Great Goal Setting Tips: How Should You State Your Goal?

Knowing what you want in life and dreaming big is the key to anyone's success. We can wish to become rich all we want but we need to make sure that it will become a reality. That's how important goal setting is. Developing your goals is an essential step in building wealth. Without it, you will not go anywhere and cannot move on to the next step. You must do it beforehand to give you a clear picture of what you are trying to meet and guide you in reaching it. Clear targets will help us measure our progress in achieving financial freedom in the end. Setting your financial goals is more than just stating general statements like "I wanted to become rich". You must clearly define it so you can focus your efforts in achieving it effectively.

Here are 5 important factors you need to know in making smart goals:

1) It is specific. State your goals clearly and exactly as you want it. If you want something, you need to know how it will look like and how to make it happen. Imagine building your dream house. It is not enough that it is big. You need to paint your dream house on your mind in detail. You can say "I want to have a 3-storey white mansion with 5 bedrooms, big kitchen and wide living room, with a large infinity pool and colorful garden in a 500 square meter lot." The more detailed your goal is, the easier you can imagine and you will become more passionate in achieving it.

2) It is measurable. Quantifiable targets are easier to reach. If you just say "I wanted to become rich", it's hard to think of ways on how to make your dream of becoming rich come true. But if you say, "I wanted to earn 1 million pesos so I can become rich", it will stimulate your mind thinking of ways of how to earn that amount of money. Measurable goals will also help you create a plan on how to meet it step-by-step. If 1 million is impossible to have in a period of 10 years, then you can break it down and decide a target per year. This way it will be much easier and less stressful to think about.

3) It is attainable. Smart goals are action-oriented. The only way to make it happen is for you to have control on it and do something about it. Do not create goals that are hard to do and make you chase your dreams forever. But it doesn't mean that you have to make a simple goal achievable in little effort. Your goal should challenge you, keeps you motivated and is always attainable. If traveling the world is impossible to happen as of the moment, then you can just say "I want to travel all tourist destinations in the Philippines". It is attainable because it is within your area, you can travel through the public transportation if you are in budget. In other words, it is possible.

4) It is realistic. Make sure your goals are realistic before you get your hopes up too high. We dream big and want to make it real. It is important that your goals are doable but not necessarily easy. This means that you can reach for your dreams by using your own skills and charm. If you don't have it yet, then you can develop it. Remember the story of Michael Jordan. He aimed of becoming a NBA superstar. He didn't just dreamed about it but work hard for it. He trained himself everyday. He didn't stop training until he qualified in the NBA league. Then when he was already there he didn't stop, he continued training and making himself better and as a result he became not just a member of the NBA but the greatest NBA superstar. And you can do it to! When stating your goals, make sure to think that you can do everything to meet it and that it is possible. Say if you are only 26 years old and want to have your first million before you reach 50, then it is still possible. However, if your goal is to have 10 million before you reach 60 and you are already 58 years old, then 2 years is not enough to reach your target.

5) It is time-bounded. Goals can either be short-term or long-term. It depends on when you want to carry out your goal. It means putting a deadline in accomplishing your aim. Deadlines help us finish it faster and make things done. Just imagine if you have studied college and we didn't figure that you need to finish it in 4 years time. You might still be in college and never cared if your grades were low or you are about to drop a subject. If you're now 26 years old and wanted to earn your first million before you reach 40, then state your goal in a 14-year financial plan. This means that you will work before 40 years old to reach your first million. If you didn't specify a timeframe to it, then you might end up working even after retirement.

You should have a smart goal to make your dreams come true. If you want to build wealth and gain financial freedom, make sure that your goals are specific, measurable, attainable, realistic and time-bounded. It is not enough to state your goal in a simple way. Effective goal statements are clearly defined.

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