you may come to realise that there is a difference between good goals and bad goals. Host Andrew Baxter notices this a lot in the trading and investing space. Many people have a tendency to set a goal for returns when it comes to trading, but the reality is this is an unfair goal to set.
If you have the correct process and planning involved in your trading the returns should follow and as such one should focus on being a consistent and focused trader. Centering your aim around things you can control is very valuable and where people often struggle around aim setting.
Habit Goals and Achievement Goals
We can break our goals into 2 types – habit and achievement. Habit goals involve us setting out patterns of behaviour we want to become habits while achievement goals are there for specific levels of achievement. These goals work hand in hand as it is typically our habit goals that set the groundwork for us to be able to reach our achievement aim. In Andrew’s case, the focus was to commit more time to exercising to form the habit in order to achieve a level where he was content with his physical health.
Quite often if you find yourself slacking on something it is because it is not a priority to you. If you are dedicated to something you will make time for it and battle through inconvenience to make it happen. If you are ever feeling like this, be sure to remind yourself of why a certain aim is important and consider what habits you can build to make it easier to reach.
While setting goals and establishing habits is important, having the ability to hold yourself accountable is vital and may be the difference between following through on your aim and not. It is easy to tell yourself you are too busy to use journals and regularly review your progress but the reality is it simply isn’t a priority. Host Andrew Baxter highlights the value in reviewing your efforts on a regular basis gives you a chance to hold yourself accountable and work towards improving the shortcomings you may notice in your review. Everyone can have a bad day or a bad week, the important thing is to hold yourself accountable and put yourself back on track and not allow it to turn into a bad month.