My father is originally from Taiwan and smoked cigarettes like his brothers, his father, and nearly every adult male he knew.
Back in those days, no one knew that smoking could cause lung cancer… so kept smoking.
Then he had kids. Those kids grew up and we grew up in an era where we knew smoking caused cancer. So when I was a kid, I asked my dad to stop smoking. I vividly remember my sister and I making signs and putting them around the house. I don't know if it helped but my dad stopped smoking when we were little and never restarted.
Anyone who has ever tried to reach a goal, whether it's to stop smoking or pay down debt, knows that it's hard. There are a bunch of different strategies you can use to improve your chances but the biggest one is accountability.
Accountability is fundamental.
How do you force accountability? Make it public. Tell your friends.
That's why I have a public page on my blog with my One Money Goal. wallethacks.com/omg
(in addition to the goal itself, I share my why)
That's the financial goal the rest of my money decisions revolve around. It's an audacious goal but it's the big OMG. It's meant to be big and presumably out of reach today, but not in five years. But it's where I aim to devote my work time.
Someone comes to me with a new financial opportunity… does it get me closer to my OMG? If the answer is no, I pass.
If my OMG were to pay down credit card debt, then all financial decisions are up against that mission. Do I buy that new gadget or do I put it towards my OMG? Active decisions are the cornerstone of mindful spending, put your goal out there for all to see. Friends invite you out? I will pass this time, I'm close to hitting my goal. It's as simple as that.
What's your OMG?
Share your One Money Goal in the comments. If you have an OMG page on your blog, put the full URL in the comments so others can see it.