6 Steps to Setting Financial Goals
I recently wrote about the dangers of setting average financial goals, so it’s only fair that I write about how to set above average financial goals.
Going through this process will take some time but it will give you a clear goal and steps to achieve it.
Decide what you want. Take 20 minutes to daydream about your most ideal life. Don’t worry about being “realistic.” Let your imagination run wild. Write down all of the things you have in that life and be specific. What kind of car do you have? Where do you live? What’s your lifestyle? Do you have a personal chef? A personal assistant? Write down every single thing in detail.
Look up the exact cost of everything on your list. Tally everything up and calculate what your income will have to be to afford that lifestyle.
Make a plan. Start with figuring out exactly where you are right now. How do you need to adjust your budget? Should you put more money into your savings and investments? Next, figure out different milestones to reach your end goal and what you need to go to get there. What do you need to do to create that income? Do you need a raise? To start your own business? To generate multiple sources of passive income?
Multiply your efforts by 10. I recently read The 10X Rule by Grant Cardone (which I HIGHLY recommend). Cardone explains that in order to be successful you cannot put forth average levels of actions. So whatever you decided you need to do in step 3, multiple the level of effort, energy, creativity, and action by 10 in order to find success.
Get to work! You are 100% capable of having the dream life you wrote out. As long as you’re willing to put in the effort, energy, and time. It all starts with small, consistent actions that slowly get you closer and closer to your goals.
Write down your goals every morning as though you’ve already achieved it. Here’s an example of what you might write out:
I make $50,000 a month and live in a beautiful penthouse in Miami
I have a personal chef and personal assistant so I can focus only on things that I love
I have a thriving business that is dedicated to providing an exceptional product
I have created over 100 jobs through my business
I have 5 passive income streams
When you write out your goals like this each day, it will stay at the top of your mind and help drive all of your actions throughout the day to move towards those goals.