Tag: smart goals

SMART Goals for 2022

Have a SMART goal in mind.

S.M.A.R.T. is an acronym standing for specific, measurable, attainable, relevant, and time-based. These goals are designed to keep you on track and motivated to achieve what you want in life. They work because instead of just having a general idea of what you want (i.e., “I want to retire early”), they make you think about the path of how to actually get there.

For example, if you want to retire early, how early? Does retiring early mean retiring at 60? 55? 45? You need to set an end date to create a sense of urgency. This will also help you reverse engineer your goal to see if it’s realistic/attainable. You’ll need to figure out how much you need to live off of per month or per year and then can use cool tools like the 4% rule to see how much money you need invested to hit your retirement goal. Are you ok living off of $40,000 per year ($3,333 per month) or do you need $80,000 or more? What expenses will you have when you retire? In addition to basic living (food, water, transportation, cell phone), will you still have a mortgage payment? Don’t forget you’ll likely need to pay for healthcare. Using the 4% rule, you’ll need $1,000,000 invested if you want to live off a $40,000/year income.

The good news is that if you’re young, you have a lot of time to make good financial decisions and allow those good decisions to compound over time. The bad news is, it’s a long time to stay focused on a goal. So Instead of taking a straight line to where you want to go, it might be more of a winding road.

How do you stay focused for 20 years? To do this, you have break it down into more manageable chunks (having “milestones” to look forward to), celebrate the wins once you achieve those milestones, review your goals regularly, have an accountability partner to make sure you’re not straying too far off your path, understanding that sometimes you’ll have to delay gratification, not worry about what others think and stop comparing your life to theirs, and have a strong reason for wanting what you are stating is your goal. Do you want to retire early only so you can sit in front of the tv all day or do you want to enjoy life with others? If it’s the latter, who’s to say you can’t do that now?

Practicing patience

The day you plant the seed is not the day you eat the fruit. ​
The day you plant the seed is not the day you eat the fruit.

Most things in life that are worthwhile are either difficult to obtain, take effort, or take time to develop/grow. Some of the best things in life require all three. For example, having a strong relationship (whether between your spouse, best friend, or co-worker) takes time. You don’t have a deep relationship with them the first time you meet them. It takes effort on your part to listen, to show you care for them, etc. The longer you do this, the stronger your relationship grows.

The same can be said for physical success (building/shaping your body how you want it to look), mental (learning a new subject or language), financial (accumulating wealth), or at work (you have to start somewhere, and that place usually isn’t at the top). Most great things take time. We don’t plant the seed and eat the fruit the same day, just as we don’t do one workout and get a six pack the same day. The overnight success is the outlier.

Practice patience. Be patient with others, but be patient with yourself and your goals too. Don’t give up just because you’re not seeing results as quickly as you want. Eventually, if you are consistently working towards your goals, you can achieve great things. Just make sure you’re setting S.M.A.R.T. goals towards things that are actually meaningful to you. If you really want to achieve them, you’ll find a way. If not, you’ll find an excuse.

Ask yourself these two questions when goal-setting

When you’re developing your goals, you should be clear on why you want to achieve these goals. You should also follow the S.M.A.R.T. acronym (specific, measurable, attainable, relevant, and time-based). But after all that, you should ask yourself these two questions:

If not me, then who? If not now, then when?

Your goals are not going to be achieved if you’re not taking action to make them happen. If you don’t make that phone call, talk with that person, let others know about “x,” wake up early to go workout or read or master your craft, etc. who is going to do it for you? If you’re not going to do them right now, when will you prioritize them? Don’t keep procrastinating. If your goals are truly important, you’ll find the time or make the time to do the activities (to follow the process goals) that help you get the results you want.

Timing is everything

Put a timeline on everything. When there is no time crunch, your effort and focus tends to dissipate. But if you are in a time crunch or have a deadline, you’ll get more done in less time. This is called Parkinson’s Law. Parkinson’s law says that work expands to fill the time available for completion. So, if you have a week to complete something, it you’ll usually take the full week to do it. But if you were only given three days to do it, you could do it in three days.

So, if you don’t have a timeline for when something needs to be achieved, you likely won’t focus on it enough to actually achieve it. This is why S.M.A.R.T. goals are timely. You need to have a time restriction to be your most productive.