Well, we are crusin’ into 2024 and it’s that time of year that we are inundated with ideas, thoughts, and strategies for us to set and maintain those new year’s resolutions.

The year behind us was certainly a wild year, being surrounded by external forces that are outside of our control…..inflation, geopolitics, interest rates etc.…

With a new year our focus turns to new beginnings, perhaps thinking about what we want our life to look like, establishing resolutions, setting goals, often a time where we can reset and focus on things that we want to achieve.

But, before we decide what goals we are trying to pursue, we must first develop an understanding of our Why…our Purpose, and design systems that will shift focus to those forces that are within our control, and step back to see what it is we need to implement daily, for us to work towards achievement.

In a recent study, which surveyed 300 families around the world, including some in Canada, only 36 per cent of families have an agreed purpose for their wealth. Less than half of families globally understand what wealth means to them. Less than that even, have a plan for their family’s future. Why is this? The truth is it takes a lot of work and reflection to uncover meaning. It seems that no matter what our financial situation, or how much money we have, our relationship with money and our wealth is daunting, overwhelming, everchanging, and complex.

That said, it is purpose and intention that is paramount in planning and strategy. No matter the strategy, at the Enterprise level, the Holding Company level, the Family Trust, right down to the TFSA…..investment strategy, tax strategy and governance strategy…..we must understand the WHY before we can develop methods to get us there.

Purpose drive strategy. Strategy drive systems. Systems drive growth.

Take the Power Back | Focus on Control

What better time than the beginning of a new year, to shift focus on reflecting inward, on what it is we can control – the self. Looking out to 2024, what do you want to spend money on this year that will improve your life? Where can you focus your time and your energy to improve your relationships, your experiences, your wellness, and your wellbeing? What investment can you make in yourself this year that will enhance your wisdom and offer you new perspective? In our years of experience managing money, our clients enjoy the benefits of dividends, growth, and compounding returns. This same investment formula applies to our time and our energy. If we invest it wisely, thoughtfully, and intentionally, we can enjoy the power of growth across all the elements of our lives.

“How we spend our days is, of course, how we spend our lives” - Annie Dillard

Something to keep in mind, what matters today, shapes tomorrow. The best way to start to focus on the year ahead, is to ask ourselves four simple questions that allow us to reflect on how we are spending our time, and our energy…..and in essence, our days. Few contemplative questions to ask yourself…..

1. What gave me energy last year?
2. What drained my energy last year?
3. What offered me time and space last year?
4. What exhausted my time last year?

“A dream written down with a date becomes a goal. A goal broken down into steps becomes a plan. A plan backed by action makes your dreams come true” - Greg Reid

Develop your systems

Scott Adams is the author of How to Fail at Almost Everything and Still Win Big: Kind of the Story of My Life. Adam’s suggests that making goals isn’t always the best strategy to achieve success in life because it can lead to a lot of dissatisfaction if we don’t achieve them. According to Adams, rather than focusing on goals, the best way to succeed in life is to focus on systems.

What’s a “system”? A system is a series of actions or habits that have been proved to take us to our objectives through time. We’re always continuously attempting to complete something, whether it’s a job project or a personal goal. We are all quite used “money systems”….for example, you “pay yourself first”….on a certain day of the month or the year, you automatically contribute to your investment account. This is a system, and it’s these systems that we create that can propel us towards our vision and our purpose. When you have some sort of routine or plan for what needs to happen next, you have a SYSTEM, when you have some form of the desired outcome, you have a GOAL. To achieve a life goal, you need to translate them into a system. Here’s a little process I’ve developed to make this easier to think through….

1. The first step is to identify your purpose, your intention, and what it would look like if you achieved it.
2. The second step is to break this down into manageable steps and start working on them one by one – make it simple and take your time, give yourself permission to take it slowly
3. The third step is to monitor your progress and adjust your plan, even change course if needed. It’s developing the rhythms that are important.
4. The fourth step is to celebrate the small successes as they happen because those are the moments that motivate us, change is difficult, but change is growth
5. The fifth step is to ensure we are enjoying our growth, and continuously ensuring that our progress aligns with our values and our vision

James Clear, in the book Atomic Habits, provides us with an excellent term for the growth process. The Plateau of Latent Potential works us through a habit or an activity needs to be practiced long enough to break through a certain threshold. This threshold, when crossed, leads to a place of ultimate growth.

The most important things to remember, is that overnight success takes a long time, give yourself time. Joshua Medcalf intensely mentioned in his book, Chop Wood Carry Water: “Everyone wants to build the next Apple or Facebook, nobody wants to sell matches door to door. Everyone wants to become a samurai warrior, but few are willing to faithfully chop wood, carry water.”

Big things come from small beginnings….sewing a seed today takes time to nourish, to flourish, but in time the growth is undeniable.

Discover • Align • Design • Ascend

The secret to change is to focus your energy, not on fighting the old, but on building the new:

• First, it’s an intention.
• Then a behavior
• Then a habit
• Then a practice
• Then a second nature
• Then it’s simply who you are

This year, once you have developed your vision, try to draw your attention away from the big potential outcome and you start improving your daily systems. Focusing on the system and your progress will ensure you enjoy the process and enjoy the journey of change and growth. It’s a shift in mindset that will illuminate the path you can follow to ensure you are crossing your Plateau of Latent Potential.

“And at the end of the day, there is nothing but the journey. Because destination is pure illusion.” - Rich Roll

Be well and enjoy the moments