| Every January, millions of people promise themselves they’ll “exercise more, save more, make more, read more.” By February, most of these well-intentioned resolutions are gathering dust in the bottom drawer of forgotten promises. Why? Because they’re vague, overwhelming, and often meaningless. Here’s a thought: instead of a laundry list of resolutions you’ll forget, try picking one word to guide your year. OneWord becomes your north star — simple, memorable, and powerful enough to shape your decisions, habits, and focus.  Grow, Elevate, Ascend, Learn, Consolidate, Move, Bold, Change, Focus, Declutter, Tidy, are all great OneWords that focus, ultimately, on your wealth. You don’t have to just focus on the ‘income’ side of your equation, especially if you’re winding down to retirement, but you can still have a huge impact on your long-term wealth by understanding that wealth creation is actually very simple, Income minus Consumption = Wealth. I use the word consumption quite deliberately – it is any action that ‘negates’/’eats’ that income – so it doesn’t include saving and investment, those go straight into the wealth side of the equation. When building long-term wealth and retirement scenarios for my clients, I don’t just look at multiples of annual salary – I find that method just does not consider how different people are. I often come across clients who earn the same, are the same age, but their consumption of such income is wildly different! One client will have very little fattening out the “Wealth” side of the equation, and another will be putting away so much that they could retire tomorrow if they wanted to. YOLO in action.  BOTH wealth behaviours can be planned for, given enough time, just have the courage to define your financial behaviour. There are journeys that you can (happily) travel even if you live life large today. The most common solution is to postpone retirement as long as possible, but then you must have your ‘job’ structured so you can do that, and probably not as someone’s employee. I made this decision when I was 50 – it was my mission to find a profession where I could dictate my own terms and that I loved. The constantly changing markets, economic cycles, regulations, politics, and technology brings new things into my profession every day – chaotic sometimes, but I love it. Alternatively, you could also bring down your consumption over time so it doesn’t sting so much. Start with the big expenses – Medical Aid, Over-Insurance, Young adults who haven’t learned to fly – then do a full-on audit of your annual expenses to find your consumption “Achilles Heels”. In your Wealth-OneWord, look at all sides of the wealth equation to make the most impact. Even if you’re an employee, you could start a side hustle – AI is making that easier than ever. IMHO, avoid trading your time for money – that’s what you’re doing if you’re an employee. Perhaps you have a skill (an ‘art’ for example) which you can develop, but the ‘return’ is not measured by the number of hours you put in but what someone is prepared to pay for it. This is how couture is often priced; they don’t sell it for the cost of materials plus time, but what the market is prepared to pay (for example, Birkin bags). What you “consume” is the low-hanging fruit, the quickest and easiest to cut – perhaps start there. Growing your wealth is 90% of what you put in, and 10% on how it is invested, but once that is optimised, there is not much else you can do ‘actively’ except keep adding. In my experience, it is the clients that do their due diligence on how their wealth is managed upfront and then switch their focus to doing what I can’t – make their income grow. Obsessing over every aspect of a long-term investment, every short-term market move and giving in to market FOMO, wears both of us out.  Why OneWord? Simplicity beats complexity. I am putting the cart a little before the horse here, because that One-Word will probably jump out at you when you do your detailed personal annual plan (upcoming posts). But at least you don’t have to track 20 resolutions. One word is enough to remind you of what really matters. It’s flexible. Your word might be able to apply to work, personal life, finances, health, and relationships all at once – or not. “Declutter” or “Change” might be great for your finances and wardrobe, but not necessarily your spouse. “Grow” is good for the bank balance but not the waistline… A single, meaningful word can inspire action far more effectively than a long list of vague goals. I get the appeal of a long list of vague goals; it probably gives you a bit of a dopamine hit in anticipation of what it’d feel like actually getting there. It makes you feel like you’re doing something; in reality, you’re probably fooling yourself. Procrastination, I have learned, is a spectrum – we all suffer from it to some extent, and it can also stop you from being infinitely impulsive (which is deadly for long-term wealth). Having one word can help you focus, as can identifying the emotion that is causing you to procrastinate – yes, talking to yourself is okay.  As a starting point – you can always refine it later – reflect on the past year. What worked? What didn’t? What left you feeling energised, proud, or fulfilled? What was missing? Could any of those feelings have been made better? Pick a word that inspires you and try it out for size. If you want to try something new, put a short paragraph together with the key phrases of what it is you want to achieve, then go to your favourite AI LLM. I used Chat GPT for mine, and give it a prompt like this: I want one word for 2026 that summarises everything I want to achieve. If you’ve never used an AI model, this might be a good time to start. Consolidating the key phrases will transition nicely into your action plan. Once you’ve chosen your word, keep it top of mind next year. Write it on your calendar, set it as your phone wallpaper, personalise it on your water/whiskey glass (cheaply and easily done on Temu) or keep a sticky note on your mirror. Let it be the filter for your decisions. When a choice arises, ask yourself. Does this align with my word? If yes, go for it. If not, reconsider. Your OneWord isn’t just a theme: it’s a daily reminder of your priorities, a compass for your actions, and a motivator to keep moving forward. In my next post, I will get down to the nitty-gritty of your 2026 personal plan, including your action plan. |
| Articles and Blogs: Medical Risk Mitigation NEW Next Year is going to be different – Consolidation NEW Abdication or diversification? Carbo-loading your retirement Spoiled for choice Who needs a plan anyway 8 questions you need to ask about retirement What to do when interest rates drop How to survive volatility in your investments What to do when interest rates drop Difficult Financial Conversations Financial Implications of Longevity Kick Start Your Own Retirement Plan You matter more than your kids in retirement To catch a falling knife Income at retirement 2025 Budget Apportioning blame for your financial state Tempering fear and greed New Year’s resolutions over? Try a Wealth Bingo Card instead. Wills and Estate Planning (comprehensive 3 in one post) Pre-retirement – The make-or-break moments Some unconventional thoughts on wealth and risk management Wealth creation is a balancing act over time Wealth traps waiting for unsuspecting entrepreneurs Two Pot pension system demystified Cobie Legrange and Dawn Ridler, Rexsolom Invest, Licensed FSP 45521. Email: cobie@rexsolom.co.za, dawn@rexsolom.co.za Website: rexsolom.co.za, wealthecology.co.za |