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Goal setting - what is all the hype about?

By Wealthyfrog  www.wealthyfrog.com.au

 

 

"The ultimate reason for setting goals is to entice you to become the person it takes to achieve them" - Jim Rohn

 

Many motivational speakers, such as Jim Rohn (quoted above) maintain that people who set goals and review them regularly have a higher strike rate than those who do not.   Why is this so?   What is the big deal about goal setting anyway?   The bottom line is that it can work!   Those who are clear about what they want, write it down and remind themselves of their goals daily have a much higher chance of reaching them - and often find the bonus of a much better result than the original goal.

 

Clear, succinct and specific goals are best.  For example a financial goal could be "signing my first contract of sale" for an investment property, or "investing an additional $50 per week for my early retirement".  This could be more meaningful and viewed as an investment instead of a cost, which could be more motivating in those challenging times of taking action.   When goal setting, one must also consider whether the goals are realistic and achievable - they also need an element of challenge in them to make them worth going for.

 

Finance goals in particular need a strong vision - one you can hook into easily.   Once the vision is clear, the strategy needs to be researched and a step by step plan put in place.   Cash flow will need to be addressed and under control in order to execute a plan.  More knowledge may be required about how to reach a goal and all of these factors must be underpinned by a strong commitment to the goal and of course lots of action.

 

Most of us face a number of challenges along the way - things like procrastination, making the time, asking for help and losing focus - but remember it's the daily reminder of the goal and the clear vision that will keep you going.

 

So what are your goals?   Follow these simple guidelines to get started:

 

1.       Get a pen and paper, and sit in a quiet place

 

2.       Start by writing short sentences about what you want in each area of your life ie. family, personal, professional, financial, education, spiritual etc.

 

3.        Write a desired completion date next to each area if applicable

 

4.        Get a new piece of paper for each area, and start by writing your sentence as a goal (see example above) and the desired completion date.

 

5.       Write the steps needed to reach the goal.

 

6.       Then write all the knowledge and tools you currently have to work on the goal.

 

7.       Write down where the gaps are, if any, - and then set about finding ways to fill them.

 

8.       Enlist the services of a professional to assist you if required - think about what life would be like when you have achieved the goal - it's worth every effort

 

This article was provided by Wealthyfrog Park Road, Milton. Authorised by Wealthyfrog AFSL Pty Ltd; ACN 101 092 228, AFSL number 276895.

 

This article does not purport to give Financial Product advice, the information in this article is of a general nature only.  You must consider your own personal circumstances, investment objectives and financial situation before taking any action as a result of reading this article.

 

Wealthyfrog offers unbiased wealth coaching and are unusual in that they are completely unbiased and don't sell any investments or receive any commissions. Please contact Wealthyfrog for a complimentary session on 07 3514 7000 or visit our website on www.wealthyfrog.com.au. Let us know if you have come from Property Pursuit.