After the holidays, you are probably going to feel a little chubby: physically fat from all the food and financially fat from all of the money you spent. The exhaustion that occurs during the holidays can be difficult to come back from, but you can do it.

To help you with this process, I came up with a concept called "Financial Liposuction." The idea is built on the simple goals of cutting toxins and negative energy out of your life so you can reach your financial goals. Here are the simple keys for financial liposuction:

1) Cut the BS: Most of us have a thousand excuses for not saving money.... we don't make enough, our bills are too high, we don't have the discipline, etc. Excuses are a waste of time because America is the richest country in the world. If the Chinese (who earn less than 1/10 per capita of what we do) can save, then we can too. Cut the BS and stop making excuses. You are the one who determines if you are going to reach your goals.

2) Cut the Fat: Most of us have "financial fat" in our budgets -- things that can be cut if we absolutely have to. Go to your budget, start from the bottom and work your way up. Cut the things that are unnecessary until you have enough to save at least 10% of your income. No excuses; go do it right now.

3) Build the muscle: After you cut the fat, you must begin the process of building wealth. As I mentioned in my recent article about the "Half Million Dollar Happy Meal," the truth is that by investing consistently, you can accumulate massive wealth through time. By not investing, you are committing yourself to a life of back breaking hard labor. Your money should be working for you, not the other way around.

4) Cut the toxins: Most of us have toxins in our lives that keep us from reaching our goals -- toxic habits, toxic choices, toxic relationships or toxic people. You have to find the toxins in your life and get rid of them. If your mate is not on board with your financial goals, you may have to renegotiate that relationship. If your children are draining you financially, you may have to put your foot down. If bad personal choices are putting up barriers between you and your goals, then stop it all right now. Whether you reach your goals is entirely up to you, don't keep dropping the ball.

Here is a video that I did with ABC News that lays it all out for you. Happy Holidays!





Dr. Boyce Watkins is a Finance Professor at Syracuse University. To have Dr. Boyce commentary delivered to your email, please click here.