Wednesday, November 29, 2006

Goals are Great… if they’re SMART Goals

We hear lots of talk about goals and goal setting… especially as one year draws to a close and we set our sights on the year ahead. Mid-year is a great time to take a hard look at the goals you’ve set for yourself – personal goals, family goals, career goals, health and fitness goals, financial goals… to name a few – and assess your progress and celebrate your wins.

If your goals are SMART Goals, you’ll have determined a way to measure and assess them and, in doing so, dramatically increase your likelihood of achieving them.

SMART GOALS are: S - Specific Goals should be detailed, clear and tangible. For example, "Lose 20 pounds" vs. "Lose weight", or "Increase my passive income by $5,000 per month" vs. "Have more money."

M - Measurable Quantifiable and results-oriented with a formula in place for assessment.

A – Ambitious (not just attainable) Don't make this a cakewalk - stretch! 'Attainable' is great... but if your goal is realistic (our 'R'), it's, by definition, attainable. You want your goal to be ambitious so you'll have a BIG win to celebrate!

R – Realistic Setting goals that have little hope of success can be an exercise in futility. Unrealistic expectations breed frustration and failure and erode confidence.

T – Time-bound When will you achieve this goal? Are there interim milestones that you can set? Detail those short-term benchmarks - and precisely when you'll hit them - and acknowledge your accomplishments.

How did you fare? It’s never too late to apply the Smart Goals ‘formula’ to the goals you’ve set… or begin setting new goals TODAY. ‘Keeping score’ is an important part of Rich Dad’s Game of Money… and before you can score you must have goals. One last thought: commit your goals to writing. If they're not written, they're not real.

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