Goal Setting: Where Do I Begin?
"Setting goals is the first step in turning the invisible into visible." - Tony Robbins
It is that time of year to start thinking about what you would like to accomplish in the new year. You can call them New Year's resolutions, goal setting, or vision board but they are the start of your new path. This task can be daunting and you are all over the place with your thoughts. MyFondi is here to help guide you through this process. We don't want you to not only think about your financial goals but any life goals you have for yourself. Could be climbing the ladder at work, losing a couple of pounds, etc. So where do we begin?
Let's learn about SMART goals!
A SMART goal is an acronym for Smart, Measurable, Achievable, Realistic, and Timely. I know you are wondering what this means to me:
Specific: What exactly do I want to accomplish? Why is this important to me? Is this something I want?
Measurable: How much? How many? How will I know when I’ve met my goal?
Achievable: What specific actions do I need to complete to meet this goal?
Realistic: Is this goal something I can reach?
Timely: When will I reach this goal?
Now that you know how to make your goals SMART, let's think about how far you want to look into the future. Do you just want to look at the current year or 5 to 10 years down the road? I like doing a mixture of both because you will learn later how to take those 5 to 10 years and get it to your current year goals.
I like looking 5 years ahead to figure out what I need to do to get there. This is why Vision Boards are good because they can last you up to 5 to 10 years because it may take some time to reach those goals. Here are some examples of 5 to 10-year goals you can think about:
I want to have $100,000 in my 401K by 2028
I want to become the Manager of Products by 2025
I want to become debt-free by eliminating $20,000 in debt by 2026
Now that you have your 5 to 10-year goals documented you can now break your goals down into milestones. I love milestones because this will help determine if you are on track to reaching your goals by the appropriate time. Then you can incorporate them into your yearly goal. For any career goals, you need to do your research to see what you need to accomplish to reach your goal.
Do you need to take certifications?
Do you need to perform lateral moves to receive your promotion?
Do you need to change companies?
These are just some questions to think about so you can map your plan to reach this goal. If you have financial goals, you can easily calculate what your yearly goals will be. For example, let's take the first goal above save $100,000 in my 401K by 2028. You will take $100,000/5 years = $20,000 per year. Now you know how much you need to save per year to reach your goal by 2028.
Once you have your future and yearly goals written down, go through each goal to make sure each they are SMART. If not, reevaluate the control to make sure they are Specific, Measurable, Achievable, Realistic, and Timely. Now that the goals are SMART let's further break the goals down into quarterly or monthly goals. This will help you stay on track and you can scratch items off the list as you accomplish them. We love a scratch off the list!
Make sure you post your goals so you can see them every day. Do not tuck them away in your desk drawer and pull them out at the end of the year. Put them on the refrigerator, on your desk at work, or hang them on the wall. This will be a constant reminder of what you are trying to achieve.
Lastly, do not get discouraged if you fall short of reaching your goal. This will happen from time to time because life happens. Just review where you are and figure out what you need to do to pivot. There is nothing wrong with reevaluating and determining the next steps.
“When it is obvious that the goals cannot be reached, don't adjust the goals, adjust the action steps.” — Confucius
Want to know what is one of MyFondi’s Goals?
Starting today, NO SPEND JANUARY!
We are not spending any money that is outside of our necessities contained within our budget.
NO Unnecessary Shopping
NO Eating Out, We have Food at the House
NO Spending on Wants
We will keep you up to date with our progress on our IG Story.