Hope is not a viable investment strategy. While the obvious sidekick to hope is a plan, that can also leave you short of the mark without the third piece of the puzzle — commitment. You can have the best-laid plans to reach your financial goals and dreams, but without commitment, you’ll find yourself spinning your wheels.
If that’s where you feel like you are today, it’s okay. It’s normal. Committing to a new financial strategy that postpones reward until later is challenging, but with the right tips and direction, you can transform those plans into a strategy you practice like a pro.
Turn Your Plan into a Commitment
Find the right investment tool… and use it!
There’s no reason to go it alone. We live in an age where technology is designed to help us become more efficient and empower us to effectively accomplish our goals. When it comes to investing in your future, you have a lot of options that can simplify the process and make sticking to a plan a lot simpler.
With the Beanstox investment app, you can set up automatic deposits to start sticking to your plan. Additionally, the interactive dashboard allows you to see the progress you’ve made toward your goals, which can give you the motivation you need to press on confidently.
Dedicate a specific amount and stick to it
“I’ll throw in a few bucks here and there when I can.” While this commonly uttered phrase means well, it also usually means you’re not going to get very far with your investment plans. Choose an amount you are comfortable with and capable of regularly investing and stick to it. If you need to start with a smaller amount to build the habit, that’s okay.
Read some books
Sometimes you need to look a little deeper when it comes to changing how you approach commitment. If you feel like you need a little extra help, there are plenty of books out there about committing to investing and commitment in general. Some popular books on the subject include Sidetracked by Diana Harmon Asher, and James Clear’s book, Atomic Habits.
Set a reminder in your calendar to invest $100 every week
Beanstox simplifies your investing routine through consistency and automation. While you’re welcome to invest as much as you can afford, Beanstox Chairman and co-owner Kevin O’Leary advocates trying to invest at least $100 every week. But what happens if you can’t remember to do that? You can set a reminder on your calendar, or the Beanstox app allows you to set up automatic deposits to your investment account.
What happens if you don’t know where to invest the money? Beanstox handles this for you as well. It really is the perfect marriage of convenience and technology to help you commit to the process.
Use friends and family as resources
The most important thing to keep in mind is that you don’t have to go it alone, and technology is a fantastic partner to keep you accountable and on track. Your family and friends can also be valuable resources, so if you know someone who has good financial habits or is great at sticking to commitments, ask for help. Ask them for tips and to hold you accountable.
Your Next Step
You’ve got what you need to start and stick to your financial journey. If you’re looking for a next step, we’d highly encourage you to check out Beanstox and discover how seriously simple investing can be.