Setting goals is important

As I said last week I would start a series on goal setting this week, So it was a good coincidence that this week I received an email from Robyn Pearce of gettingagripontime.com which I subscribe to regularly. I thought it time efficient to quote what she said in her newsletter about goal setting as I agree with every word written and it is very similar to what I have written in my book.

“ I've proved it over and over in my own life and seen so many others also dramatically change their lives - goalsetting is one of the foundational cornerstones of everything - our success, the way we make choices with our time, the quality of life we will live. - EVERYTHING is impacted when we have clear written goals. And don't just believe me because I say so.

Did you read about the astonishing Harvard Business School study into goal setting?

Students in the 1979 Harvard MBA program were asked:
'Have you set clear, written goals for your future and made plans to accomplish them?'
• Only 3% had written goals.
• 13% had goals but hadn't written them down.
• 84% had no specific goals.
Fast forward 10 years ...

When interviewed again 10 years later, the 13% of the class who had set goals were earning twice as much on average as the 84% who didn't have goals.
What about the 3% with written goals?
They were earning 10 x as much on average as the other 97%!

Just imagine how you'll feel at New Year's Eve, sitting with friends, reflecting on the year that's gone and the year to come, and knowing that this time you will get those goals written down. That you've taken a serious step to being in that 3%,”

When I do my goal setting I like to use five headings for my goals.
Super Short Time - under a month
Short Time – two years or less
Medium Time – five years or less
Long Time – ten years or less
Long Long Time – 20 years or more

If you are new to goal setting start with some simple exercises, Nothing too complicated, and something that you know you can achieve within a week.
For example for a super short term goal, decide on an amount you are going to spend on groceries for that week – write it down – stick to it – tick it off.
Encourage all members of your family to set financial goals as an exercise during this holiday period.
Next week we will look at making sure you set SMART goals.

Sylvia’s book, Parents: How to stop your kids from going broke is available from www.silbo.co.nz, Paper Plus Stores, and Christian Bookshops. She is also available to speak with community groups and give tips on how to raise financially savvy kids. For information contact us.