Goal setting is a fickle practice. If done properly, it can be one of the most powerful drivers of success. If not, it’s easy to find yourself feeling like you’re getting things done when what you’re really doing is setting yourself up for failure. I’ve found constructing financial goals using the SMART approach is helpful in properly framing the things I want to achieve. For those who are unfamiliar with SMART goal setting, the letters stand for the following:
- Specific: No generic goals here! Be specific (use numbers when possible) to detail what your goal is
- Measurable: Your goal should be quantifiable
- Attainable: A good goal is realistic. You should be able to accomplish it within the specified parameters
- Relevant: Whatever you goal is, it should be pertinent to the greater scheme of your desired direction in life.
- Timely: Put a timeline on it! It’s no coincidence so many people get things done just before a deadline. Use this to your advantage.
As an extra layer of accountability, I am including my financial goals here so that all of you can hold me accountable for my goals. I’ve included them below so I can track my progress and you can follow along with me.
1. Achieve $10,000 per month in passive (or part-time) income
- Progress: $1,786 | 17.86%
- Deadline: December 31, 2022 because I will have been working full time for 10 years by then
- See more detail in my Passive Income Update and a detailed breakdown of how I intend to achieve financial freedom in the next ten years here
2. Invest in ten real estate crowdfunding projects
- Progress: 3 | 30%
- Deadline: March 31, 2020
- See more detail in my Real Estate Crowdfunding Update
3. Purchase a business
- Progress: 0 | 0%
- Deadline: March 31, 2020
- See more detail in my Business Acquisition Update
These financial goals will likely change over time as my financial condition and life circumstances change.