Goal Setting

What is a goal?

A goal is a ‘dream or want’ with a deadline. Goals are the stepping stones to achieving what we desire.

Catherine Pulsifer said:

“For me, goals are my road map to the life I want. They have helped me accomplish things I once thought were impossible.”

Why should we set goals?

Joanne Bonomi said it best - goal setting is the core of existence that defines life. In life, we have to know our targets in order for us to know exactly what it is that we are shooting for. It is very difficult to hit what you can not see, and it is impossible to hit what you do not know.

If you aim at nothing, you'll hit it every time. - Zig Ziglar

Harvard Business School's research

Harvard Business School did a study on the financial status of its students 10 years after graduation and found that:

• as many as 27% of them needed financial assistance;
• 60% of them were living pay cheque to pay cheque;
• 10% of them were living comfortably;
• only 3% of them were financially independent.

The study also examined goal setting and found these interesting correlations.

• the 27% that needed financial assistance had absolutely no goal setting process in their lives;
• the 60% that were living pay cheque to pay cheque had basic survival goals, for example, managing to live pay cheque to pay cheque;
• the 10% that were living comfortably had general goals. They thought they knew where they were going to be in the next 5 years;
• the 3% that were financially independent had written out their goals and the steps required to reach them.

How to set goals

Step 1

Look yourself in the mirror and ask yourself the following question. It is also very important for you to answer honestly:

What has been holding me back?

For example: self doubt, fear of succeeding, fear of failing, procrastination, sickness, not enough time, laziness, making excuses, lack of motivation.

Define the areas of your life that you would like to set goals for. For instance: career, family life, relationships.

Identify in no uncertain terms your ultimate goal in each area, and determine how much you can achieve in this month or year. The goals must be specific, measurable, and have a time limit.

For example: area – career. The ultimate goal is that “I want to be a Financial Analyst.” Consequently, I will attempt and pass the CFA (Chartered Financial Analyst) level 1 exam in June. To adequately prepare for and pass the exam, I will need to research and purchase an appropriate set of study material. I will also need to set aside study time given my current lifestyle and responsibilities. It is also important to set aside time closer to the exam to complete timed pass paper question under mocked exam conditions.

Step 2

Write your goals down.

The reality is that written goals clarify thinking, objectify their potential, and reinforce commitment. One secret of successful people is that they keep their written goals visible and review them daily.

One famous study from Yale in 1953 said that the 3% of Yale graduates who had written goals had more wealth years later than the other 97% of the class combined.

Step 3

Share your goals with people who care for you and who will support you to hold you accountable.

Step 4

Get focused, get committed and get moving.

You must create a sense of urgency and get busy NOW!

Develop affirmations – affirmations need to be positive, need to be in the present and should have no negative references. Change the way you think and you’ll change your future.

Step 5

Measure your progress.

Set your daily goals in writing and measure your progress at end of each day. Plan your work, work your plan!

Remember: “Today, I WILL accomplish …”