Goal setting at the beginning of the year is an important way to set out a path for success over the next 12 months.
Spreadsheets are a great way to keep yourself accountable, according to b Invested founder Nathan Birch. These can be broken down into separate tabs that focus on finance, health, wellness, business, personal and any other categories you may want to cover.
Nathan has a 10-year vision for his goals. He is currently on track to be a billionaire by 40, which was a long term goal of his six years ago when he turned 40. Even longer term goals of his are to create his own currency and to have a bank. So, not only do you need goals for this year, but also a 10-year plan, 20-year plan and so on.
One method Nathan has always used to find success is to start at the end and then build a roadmap back to the present day. So he thinks about when he gets to the end of his life. What legacy does he want to leave in place for his children and grandchildren? Where does he want to be at that stage?
Then he can work backwards to figure out how to get there. The goals can then be broken down into achievable milestones and hurdles for year after year.
Each year your goals can reflect what you need to do to achieve the milestones for that year. These goals should be achievable and should have a deadline to be completed by.
Some people would be familiar with the ‘SMART’ approach: Specific, Measurable, Attainable, Realistic, and with a Time limit.
People might say “this year I want to get fit”. Or “I want to lose weight”. But what’s the difference between losing 1 gram or 20kg? You need your target to be specific. If you want to lose a substantial amount of weight, you pick a number and settle on it as your target.
And underneath your target, itemise the steps you’re going to take. Perhaps, running or working out a certain number of times per week, or eating a certain number of calories per day.
Then your goal is now measurable, attainable by certain actions, realistic and there is a deadline on getting it done.
Think it through
There’s no pressure to come up with all your goals for the year on the spot. It might take you a week or two to think about everything you really want to see happen this year. Sometimes it can help to really think things over and try to find clarity in a moment where you are not under pressure or stress.
You may realise that something that is going well for you can actually have a significantly improved outcome if you can make a few small tweaks or add a few minor actions to its related processes.
If you need help getting started on mapping out your own goals, reach out to b Invested.