goal setting
Do I need to set goals?
No.
To be honest, most people don’t set goals & still manage to get through life.
Experts have found only 14% of people actually set goals.
However, these 14% of people are 10 times more likely to achieve their goals and a level of success than people who do not set goals.
In addition, without goals you lack focus and direction. Goal setting not only allows you to take control of your life's direction; it also provides you a benchmark for determining whether you are actually succeeding.
Setting goals gives you long-term vision and short-term motivation.
It focuses you & helps you organise your time and your resources so that you can make the most of your life.
Setting goals helps trigger new behaviours, guides your focus and helps sustain that momentum in life.
Goal Setting questions.
Start with the big picture.
You understand where you are financially today, let’s work out the destination or the goals of where you want to be.
Remember to:
Write your goals down
Think big
Set your goals with SMART framework
Don’t get caught up in the actions when writing your goals or on what you need to do to achieve your goals.
Don’t let the actions fill you with self limiting beliefs.
The following questions are to support you in establishing your goals:
What are your top 5 financial goals?
This is the question that needs to be answered before our session next week.
Make sure you follow the steps we have addressed today.
SMART framework
Consequences
Motivation
& Financial level you are targeting
What level of financial wealth is your goal?
Financial Comfort? Financial Growth? Financial Freedom?
Apply the SMART framework to this goal - so you understand the Specific - being the amount, Measurable - being the amount & time, Achievable - don’t let the number frighten you, we can break this down, timeframe - when do you want to achieve this level of financial wealth?
What has been holding you back?
Why haven’t you achieved your financial goals in the past?
We need to ensure we acknowledge & address this to clear the path for you to achieve your financial goals.
What is your mortgage repayment strategy?
Mortgage & debt plays a critical part in your financial plan.
Having goals set around your mortgage ensures you are not searching for answers at retirement.
are you making additional payments each month?
are you paying fortnightly instead of monthly?
do you have an offset account?
are you using a debt recycle strategy?
have you fixed a proportion of your loan with the aim to repay the variable amount over the next two years?
What are your other personal goals & family goals?
Holidays, upgrade family home, upgrade car, supporting parents/family, private education for children, legacy for children etc.
These all come at a financial cost, which may require goals to be set around them to ensure you achieve these goals.
Without commitment, you will never start.
Without consistency you will never finish.
Denzel Washington.
Make an action plan.
Understand your exact financial position today.
Once you set your financial goals, you know where you are going, you know your destination.
We are half way there.
Now it is about bridging the gap.
The gap from where you are today to where you want to be.
The action plan or steps, or bricks or actions are what you need to do to bridge the gap.
Break your goals down into small goals or actions, that will ensure you are able to achieve your goals.
To be honest most people are able to outline the steps required to achieve their goals.
However, sometimes the big goals are complex and can be overwhelming because of the sheer size, past experience & limited knowledge when it comes to tax, super, mortgages. If this is the case, reach out for support.
Should you have any questions, please do not hesitate to contact us via email info@newcastleadvisor.com
We look forward to seeing you next Thursday at 7pm to explore ‘Budgeting / Cashflow / Spending Plan’