With the stress of the holidays winding down, a new stressor has arrived: New Year’s resolutions. They are the fad diets of the self-improvement world, garnering a lot of excitement at first and then often delivering disappoint weeks later. But judging from the advice of Flagstaff experts across multiple fields, now, in fact, is a great time to make achievable and measurable changes that are the perfect antidote to unrealistic resolutions. Whether they are about estate and financial planning, health and fitness, or personal and professional growth, there are some simple steps to create a successful 2016.
Personal Finance
No matter one’s age or financial situation, there are some things everyone should be doing now, according to Eric Souders, an independent financial advisor with Ascendant Financial Solutions.
“The first would be emergency savings. “Ask yourself, ‘Do I have three to six months worth of income for emergency savings?’”
Particularly with insurance deductibles creeping steadily higher, he says it is important now more than ever to have emergency savings and not to be tempted to bankroll emergencies with credit cards. “Credit card debt is the most expensive way to pay for something.”
In fact, a crucial part of the budgeting process is determining how to pay off credit card debt. “You want to maximize paying that off as soon as possible.”
Souders recognizes the difficulty of saving in today’s economy. “The cost of living has been going up, but over the last 20 or 30 years, our wages have stayed flat.”
Adding to that difficulty is our fear of facing just how much we might be outspending our means. “Most of us don’t want to know,” said Souders, but he has some recommendations.
First, “let go of that judgment and be aware [of what you’re spending].”
Then, when it comes time to make some changes, he suggests educating yourself on financial planning, even if you do not think you have a large enough portfolio.
“People come in to my office and don’t have a lot of savings but they want some advice on how to start saving. Everyone can benefit from some financial education, whether that’s seeing someone in person or reading up on the topic. The key to investing is small amounts of money over a long period of time.”
Estate Planning
If looking at one’s finances can be an unpleasant experience, it is even truer for estate planning. With the New Year here, it may feel almost antithetical to plan for death or illness. “The single biggest reason people [avoid it] is because they have to talk about their own mortality,” said attorney Alexandra Shroufe.
But, holding off on estate planning is not something to do at the last minute or when very sick, she says. And waiting too long means burdening loved ones with your affairs or, worse, having no one to handle them. But there are several options that people can start working on now in order to meet this goal by the end of 2016.
One is to create a medical directive, controlled by whomever you choose to have power of attorney. “Nobody has immediate or direct access to help you make decisions if you haven’t created a health care power of attorney. In some cases, doctors are looking for someone to make financial or health care decisions,” warned Shroufe.
Another goal is to either create a will or trust. A downside to having a will (or no will at all) is that your estate has to go through probate, which can be a costly process. To avoid the courts, people can create a trust.
“It’s a probate avoidance technique,” explained Shroufe. “It’s an entity almost like a corporation that owns most of your assets instead of you, but you are the trustee and primary beneficiary.”
You can then assign a successor trustee who can take over the financial management of your trust while avoiding probate.
As with financial planning, estate planning is for everyone. If the cost of an attorney is too prohibitive for some, “people with modest means can find forms online,” said Shroufe. However, “it’s more complicated for small business owners: they need to see an attorney.”
Small Business Planning
Admittedly, everything is more complicated for small business owners. T Paul Thomas, chief entrepreneur at the Northern Arizona Center for Entrepreneurship and Technology (NACET) accelerator, explains just how much is at risk for small businesses, even New Year’s resolutions.
“I think, as individuals, we tend to abandon our personal resolutions because they aren’t life or death (e.g. losing a few pounds, stopping smoking). It is very different for an organization or business. Failing to do [some] basic things will slowly kill your company,” warned Thomas.
First, just like with your personal finances, create a budget. Also, be sure to review it every month so you understand if you’re meeting your goals.
“Even if you do better than your plan, you need to know why,” said Thomas.
Second, aim for lower employee turnover.
Thomas explained, “Having zero turnover isn’t realistic (or healthy), but you should try to make sure you are keeping your good employees. That will only happen if you are taking care of them and taking the time to properly manage and motivate them.”
Third, set a goal to grow your business and add clients.
“Businesses and organizations survive by growing. Growth only happens when we make a conscious effort to plan and execute growth.”
Fourth, join a peer group.
“Running any organization or company is a lonely life. There are peer group organizations that put CEOs, presidents and general managers in the same room once a month to share ideas, issues and challenges.”
Finally, establish balance.
“Regardless of running a brand new start-up all by yourself or being the CEO of a 300-employee company, you will be better off if you find a balance between work, family and personal life. All great leaders take time to go off and reflect, think and get away from business. Plan for it even if it is only once a month,” said Thomas.
Mindfulness
Maintaining the type of balance Thomas so strongly recommends requires mindfulness.
According to Jon Kabat-Zinn, founder of Mindful-Based Stress Reduction, “Mindfulness means paying attention in a particular way: on purpose, in the present moment and non-judgmentally.”
That includes paying attention to spending, business growth or one’s estate. While Thomas, Shroufe and Souders stress the importance of this step in their respective fields, they say it still eludes many of us.
Buddhist teacher Brian Lesage helps demystify the process of mindfulness. “Like it says on a raffle ticket, ‘You need to be present to win.’ Life only happens right now, for all of us, regardless of what we believe in.”
Practicing mindfulness can occur anywhere, any time, no matter how busy our schedules are, he says. “We can bring mindfulness to almost any activity we are engaged in: washing the dishes, walking, running, opening a door, standing up or sitting down. It is simply the art of placing the intention to be present,” explained Lesage.
Reaping greater benefits does not require sitting for hours in silence either. “Having five, 10 or 15 minutes of seated silent meditation, in which we are still, allows this quality of mindfulness to deepen in a way that just isn’t possible if we only bring it to daily activities.”
According to Lesage, some of the benefits of practicing mindfulness and meditation include stress reduction and greater presence of mind, kindness and compassion.
Health and Fitness
As it happens, mindfulness is also finding its way into health programs where practitioners are finding it crucial to attaining long-term results.
Rebekah Hensley, a personal trainer with Flagstaff Athletic Club, says that mindfulness is, in fact, the first step when determining a wellness plan. “To be truly successful in finding a way of moving and eating that’s maintainable, I teach [clients] to listen to themselves,” she said.
“We start with goals. I’ll ask specifically, ‘How much weight do you want to lose? Why? What do you want to do that you can’t do now?’”
Hensley offers some easy tips to live healthier that can be started anytime. “The first step is to slow down. Slow down your eating. Just try sitting down at the table [while eating]. Even that is a far cry from what many of us do.”
In terms of movement, “make the conscious decision to go for a five-minute walk.” Whether that is while at work or home, it gives our bodies and minds some time to talk to each other.
While Hensley stresses the importance of finding an exercise or movement that an individual will stick with, “dancing is a universal way to release endorphins. You don’t have to go to the gym or buy special equipment. It’s a great thing to do for 15 minutes to an hour.”
For those who will better stick to their goals in a group setting, The Yoga Experience (TYE) is offering two introductory yoga workshops in January – Introduction for Yoga and Yoga Basics – for those who want to improve their overall well-being.
Erin Widman, owner of TYE, explains goals of the courses. “The two series we have are for students not only new to yoga, but also for those that want a slower approach to understanding some of the complexities of yoga and their bodies. They are for all levels of ability, flexibility and fitness.”
According to Widman, yoga “builds strength and endurance and … it helps keep muscles and joints operating in a healthy, flexible manner. “
Furthermore, “more and more research links yoga and mindfulness to calming the nervous system, and building the part of the brain that develops compassion and empathy.”
Volunteering
Since there may always be room for more compassion and empathy, another way to add that to the New Year is through volunteering. According to a 2015 Forbes article, volunteering can also build professional experience, make you feel like you have more time and improve your health.
Ari Wilder, executive director of The Literacy Center (TLC), expands upon the benefits of volunteering. “People like volunteering at TLC because they get to directly help fellow community members in tangible ways. It is an incredibly rewarding experience to help someone change their lives through education.”
For those concerned about the time commitment, “our one-on-one tutors can meet with their learners as their schedules permit.”
“We always think we’re too busy, but if we organize a little better, we can find exactly the time we need,” said Stacy Murison, a literacy volunteer with a different program. “I always thought I was too busy, but I finally made the commitment and it has changed my life.” FBN
By Adrienne Bischoff, FBN