How to stick to those New Year's resolutions

The Street

Caroline Adams Miller, author of "Big Goals," explains how you can keep those financial New Year's resolutions.

Transcript

00:00So we've been doing some digging around.

00:02We found some estimates that find that about 80% of people

00:05end up quitting their New Year's resolutions by February.

00:09So what is it about New Year's resolutions

00:12that makes them so hard to stick to?

00:17Right, well, actually they quit their resolutions

00:19usually by Blue Monday, which is the third Monday of January

00:23because often the biggest mistake people make

00:26is setting too many self-regulation goals

00:28and not setting whatever they do set correctly.

00:31So we have a limited amount of willpower.

00:34So you don't wanna set a million goals

00:36that require delaying gratification

00:38and say no to yourself or even three, set one,

00:41but also set a well-formed goal.

00:43And that is the topic of my new book

00:46because I don't think most people know

00:48there is a science to goal setting.

00:50It's not just about setting a goal.

00:52There's much more to it than that.

00:53Tell me, what are your top tips for actually sticking

00:57to your New Year's resolutions?

00:58You have these performance goals,

01:00you have these learning goals, now how do I stick to them?

01:04First thing is make it specific, make it specific.

01:07Know exactly what you're driving for, no fuzziness.

01:10Secondly, don't set too many willpower goals.

01:14You will use up all of your willpower by noon

01:18if you're choosing constantly between the donuts

01:21or something else, skipping a workout.

01:23You only have so much willpower.

01:25Stick to one and the research shows you're more likely

01:27to improve in all other areas.

01:30Change your circle.

01:31Make sure the circle of people around you

01:33are people who support you

01:35and people who actually have the kinds of behaviors

01:38that are contagious that will help you accomplish your goal.

01:42And then measure, measure what matters.

01:44Always have a metric that tells you you're getting warmer

01:48or you're getting colder because you may have to pivot.

01:50You may have to disengage from your goal

01:52because suddenly the environment doesn't support it.

01:54Your life has changed.

01:56Always know how to have a quit criteria

01:59because something has changed.

02:01Otherwise you get into a condition I call stupid grit

02:05where you're persisting in the face of so many obstacles

02:08that it doesn't make sense anymore.

02:10So there's good grit, but then there's stupid grit.

02:13So you have to know when to quit,

02:15but you also need to be resilient

02:17in the process of doing your goal.

02:20So there is a difference between not being a quitter

02:23just because you feel like it's harder.

02:25Your brain is telling you, I've never done this before.

02:27You need to have some set of criteria in your brain

02:31that this is no longer fitting my life

02:35with I really need to change the channel in my brain

02:38to go to a growth mindset and to tell myself

02:42I can get through this desire to get out of the pool.

02:46It's too hard.

02:47It's too hard to learn artificial intelligence

02:50and integrate it with my job.

02:52So there is a difference there.

02:53Make it fuzzy, measure your progress,

02:57don't set too many willpower goals

02:59and surround yourself with people

03:00who are contagiously positive, who support you

03:03and who might even have the qualities

03:05that you want to catch from them.

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