Evaluating Yourself

thBenjamin Franklin said, “If you were a servant would you not be ashamed that a good master should catch you idle? Then if you are your own master be ashamed to catch yourself idle.” In other words (or in an expression more easily understood today), “if you are self-employed, do your own annual review.”

Would you be happy with yourself if you were your own employer? Would you receive a favorable review of your goals and accomplishments for the past year?

Many of us make New Year’s resolutions, but how many of us evaluate ourselves at the end of the year?

These questions can easily be applied in the realm of using your money wisely. If you have set new goals for getting out of debt or have something you have been saving for or are determined to have resources when you retire, you must stop at times and evaluate where you are.

Every financial advisor recommends writing down your goals toward financial independence. Not only is it good to write them down, but it is imperative to review them at given intervals. There is no time like the approaching end of the year to do a good evaluation – especially when the holidays are around the corner. It may be that you might have to reduce your spending on presents or entertainment in order to meet your goals. If you don’t evaluate at the end of the year, you will most certainly have to add new and harsher goals at the beginning of the new year.

th-1Do your own annual review. Check out your credit report (free at http://www.annualcreditreport. com and credit rating (free at http://www.creditkarma.com). Fix any errors and evaluate where you are.

While you are in the evaluation stage, look at other areas where you have set goals. Life is more than money. Had you determined to spend more time with family – read more books – spend less times in front of the television?

You might be surprised at how well you did or how much you need to improve. As Benjamin Franklin also said, “Well done is better than well said.”

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