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This episode on establishing a goal-setting process will help you figure out what your goals should look like for the next 12 months and what investment (and other) strategies are best suited to help you achieve them.
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This episode on establishing a goal-setting process will help you figure out what your goals should look like for the next 12 months and what investment (and other) strategies are best suited to help you achieve them.
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I mean, is that I take my goal set thing seriously. And to me there are three parts to a good goal setting process. The first is coming up with your actual goals. And I'll start in this episode by talking about how you can create meaningful goals for yourself as well. The second part is understanding and defining the strategies that will enable you to hit these goals. And again, I'm going to run through my thinking on how you can determine where your strategic focus should be. And then the final part is the lowest level. So if you can imagine a triangle or a pyramid, your goal is sitting at the top level. Then your strategies to achieve the goals are in the middle section underneath your goals. And at the bottom section are the tactics that you deploy against your strategy. I'm not going to go into a huge amount of detail on the tactics in this episode because they can be vast as can the strategy is, to be fair, but there's just so many things that can be done tactically in order to achieve your strategic objectives and ultimately your goals that, you know, I'd be here for hours. It's maybe something will touch on in more detail in a specific episode, focusing on that in the future. I'll touch on it a little bit here just to give you an idea of some things that you can do a tactical level. But the real focus is going to be how you can define and set your goals and then how you can determine which strategies are going to help you achieve those goals in the most meaningful way. Like I've said, the goals part comes pretty easily to me, but it's where we need to start as without these well defined goals, it's impossible to know which direction we should be moving in. I probably never picked up on this one. I was a little kid watching Alice in Wonderland the first time, but there's a part in it that I've come across recently where Alice asks the Cheshire cat which road to take she's lost in the forest or something like that. And he asks her where she's going. She says she doesn't know where she's going or she doesn't care. So he quite rightly tells her that if she doesn't know where she's going, then any road is going to get her there. It's simple, but it's pretty profound unless you can clearly tell yourself or someone else where you want to end up, it's impossible to determine how you're going to get there. Now, a lot of people me included up until very recently, we'll jump straight to a financial goal or a destination. But let's shelve that idea for just now, as I don't think that that is specific enough, we will come back to it. But keep in mind that money is only really a tool to enable your goals. It shouldn't be a goal in itself. And the reason I don't want to just start the discussion with money is that until you know what your actual goal is, your idea of how much money you need could be totally skewed. There's another story you hear from time to time about a business person on holiday chatting to a local guy fishing on a beach. The short version is that the businessman tries to advise the fishermen to fish for longer each day, catch more fish, make more money, start a business by boats expand, blah, blah, blah. The fishermen asks, what happens after that, what is the point in doing all of this work? And the businessman says, well, you know, that's the best bit. If you work hard enough for long enough, you'll be able to sell your business one day and retire so that you can sit on the beach and fish every day. If your goal is to have your name on the tallest building in the world, then you'll likely need a hefty chunk of cash behind you before you can achieve it. And with that comes a lot of work in a lot of time. But if all you want is to live A simple life without the stress of a job, then there are a lot better ways to achieve that than working your ass off for 40 years and then retiring. So instead of starting with this focus on money, I want to start by looking at your lifestyle goal. That is what you want your life to look like or how you want it to change and you can use any time period that you're comfortable with here. But I find that one to two years is a good period for Me. You can achieve pretty big results in last time and books like the 12 week year actively promote shorter goal cycles equally. Some people like to plan their goals in chunks of five or 10 years, so find what works for you. There's no right or wrong answer here. But for me, 1 to 2 years gives me long enough to make real progress in that space of time. But it's also short enough that I stay motivated, motivated, motivated by the idea of achieving that goal and also it's short enough, the external circumstances don't change too much. I want to encourage you to take a pause here. If your lifestyle goal isn't immediately evident to you as well, be working through the next steps and it will be a lot easier and more productive if it's based on an actual goal that you are passionate about throughout the rest of the podcast, I'm going to use two examples to get us through each step. The first is based on one of the most common questions I get asked. When is the right time for me to leave my job. So let's put a stake in the ground and say that that goal is to leave work within the Next 12 months. I think a lot of you Would be happy if you knew you were able to walk away from your day job 12 months from now. The second goal I'm going to focus on is the big goal that victoria and I are working towards 12 months from now, which is to buy a sailing yacht and be able to sail around the world indefinitely. Now, I don't mean we're going to be gone forever, but we just don't want to have to need to come back because our business is falling apart because we've run out of money. So we will go for maybe six months, maybe two years. We don't know at the moment, but it will, I guess our goal is to to be able to go without worrying about when we have to come back. Now, we'll use these examples to look at the financial requirements, determining which strategies will support these goals in the best way, and to touch on the tactics a little bit that might help us gather. But I suggest you keep your own goal at the front of your mind as well, so that by the end of this episode you've got a clear focus on where you're going and exactly how you're going together. If you're struggling, then it's not the end of the world. In fact, it's really exciting, I think to struggle with this because spending some time thinking about where you'd like to be a year or two from now is a really fun process. Maybe just to get the creative juices flowing, I'll give you a few ideas. You might be like Jackie Tom's and her husband, David, who are on the podcast very recently talking about lifestyle design. Their goal is to be able to go on holiday together every six weeks, which I think is a pretty nice way to spend your time. Maybe you want to be able to spend more time with your family than your current job allows. Or you know, commit a couple of days a week to help a cause or a charity that you're passionate about. It could be something really simple, like being able to stop working overtime, whatever is when thinking about goals, think about the people that you care about, the places and the locations that you love, the causes that you're passionate about and how much time you want for different activities and what those activities are, and I want to be clear, there is no right or wrong. I think some people get caught up saying I need to have a noble cause a noble goal to work towards. If your goal is to be able to play golf every afternoon throughout the summer, then, you know, whatever makes you happy, you only get one life. So make your goal important to you. Don't make a goal that you think is going to impress other people. If it's not important to you, you're not going to be passionate about it, you're not going to strive to get it, you're not going to be able to drag yourself out of bed on those cold mornings to put in the extra hours that it's going to take to get there. So make it personal to you, make it something you're passionate about and you actually want to achieve once you've got an idea of what your goal is, you need to get some real clarity around it. And as cheesy as this sounds, I am sorry, there is no better way than to go back to the classic smart goal format. It's one of those annoying corporate buzzwords, but in the right context, it's actually really helpful. So if you're not familiar with it, a smart goal is one that is specific, measurable, achievable, relevant and timely and a good goal will cover all of these five elements. Making your goal specific helps you really picture what it is and what it's gonna feel like when you achieve it. So going back to our example, rather than just saying we want to have a boat, which is pretty generic and one specific, we can make it very specific to us by including things like the type of boat, the size where we want to sail it, whether we buy it or rent it if it's new or second hand and so on, as much detail as you like, Rewritten. Then our goal could be something like Victorian, I want to buy a sailing boat at least 40 ft long and it's capable of ocean crossings without any need to return to the UK to earn an income. You don't need to force the details if they're not important to you. We don't care if it's new or secondhand, for example, so we can leave that out. We don't need to put things like, well it must have read sales or blue sales or anything like that. If it's not part of your own desire, then don't make it specific just for the sake of it. A measurable goal is basically just one where success can be tracked or quantified if it's a numerical goals, like buying 20 HMOs for example, you can track it throughout the year and also easily tell by the end of the year whether or not you've actually achieved it less tangible goals. Like I want to be happier. They are difficult to measure. So you need to get to the root of what's making you unhappy in that circumstance and build your goal around the root cause or the reason instead. So it could be that you're unhappy because you're unhealthy or another are other example. It could be because you're not passionate about your job or you feel like you're missing your kids growing up, something like that is wanting you to leave the day job. So having a goal that Says within 12 months, I want to build a property business that allows me to quit, my job will result in you being happier. But it's also a measurable goal. 12 months from now. Are you still in work? no, well, congratulations, you've hit your goal. What's next? Or yes, I am still in work then what needs to change or be done differently So that the goal becomes a reality in the next time period that you're working towards. The next thing to consider is whether your goal is achievable goals that are too big, can have a negative impact on your motivation or make it impossible to know where to start. I've spoken about this before, but I don't necessarily think that all goals should seem achievable from day one. Either it can have the opposite effect. Now. Again, it's a personal thing, but something that's a challenge is going to motivate me a lot more than something I think is going to be easy. And in actual fact, I probably make more progress towards a difficult goal than an easy one because with an easy one, I might not even get started, I'll keep this morning and say, yeah, I don't need to worry about that. Yeah, I can do at some point down the line.
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