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Why New Year’s Resolutions Don’t Work


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Why New Year’s Resolutions Fail Miserably

reverse mortgage newsHere we are in 2015, the new year! It has become an annual right of passage for most to make the proverbial New Year’s resolutions. Most certainly an admirable homage to new beginnings and a new year but mostly ineffective and doomed to failure. Why? Because resolutions are built on the faulty foundation of what we think we should do. Is that so bad? Not necessarily but truth be told none of us, not one, will ever make a lasting change until we want to do something.

New year’s resolutions are typically built on expectations; others, society’s and even our employer’s. This unspoken pressure to perform is a poor motivator for lasting change. For any of us to make and actually keep a resolution we must first want it, and want it badly. For example, a well-meaning spouse may nag their mate that they need to lose weight, exercise or stop smoking. Sure one may adopt these new behaviors for the short term but most likely will fall of the wagon within weeks. Want proof? Go to your local park with a running trail tomorrow and you will see a mass of new faces out there running, panting, walking. Now go back in February and you will most likely not see any of the new fitness fanatics from January. Why? It was a resolution, not a deep-seeded desire on the individual’s part…

Download the video transcript for this episode here.

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  1. OK Shannon. Feel better now? Thanks for throwing the cold water on my new year’s resolution. There sits the FA manuscript on the coffee table for me to read. I need a new resolution to take it on but all I can think is to scrap it. The industry will collapse and we will all have to start over in April. Will there be a chance we can survive — not if we don’t understand how to get this roadblock out of the way. I wrote my new year’s resolution and sent it to the far winds, and already, I am back where I was philosophically — I can understand this in a way that offers solutions instead of roadblocks, but I need a new resolution for that. Let’s get an app for that so it can be understood or scrap it altogether and here it is January 2, and I still can’t find the willpower to make a positive out of it, and now you want me to scrap my resolution? Which one? And it’s Friday, and you said what? (This is feedback. You asked for it so here it is — take it and run with it because as you point out, there’s nobody running in February. They all quick the exercise of changing their minds already. Cheers?

    • Warren,

      There is an old GOP joke that goes: “New Republicans are just Democrats who just got mugged last night.”

      In fact the worst pessimists in this industry are optimists who just found out that recent changes are not bucking the trend that things are getting worse for both borrowers and loan officers and are tired of promoting it as things are really getting better.

      What I do appreciate about financial assessment is that there will be a much lower likelihood that the seniors I get into HECMs will go into default because they cannot afford property charge payments. Yet what I hate about it is that it will disqualify to some extent those who would not default due to failure to pay property charges. It is truly a mixed bag of good and bad results. The only question is will the good outweigh the bad???

      But there is little way that financial assessment will doom the industry. It is far more likely that the $6.9 billion loss in the HECM part of the MMI Fund last fiscal year could.

      And here I thought you had read the Revised HECM Financial Assessment and Property Charge Guide three times already. So I’ve been had again by believing ANYTHING I read on the Internet.

      Have a great 2015!!

  2. I went back to edit my typos and could not. OK, you can fix the typos. (This is your gig). Have a “great” weekend anyway. Happy New Year. Yes, I’m a fan. Best wishes too.

    • Warren,
      No worries and thank you for the differing viewpoint in your first comment. I guess some can say there resolution is to have no resolutions. Here is a toast to achieving our goals regardless in 2015. All the best and thank you for being a loyal viewer and participant.

  3. Shannon,

    And I am The_Cynic? Yet wise words.

    Here is to a great 2015!!!

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