Do you have goals in mind for your future? How about clearly defined steps to achieve those goals? Have you done anything today to make those goals closer to a reality?
I’ve recently come to the realization that goal setting is a very important part of the wealth creation process. Without goals, you are merely steering a ship without a rudder and drifting along aimlessly. Many of us have achieved things in life, a high school diploma, college degree, certificate programs, etc, but to truly succeed, you need to have an ever evolving and growing list of goals. It’s this list that will keep you motivated and pushing forward when faced with adversity. But, just having a goal is not enough, you need SMART goals.
SMART Goals
- Specific
- Measurable
- Attainable
- Relevant
- Time Bound
Specific
Your goals must be specific. Simply stating, “I want to be rich”, is not enough. Clearly define exactly what it is you are striving towards. The more specific you are, the more clearly defined your path towards success.
Measurable
Setting measurable goals will help you measure your level of success. I will walk 10 properties this month, I will save 10% of my paycheck, I will read 3 books this month, etc. Doing so will help you measure up to your desirable level of progress.
Attainable
It’s important that the goals you set for yourself are challenging, yet attainable. Setting goals that are too easy won’t be very motivating and ones that are too difficult will only erode your confidence. Push yourself outside your comfort zone and reach for those attainable goals.
Relevant
Create goals that are relevant to your desired outcome. If you want to purchase a rental property and you’re spending your time learning Spanish, that doesn’t help you much unless you’re buying rental properties in a foreign country. Keep your goals relevant to your desired outcome.
Time Bound
Set a timeline for your goals. Just like school or work, things need to be accomplished within a certain timeframe and your goals are no different. Set a deadline and push yourself to meet that deadline for continued success and a sense of accomplishment.
Create a Plan of Action
Okay, you have your goals, now what? Write them down…as in physically write them down. The act of writing your goals down on a weekly if not daily basis will help solidify those goals in your mind, making them a part of your daily life.
One of the most important parts of goal setting is creating a plan of action. What’s the point of a destination if you don’t have a roadmap? You may have a huge goal in mind, one that seems impossible to attain (that’s good!), but you need to break things down into smaller, more attainable chunks. By doing this, you can cross off short-term, achievable goals that move you in the right direction.
Personally, my ultimate goal is to fully sustain my lifestyle, living off of income producing assets within the next 15 years. What I recently realized is that although I have a lofty goal and a good idea on how to get there, I don’t have a specific plan of action. My new short term goal is to flesh out a plan of action and start working to achieve them.
Goals Lifestyle
Many people have lifestyle goals, but few have a goals lifestyle. Goals seem to me like a lifestyle choice, like exercise. You can obtain a goal and stop, like dieting, or you can continue and create an ever growing and evolving list of goals over time that help you achieve your true potential. Which sounds like the better choice? Let me know your thoughts in the comments below!
