Improving personal finances is consistently a top New Year's Resolution. However, a study by the University of Scranton found that only 8% of people who set goals manage to achieve them. On this episode of CFO at Home, Vince discusses setting and achieving goals with Terry Fossum, the creator of the Oxcart Technique, a powerful yet easy-to-understand 3 step process, grounded in Nobel Prize-winning science, for overcoming obstacles holding you back from achieving success in in your finances, and many other aspects of life. You can learn more about Terry and the Oxcart Technique by visiting TerryLFossum.com
Key Takeaways:
Emotion Over Facts: We act based on emotion rather than facts. Creating strong emotional motivations is key to sticking to goals.
Pain vs. Pleasure: Prospect theory shows we do more to avoid pain than to seek pleasure. The Ox Cart Technique uses this principle to drive action.
Failure Scenario: Writing out a detailed failure scenario creates a strong emotional response that motivates action.
Daily Action Plan: A clear, actionable plan is essential. This includes what you will do daily to achieve your goals.
Success Scenario: Visualizing a positive outcome after following your action plan helps reinforce commitment and drive.
Adaptability: Plans should be flexible. Execute now and adjust as needed rather than waiting for a perfect plan.
Key Links:
Contact the Host - vince@thecfoathome.com
