Focus. Now!

Focus is the driver that separates those who accomplish their goals from those who "are getting ready to do it real soon." Let's examine a suggested way we can help you acheive your financial goals any day now!

Praise the Lord.

That was the first thing I said aloud after I clicked submit and sent the last $85 of the $2,374 in credit card debt incurred in moving to the New York area. That was May 22, 2006. The day I no longer owed a credit card company, student loan, nobody. Granted, I’m in the City which means I don’t need a car, and I’m currently renting so I have no home equity either, and I had no student loans when I graduated, but from this point on the Mafia and I are square. Inspection of my wallet however will probably turn up the credit card I’ve been using—rather used. I’m not a fan of credit cards, but until my Emergency Fund is completed, it’s all I have. Strangely, no emergencies have come yet (knocking on fake wood desk..well, actually my dresser—I’m getting another desk soon so I have to bootleg it for now).

However, there were no corks popped, not even in my mind. Probably because I’ve seen this day coming for so long it’s been kind of uneventful. Enough about my own horn, though. Today we’re here for a good conversation on perseverance and focus. For those of you who want to get out of debt, for those of you who don’t open bills when they arrive (!!!), today is a good day to change that.

Focus is not an abstract idea—it’s actually very doable but it will require discipline. If eliminating a debt is your above-all goal, then nothing else can trump that. If building your emergency fund is your goal, then nothing short of the Apocalypse should stop you. Specific goal-setting, as I’ve written about before, is the key to developing your focus. Specifics come from writing or typing your goals out and backtracking. Lack of focus is what keeps otherwise smart and well-meaning people from starting a task they want to do, and is also what makes them fail to complete it. That’s because you need more than specifics.

Goal setting must also be measurable. For instance, if you’d like to lose weight, a specific goal may be “I’d like to lose weight by November 1st.” This is a time-set goal. However, it must also be measurable—how much weight would you like to lose? 15 pounds? If so, you should break it out accordingly: “I’d like to lose 25 pounds by Thanksgiving.” Then backtrack—break it down to reasonable time periods. If you started on June 1^st, that would give you five months, which means you would have to lose an average of 5 pounds per month, which is much easier than trying to lose 25 pounds all at once. Then you’d make a nice chart and place it somewhere where you would see if often and it would mark your progress based on your average:

GOAL: Lose 25 pounds by November 1^st

Current Weight: 175lbs. Target Weight: 150 lbs

Month	Target Weight	Actual Weight
June 30th	170	173
July30	165	167
August 30	160	160
September 30	155	155
October 30	150	149.5

Focus is the driver that would keep you going. What if you want to go out to eat with friends at that new restaurant in town? Can you keep towards your goal? Are you monitoring yourself weekly to make sure you’re maintaining? After seeing you’re progress month after month, you’ll find yourself working to keep towards you’re targets. Even if you fall a little short of your wanted goal sometimes it’s OK if you’re focus is honestly honed toward completing the task. A similar approach can be used if your goal is to save money or pay off debts.

Let’s say that you have a credit card balance of say $5000. Speculate about how long that it would take you to pay that off, being mindful of your income. Keep in mind that serious people can pay off about 5G’s in less than 18 months. So if you can do it in 18, then your payment is about $280 a month. (Just imagine how long it would take it you only paid $40/month).This means while you’re eliminating the debt you have to take an L on (meaning delay the purchase of) the new 200X One-Upmanship LX Coupe. Expensive dinners are out. Remember, focus is the key, and the quicker you get rid of the debt, the quicker you can consider taking your sweetheart out to Chez L’argent.

If you’re not willing to take on accelerated payments, then be prepared to be a slave to the lender for as long as it takes before you snap out of it. The cars, the vacations, etc. will always be there and you won’t “miss out” on the fun if you don’t get serious now. So identify your goal, and focus. Not tomorrow either. Today. Maybe after you finish reading this article you’ll open up Microsoft Word, Excel, or grab a notebook and begin writing specific and measurable goals with specific (and reasonable) completion dates and you will pace yourself. I sense it happening! I see ya out there playa. Now get to work. Now.