67% of wealthy write down their goals!
Tom Corley, author of the RichHabits.net, spent time observing and tracking the habits of the rich as well as the poor. One of the habits that differentiated the two groups was related to goal setting. Here is what Corley discovered:
He found that 67% of wealthy write down their goals vs. 17% for poor.
What’s the lesson here? How we approach goals can have a huge impact on our financial wellbeing.
If asked, most of us would raise our hand admitting we have financial goals and dreams. But how many of us actually do something about those goals? Wishing for a specific financial outcome will not move us any further in life. But according to Corley, those who take the time to write their goals down, and then track the progress, will have a much better chance at turning that “wishful thinking” into reality.
Even though there is no “formula” for how to set and track goals, there definitely is a trend – a habit that successful people have discovered and are putting into practice. The good news is that this habit is not limited only to the successful. All of us, at any time, can pick up the habit of setting goals and make it part of our daily routine.
Here are few suggestions to help make financial goal setting a fun and a fulfilling part of your life:
1. Don’t set too many goals. If you tackle too much at once you’re bound to become overwhelmed and quit.
2. Once you set a goal, think through what it will take to accomplish it. Understand both the opportunities as well as potential roadblocks to achieving this goal. To sum it up: be prepared.
3. Break each goal down into smaller sub-goals.
4. Give each goal and sub-goal a due date.
5. Post your goals in a visible place.
6. Track your goals regularly.
7. Celebrate and reward yourself for achieving each milestone.
8. Find a personal finance app to help you automate not only your goal setting, but also progress tracking.
9. Even if you encounter “hiccups” along the way, remember that small progress is still PROGRESS!
All of us love hearing stories of financial breakthroughs, but how often do we “look under the hood” to learn what made the success possible? Financial turnaround won’t happen by chance. Plan for it, track it, and keep yourself accountable. When you do that, you’ll start experiencing the breakthroughs you’ve only been hoping for until now.
Here is a nice visual to help you with smart goal setting