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The following is a sobering (perhaps frightening) outcome from a recent survey

1/3 of Canadians fear bankruptcy amid ‘debt trap’ warning: Survey

However, rather than taking a ‘the sky is falling approach’, I’d like to suggest that we have the capability to make choices that can improve our financial situation.

The first step is to put pen to paper and craft a set of goals that you feel will put you on a solid financial foundation.  Keep in mind that your goals need to be SMART.  That is to say they need to be Specific, Measurable, Aligned with your values; Realistic and Time Based.

The next step is to determine the intermediate action steps that are necessary to move you towards your identified goals.  It is important to realize that action follows goal identification.

As you begin to take action, measure your performance or outcome against your goals.  If you find that it becomes necessary to change a timeline associated with a particular goal or even to abandon a goal, do so.  They are your goals and they are only right if they are right for you.  Also recognize that pursuing a goal is somewhat like travelling to a desired destination.  You are embarking on a journey and you’ll get there by taking one step at a time.

One final thought.

Celebrate small accomplishments on the way to your destination.  This will help you to maintain your enthusiasm and your focus.