To stay on track or to accelerate reaching your goals, you’ll need to invest time to regularly review and monitor how you’re tracking.
Here’s a summary of the strategies we’ve learnt about how to stay the path toward reaching the goals you’ve set, from our own experiences, and from helping others.
On the go? Here’s 30 seconds of key take outs:
- Goal setting is just the beginning. Tracking your progress toward reaching your goals will keep you moving in a positive direction.
- Finances are just a means to enable the lifestyle you want to live. A balanced approach to life is the good life. The goals you set for yourself need to address all the facets of your life.
- Goals that are specific, measurable, achievable, realistic and time based (SMART) can be readily tracked. Seeing progress toward your goals is VERY motivating.Keep reading >>Committing goals to paper is a great start, but it’s only the beginning. Imagine you’ve registered months ago to run a marathon only to realise you’re now only one month away and you haven’t even given it a thought. Sure, you set a goal but how do you feel now? Panic has probably set in, an emotion that won’t help you make it over the finish line.Just like committing to a marathon, lifestyle goals are best achieved with a clearly defined action plan that you’re constantly monitoring and measuring your progress toward.Your lifestyle and financial goals will change as you progress through each stage of your life. You need to regularly commit to reviewing your lifestyle priorities and progress toward your goals.How do you track the progression toward your goals effectively?
An old mentor of mine shared with me a system of how he tracks his businesses through a number of key factors that sustain the success. I’ve translated his strategy into five steps to set measurable goals and then keep tracking toward your goals, while maintaining a balanced lifestyle.
Goal reaching step #1: schedule in two distraction free hours now and in three months time
Print this blog article out, then book in two hours of distraction free time to focus on where you want to direct your life. At the same time, book in two hours three months from now, to review your progress.
Turn off your mobile phone and put it out of sight. We’re going old school because using a laptop or tablet is likely to distract you.
Grab some coloured pens and a piece of paper.
Goal reaching step #2: rate the facets of your life
Committing your goals to paper is the first step in transforming your life. This next couple of hours could be a pivotal point in your life, if you allow it to be. Consider the following sectors of your life:
Work through each of these important facets of your life and pencil in a score out of 10 based on where you are right now. A score of 10 means that part of your life is the best that you could imagine it ever being and anything less than 8 is where you can focus your goal setting on.
Goal reaching step #3: set measurable personal and financial goals that support your vision
Consider your personal vision. Where do you want to be in two, five and ten years’ time? What do your retirement years look like? A personal vision is the foundation on which to develop your long term goals.
A goal setting plan bridges the gap between today’s dreams and tomorrow’s reality.
For each Wheel of Life sector that falls short of a rating of eight today, write down what actions you will take to move you toward a 10.
When you are writing down your goals, use different coloured pens. This helps stimulate your brain. Write it down large and freely. Keep it simple and clear.
A well-formed outcome is an outcome you desire to achieve. A well formed outcome considers each of the facets of your Wheel of Life, not just the financial aspects.
A goal you set to achieve a well-formed outcome must be realistic and achievable by you and not dependent on someone else changing their behaviour.
For each goal:
- Write down the specifics of what you are going to do, starting today, to reach toward a 10: Each action must be prescriptive and measurable. For example if you want to lift your money sector, your goal may be to set a weekly budget and stick to it for three months. You can keep refining and defining each set of actions to help you reach the goal. For example, setting a weekly budget may include specific actions that will direct extra cash flow from savings to saving for your next investment property!
- Assign each goal a priority: your priorities may shift each time you check in on your progress, but your time is precious and you want to focus on those goals that are of most value to you.
- Set deadlines: this is really important but make sure the timeframe is achievable and realistic.
- Write down what you need to help you reach each goal: what resources do you need to help you get there? For career related goals, for example, resources might include identifying a mentor or a training course. Some goals may require you to find some extra cash.
Visit Capital Properties > Resources and Tools > Investor Tools and Apps for free templates and information to help you set and reach your goals.
Goal reaching step #4: ask a trusted friend or mentor to review your goal setting plan
This one takes courage, but is an incredibly powerful way to get some insight into your goal setting strategy. A trusted other will soon let you know if your reach is reflective of your capability. What you’re looking for, is someone that has a reputation for setting and achieving goals. Importantly, it needs to be someone confident enough to be bold and honest in giving you feedback. It also needs to be someone who wants to see you succeed.
Get some experts around you to help you on your way: Pinnacle Program Support
Free investor tools: Pinnacle Program Support Client Review