How do you start your 2018?

Do you have a tradition for yearend? Do you look back at the past year and assess how you fared during the last twelve months? Do you believe in making New Year’s resolutions?

Some would say that they don’t believe in making New Year’s resolutions anymore because they will just fail anyway. Still, some say resolutions should not just be during the New Year but all year round.

Both have valid points. We always fail to fulfill our resolutions, maybe not all, but some, or should I say most? And the other point of view is also correct because resolutions to be good should be all year round.

But do you know that our human wiring can really benefit from making New Year’s resolutions?

Here’s why. We will always have problems with discipline, self-control, ego depletion hyperbolic discounting or present bias, and many more human limitations that will prevent us from doing what we planned to do (To read more about these limitations when it comes to money go to Psychology of Money series link). The good news is that the concept of a “clean slate” has that psychological power to help us deal with these human limitations. The image of a “perfect record” thrills us and empowers us to continue to do the right things.

For example, if you resolved to exercise at least twice a week or eat your salads first before anything, or save and invest every single payday, and you have been doing so without fail, you become more confident and more likely to keep your perfect record. But once you miss out on any of them, the next miss is a lot easier to make. The idea of a perfect record is no longer there and one miss is not too different from a few more misses anymore.

So the idea of giving yourself a new and clean slate has the power to bring back the confidence and determination to do the right thing(s) again. And if only for this, it is still worth making those New Year’s resolutions. It is always best to start the year right.

I asked these two questions to some personalities:

1. How do you usually start the year?

2. How do you intend to start 2018?

Here are their answers.

Nestor Espenilla Jr., governor of Bangko Sentral ng Pilipinas.

“I do a lot of personal and work reflection after Christmas, in preparation for next year. A typical year begins with mass with family after waking up late from New Year’s Eve celebration. Then followed by a big family lunch. But New Year’s Day 2018 will be a little different since we’re going on a day trip with a classmate visiting on holiday.”

“First day of work is straightforward. We have a flag ceremony which I will get to lead for the first time. Then just buckle down to usual business.”  

Edward Lee, chairman and founder of COL Financial Group Inc.

“I normally review what we did in the past year and reflect on it. Then spend time with my Investment Managers to try and forecast what will happen next. That’s what I intend to do this coming 2018.”

Riza Mantaring, chief investment officer of Sun Life of Canada (Philippines) Inc.

“On New Year’s Eve all of us would go to my parents-in-law’s house at around 11 p.m. At midnight we would all toast with champagne and greet each other, every single one, including the great grand children, then have a feast - the centerpiece of which has been raclette cheese melted and poured over marble potatoes. There were times we wish we could join some interesting event, but as you get older you realize there’s nothing like spending the start of the year with family!”

“We don’t make New Year’s resolutions or anything. We just continue on whatever path we’re on – we adjust along the way as needed, not necessarily during the new year.”

“For 2018, it will be special as my daughter is getting married on January 6, so my entire family including siblings and their kids will be home. So we’re going around a bit and preparing for the wedding.  We will start 2018 at my in-laws but this time with my siblings, my future son-in-law and his mom, and also my son’s fiancé!”

Cesar Purisima, secretary of Finance (2005, 2010 to 2016)

“I start the year with optimism, renewed vigor, lots of hope and a mental plan for the year.”

Nestor Tan, president of BDO

“I normally like to hit the ground running. Hopefully, for 2018 I’ll start it no different from the previous years – get moving with our agenda as soon as possible.”

Kenneth Yang, president and CEO of McDonald’s Philippines

“I start the first day of work by getting to the office early and greeting my employees personally Happy New Year! I also write down my major business and personal goals for the year.”

Alvin Lao, president of D & L Industries Inc.

“I like to start the New Year with gratefulness and thanks for the past year, followed by a lot of thought and reflection of what went right (and wrong!), and what can be done better in the coming year.”

Chris Tiu, basketball player, TV personality and businessman

“We usually start a new year going to morning mass with the family followed by a nice meal prepared by my dad to celebrate the New Year and also Mama Mary's Solemnity and thanksgiving for a wonderful year that passed.”

Matteo Guidicelli, actor and athlete

“I usually start the year listing down goals for the coming year, a very long list! I intend to start 2018, organized, active and hungry for life!”

“I would make resolutions on areas of my life that I want to improve on and set some minor goals for family and career matters.”

Ramon Bautista, comedian, TV host, writer and educator

“I start the year finishing off food that is left over from New Year’s festivities. This shall give me the energy to achieve my goals in 2018!”

I wish to thank Nesting, Edward, Riza, Cesar, Nestor, Kenneth, Alvin, Chris, Matteo and Ramon who took time out from their Christmas holiday to share the above with us. May you all have a wonderful 2018.

For my dear readers, thank you for spending your precious time with me all these years. It has been a good seven years of sharing – from RaisingPinoyBoys.com to this PhilStar.com column and FQMom.com and other magazines I contribute to, and fairly recently, my FQwentuhan videos. You probably know me a lot more than some of my family and friends because through my weekly column and videos, I have shared my beliefs, the things I’ve learned, my dreams, and at times my deepest sentiments. I wish you’ve learned something from all of these “sharings.” I truly appreciate your feedback and even after seven years, I still get a kick out of reading them. Here’s to a successful year for all of us. May we all take advantage of the clean slate that the new 2018 brings us! 

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ANNOUNCEMENTS

1. Thank you for being with me in 2017. Watch our FQwentuhan tomorrow as we present the highlights of our FQ Live and FQwentuhan which we started in 2017. 

2. Catch me on ANC’s “On The Money” on Jan. 6, 2018. 

3. Marvin and I will speak about “Living a Brighter Life after Preparing Ahead on January 12, 2017” in Frabelle Business Center, Makati. Registration starts at 12:30 p.m. 

4. Want to know your FQ score? Take it today. Click link to take the test. http://tinyurl.com/FQTest

Rose Fres Fausto is a speaker and author of bestselling books “Raising Pinoy Boys” and “The Retelling of The Richest Man in Babylon” (English and Filipino versions). Click this link to read samples – Books of FQ Mom Rose. She is a behavioral economist, a certified gallup strengths coach and the grand prize winner of the first Sinag Financial Literacy Digital Journalism Awards. Follow her on Facebook and You Tube as FQ Mom, and Twitter & Instagram as theFQMom.

ATTRIBUTIONS: Images from StickPNG, Wikipedia, Seminar Philippines, CommonPurpose.org, Official Gazette, Click ITTEFAQ, PhilStar.com, PinoyExchange, Flickriver, Twitter and Finance Asia used to help deliver the message of the article.