Anyone can set a financial goal, at any time of the year. But only a certain percentage of people actually come close to achieving these goals that they set for themselves. However, if you can do these things below when it comes to your goals, you will feel a new and very empowering breakthrough when you realise how powerful you really are. I have broken down for you these easy steps to follow:
1. Ask yourself, “what 1 goal would you like to achieve before the end of the year?”. Make sure it is a goal that you feel genuinely excited about and would leave you feeling proud. Great financial goals could be as simple as paying off old credit card debt, building up emergency savings, starting a home deposit savings plan or even starting your own investment portfolio. It is completely up to you, just make sure whatever you decide to set, you feel inspired and driven.
2. Give your goal a deadline and written in the present moment. Not a “in 6 months time” deadline, as you will subconsciously push that goal 6 months forward and risk losing any momentum or efficiency. Instead, put a line in the sand, for example, “My credit debt is gone by the 31st of March 2023”. This will make you feel far more accountable and trigger immediate action as you realise time is ticking.
3. Next is to program your mindset for success. A quick and easy way to do this is to write down a list of how you will feel once you have achieved this goal. Such as confidence, empowered, focused, organised, relieved. This list will help you stay focused and avoid temptation.
4. Break down the goal into mini goals and mini ideas. Take your one big exciting goal and break it down into mini, manageable and achievable goals throughout the year with lots of mini things that you can do to achieve each mini goal. Just make sure there are lots of short term ones. For example, say your goal is to save $20,000 in emergency savings by 1st of December, 2023, then you would start by setting a goal to have say $3,000 saved up by the 31st of February 2023 and write a list of all the quick and easy things you can do to save and earn $3,000 quickly. As you achieve each goal, set a new mini one that is slightly harder so that you are always growing and learning more about how capable and powerful you are when you get the right goal for yourself in the right way.
5. Reward, recharge reset – as you achieve each mini goal, you should celebrate your success. This doesn’t mean wiping out all your hard work, but learn to reward yourself in non financial ways. Such as cooking yourself a special meal, getting a message, doing a day trip to a national park, something that authentically recharges you so that you are reset and ready for your next mini financial goal to achieve.
This is the mindset and strategy that I took to help build The $1000 Project Portfolio into a $230,000 diversified investment portfolio paying me a passive income of over $15,000 p.a.