- August 28, 2014
- Posted by: admin
- Category: Finance News, Financial goals, Wealth
We all set goals, either consciously or unconsciously, but most of us are content with vague targets that are just as easily forgotten the next day.
We sort of know where we’re going and we count upon fate, luck and quick-thinking to get us there. This might work sometimes, but it also makes it easy for us to find excuses, get side-tracked or give up.
Goal setting is one of the simplest and most powerful tools you have to bring about positive changes in your life. Like driving in a big city, it’s harder to find your way if you don’t know exactly where you’re going. Setting goals is like stopping to look at a map – it takes a few minutes to do it, but it makes sure you’re headed in the right direction.
Put pen to paper
Make your goals real by getting them out of your head and onto paper. Be clear and specific by identifying the starting point and the steps required. For example, if your goal is to save for a home deposit, work out what percentage of your income you need to put aside over a specific time frame.
By all means set goals that challenge you, but don’t make them impossible. For example you might make a goal of buying an investment property within a month, but it would be more realistic to set goals for the number of properties to look at or for developing research checklists and spreadsheets.
Learn from experience
Don’t leap into a new goal without reflecting on what did or didn’t work previously. For example you might have had a bad experience as a landlord because a tenant flooded the kitchen and you didn’t have the funds to cover the repair. This time around you might decide to take out Landlord Insurance to protect yourself from risk.
Make small targets along the road to your goal and take the time to stop and celebrate each milestone. There’s more chance of success if you enjoy the journey.