Goals: The Key To Unlock Your Wealth — Investment Gamers
Have you ever felt like advancing in your life is difficult? Do you sometimes feel lost or unclear about where exactly you want to go in life?
It’s been said, “If you fail to plan, you plan to fail.” Benjamin Franklin’s words seem to ring true in every area of life, especially finance. Many people aren’t experiencing the financial success they would’ve anticipated in their current stage in life. That’s not because they are less than anyone else, but because they did not have the right goals and plans to reach for in their lives.
Why Goals Matter
I was going to play golf with one of my good friends the other day, and we were talking about our plans for the future. My buddy wants to have ten kids in the future, which is beyond what I want for myself and my family. He has a plan for his life and has accounted for every one of those kids.
That got me thinking about life and the power that goals have in every one of our lives. Having goals gives you a roadmap for how you want your life to play out. If you don’t have goals, then what are you doing? Just going through life and allowing things to happen as they do?
There’s nothing inherently wrong with that, but at the same time, if you don’t have a plan, it doesn’t make sense for you to be unhappy with where you are in life. Something I learned early in my business journey was the power of goals. SMART goals, specifically.
SMART is an acronym used to define guidelines for the goals you create for yourself. Some of you may have heard of this concept before; some may not have. In my life specifically, I know that SMART goals gave me a real leg up when I started working in sales after high school.
Applying SMART goals to everything I wanted to do allowed me to reach my goals faster and stay committed when it got tricky. They’ve, no doubt, made a difference in my life and continue to do so. For those still wondering, here are the definitions that will change the way that you set goals from now on:
Specific — Your goals need to be clear and precise, so you’ll be able to focus on what you need to do. Otherwise, you won’t be motivated because you won’t know where you need to go.
Measurable — Your goal needs to have metrics by which they can be tracked. If you want to make $5,000 in a month, you can break that down into $1,250 per week to see if you’re on track. Measuring your results helps you stay motivated and determine how well you’re progressing toward your goal.
Attainable — It needs to be possible for you. This plays into your psychology because the first step in achieving your goals is believing that you can reach them. Otherwise, your brain will not allow you to take the actions necessary to achieve your goals. This doesn’t mean setting easy goals, but goals you believe you can accomplish if you really push yourself.
Relevant — Your goal actually needs to mean something to you. In other words, you need a ‘why’ behind going after it. If there’s no underlying reason for achieving the goal, it logically doesn’t make sense for you to pursue it. At that point, it makes it about a million times easier to quit if things start throwing you off course.
Time-bound — Any goal you create should have an end date or deadline. Thus, giving you a target with a sense of urgency. You’ll prioritize taking actions toward this goal rather than small tasks becoming more important than fulfilling your longer-term vision.
Dream Big, Start Small
We’ll never make anything spectacular happen if we don’t first believe that we can do it. There’s nothing wrong with having big dreams. Don’t let the “realists” drag you down with them. They’re likely dreamers who’ve given up on what mattered to them in life.
People with big dreams are people who make a difference in the world. If you want to be a billionaire so you can give back and help the people in the world that are struggling, go for it. If you’re going to invent a new way to get clean water to underprivileged areas, make it happen.
Follow those big dreams. A lot of big things take time and consistent, focused action. That’s where it’s important to break those big goals down into digestible pieces. A saying goes, “How do you eat an elephant? — One bite at a time.”
Although, it might seem impossible if you’re looking at where you are now and feel like you need to make the giant leap to achieving your long-term goals. The great thing is, they’re long-term goals for a reason; you don’t have to be a billionaire tomorrow.
Instead, get to your first $10,000, your first $100,000, your first $1,000,000. Everything else will fall in place, so think of each smaller goal as a domino lined up to knock over that final golden domino. The smaller you break down your goals, the more actionable they are. None of us need to procrastinate if the first step is making one phone call today — anyone can do that!
Follow The Plan
Once you have your big goal clearly and have broken it down into smaller, more actionable goals, all you have to do is get out there and start knocking them out one by one. People don’t achieve their goals because what they think are goals are just dreams. Dreams are great to give you a starting point, but you have to take it a step further to make it an actual goal.
See the difference between the two below examples:
“I want to be rich.”
“By age 45, I am ‘retired’ with $100 million in an investment account. I will use 60% of the passive income from my portfolio of businesses and real estate to help create affordable, sustainable communities for low-income people across the United States. All while having the freedom to travel with my wife and two kids to experience the world.”
The first example is general, and it doesn’t give any parameters to tell you when they get there. What’s “rich” could be completely different from one person to the next. There’s nothing wrong with wanting to be rich, but they have a dream if they don’t know how their goal is defined.
The second example gives precise measurements to know if the person is on track to reach their goal. It also provides a specific guideline of what they are shooting for. There is a reason they want to achieve that goal. They know who they will be and what their life will look like when they achieve the goal. The best part is that they’ll know whether or not they’ve hit their goal when age 45 comes around!
Goals Are Powerful Tools
At the end of the day, the most important thing with goals is that they give us an ideal to strive for. In breaking down that goal, we are developing a roadmap for ourselves along the way.
If we want to visit our friend in another city, we can get to the city, but it’ll be hard to find our friend’s house if we don’t have a specific address. It will probably take us a lot longer to see it as well. However, if we have their address, all we have to do is plug it into our GPS and follow the directions.
Goals are like addresses in our lifelong journey. The more specific the goal, the more accurate the directions will be for us to reach them. If you look at the most wealthy and successful people in the world, I guarantee they each have specific goals that they’ve achieved and are continuing to work towards. Like Tony Robbins says, “Setting goals is the first step in turning the invisible into the visible.” So, let’s get out there and set our goals the right way. Here’s a little warm-up exercise: What kind of goal do you want to set, and when do you want to have that goal set?
Originally published at http://investmentgamers.com on May 10, 2022.