“Definiteness of purpose is the starting point of all achievement.” ―W. Clement Stone
Goals provide meaning to life. They give you direction and when you accomplish them a sense of fulfilment. 80% of millennials mark getting rich as their first or second priority. So, how does one become wealthy? Does it happen by chance or can you design your luck?
If you want to be a wealthy millennial, you need to start getting your financial affairs in order. We curated the ithoughtwealth 12 step program to set you on the right track. This month we’re looking at how identifying your goals impacts your wealth creation.
Here are two harsh truths:
- Without goals, you’ll be less successful than you hope to be
- Writing down your goals improves your chances of success
Setting SMART Goals:
Being wealthy is a grand vision. To be wealthy, you need to be clear about what wealthy means to you. SMART goals are specific, measurable, achievable, realistic, and timebound.
For most of us, there is a number associated with financial freedom. This means knowing how much passive income you want or fixing a savings target. There’s no magic number for everyone, but there is a magic number for you. Get in touch with our team if you’d like to find out what your magic number is!
Later in the ithoughtwealth 12 step program, we’re going to measure progress. Evaluating your progress and objectively measuring it is necessary. It lets you know whether your ahead, right on track or behind. The earlier you have this knowledge, the more powerful it becomes. With early assessments, you can bridge gaps or scale-up.
A wealth creation partner can make all the difference. Sign up to become part of the ithoughtwealth family!
There’s a fine line between challenging and impossible. An impossible goal will leave you feeling drained and hopeless. Eventually, you’ll abandon impossible goals or they will weigh on you emotionally. A challenging goal, on the other hand, will leave you energised, hopeful, and motivated. If you reach for low hanging fruits, you won’t live up to your full potential. And you’re likely to miss finding your purpose.
Realistic goals are still beyond your reach. The idea is not to diminish your vision or settle for something lower. When you’re setting a goal it’s important to know what you want, but it’s equally important to know what you’re willing to sacrifice or change. If you want to be wealthy but you’re not willing to follow a budget or cut back on your lifestyle, rethink your target. There’s no harm in having different priorities. Realistic goals are about thinking big and starting small.
Want to know if your goals are realistic? Talk to our team!
Goals without timelines are meaningless. Especially when it comes to finances. The value of money changes with time. The further you go into the future, the less ‘money’ is worth. This is partly due to inflation and partly due to potential returns you could make on an investment. When you set deadlines, you can also set milestones and celebrate the smaller victories!