Goal Setting 101 (Part 1 of 2)

You know about SMART Goals.

Are your goals SMART?

Goal Setting 101

You even know about SMARTER Goals.

Have you created a SMARTER goal?

Goal Setting 101 v2.0

But do you know how to create clear financial goals?

<cue drum roll>

GOAL SETTING 101 Formula

Can you guess what is in the secret sauce?

Goal Setting 101 v3.0

I am about to show you the secret to creating clear financial goals. Are you ready?

 

Step 1 of Goal Setting 101 – Give your goal a sexy name.

It is not a retirement fund. It is a “Work Optional Fund.” Think “Future Longhorn Fund” for the kid’s college savings. Make it personal – something that resonates with you. Which sounds better to you? “Home Improvement Fund” or “Feather My Nest Fund”?

Step 2 of Goal Setting 101 – Pick the specific date you want to meet your goal.

This is your first draft. You can crunch the numbers later and adjust. Milestone birthdays work particularly well. Special anniversaries are another favorite. Planning for college?Remember to pick a date that lines up with tuition deadlines.

  • 11/12/2013
  • 1/1/2015
  • 12/31/2030

Step 3 of Goal Setting 101 – Quantify your goal.

Again, this is your first draft. In an ideal world, what do you want? Be precise. Add the bell and whistle options. For instance – if you are saving for a home – include the extras like moving expenses and a monies to decorate your new living space. Go big or go home.

  • $1,333 a month for 4 years
  • a lump sum of $128,125.19
  • $100,000 a year for 30 years

We are halfway there. Ready for the secret sauce? Stay tuned for tomorrow’s post where I reveal the secret ingredient and the last three steps…

Be sure and comment below. I would love to hear what names you create for your goals. Have fun with this!

Need one-on-one coaching on this topic? Schedule a complimentary session with Money Mentor Coach, Dedra Murchison.

 

 

 

2 Responses to “Goal Setting 101 (Part 1 of 2)”

  1. Kirsten

    I will be back for that sauce. Loving this way of setting a financial goal!
    Kirsten recently posted..It’s Time to Beet ItMy Profile

  2. Dedra Murchison

    Fantastic! You are going to love the special sauce.

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