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Monetary Goals (Do They Work?)

Discussion in 'Process / Progress / Execution Threads' started by Mike.B, Aug 29, 2013.

  1. Mike.B
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    Mike.B 70 kph Read The Millionaire Fastlane Speedway Pass

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    Everything I have read lately states that one should set end goals and then systematically work backwards, but I am having a real problem with this when it comes to monetary goals.



    When planning goals I think about what is needed to accomplish the goal, the action points, milestones, and potential obstacles. The problem is, I see the end goal, and what I need to have in place (i.e. passive income streams, successful business), but I don’t have a single plan of action to achieve these goals.

    How does one set end goals when there are no intermediate goals or milestones? I could say “I want to have 10K in the bank by year endâ€, or “make 1mil by 2017â€, but how do I systematically work back from this point?

    One could add “start a successful business†as an intermediate goal, but not knowing if this will ever happen, or if this is even the correct path, doesn’t really create a clear road map. If anything, it just seems to add to the uncertainty.

    I could start with goals like “save $200 a monthâ€, or “invest $2400 a year in CD'sâ€, but this is not getting me to “make 1mil by 2017â€.

    Is there a better way to approach monetary goals, or should I forgo setting monetary goals and just focus on solving problems and creating value?

    Thoughts?
  2. Ungodly
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    Ungodly Relentless FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    My 20 year goal is 100 million. 10 year goal 10 million. 1 million by 25. Shoot for the stars, if you miss, you'll land on the moon. I like big goals because they push me to the brink of what I can do.

    Posted this on Facebook a little while back too:

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  3. Boxster
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    Boxster 120 kph FASTLANE INSIDER Speedway Pass

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    Do both. Have a big goal, but then have smaller goals along the way, which you can celebrate upon obtaining.

    If your goal is $100,000 a month, divide it up. That's $3,333 a day. First make $50 a day. Then $100. Then $200, $300, and so on.
  4. arcola
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    arcola 60 kph Read The Millionaire Fastlane Speedway Pass

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    That's easy. It's not even a worthwhile question. The goal is just something that forces you to deal with realities. It's not up in the air anymore, it's measured.

    Your asking for a step by step plan, but it's impossible.

    The goal is just a directional. Options will crash into you, crises will happen, the goal is just something to help you see what's a good direction and a bad one.
  5. arcola
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    arcola 60 kph Read The Millionaire Fastlane Speedway Pass

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    I made my goal real by really really looking closely at the market, finding a pessimistic projection, factoring everything, and an extra 10% cost for everything, to factor in suprise, and in my business

    I came up with 50 million in 7 years. On the pessimistic side.

    and then I sent my business plan to every successful person I knew (including MJ) and everyone said it was solid to varying degrees


    once you have that, and your heart knows its real, the monetary goals are extremely potent directionals

    however if you start off like these losers like "I want to make x in 5 years" it's probably not going to happen, your just saying that and deep down, you know it's just a number you made. It's good to do that if your more precise, if you think deeply about what you want and what your willing to DIE for and THEN make the goal
  6. nitrousflame
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    nitrousflame 110 kph FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    "Start a successful business" is not a goal, and it is definitely not an intermediate goal. It's not measurable or definable. At what point is it successful?

    I suggest breaking your "end goal" into smaller and smaller chunks and then specifically defining each chunk as a separate goal.

    SMART criteria - Wikipedia, the free encyclopedia

    Saving $x/month is not the right mindset; generating $x/month, on the other hand, is. Big difference.
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  7. Mike.B
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    Mike.B 70 kph Read The Millionaire Fastlane Speedway Pass

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    Is it really measurable even if there's no clear path to the end result? I could set anything as an end goal and say it's measurable in that case. I don't know how that's going to make me anymore successful.

    I am not asking for a step by step plan, I'm merely stating why I have an issue with working backwards from an end goal.
  8. Mike.B
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    Mike.B 70 kph Read The Millionaire Fastlane Speedway Pass

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    This is exactly my point! Nothing, other than what I have now, is tangible. This is why systematically working backwards from an end goal does not make sense to me. Unless you know every action step and milestone along the way. "Start a successful business" might as well be "blah blah blah".


    Setting smaller goals makes more sense to me than an audacious end goal.
  9. nitrousflame
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    nitrousflame 110 kph FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    Agreed.

    Also, realize that what you may view as an "end goal" (or "event" as MJ says) today, in fact really has no end at all. Rather, it is the culmination of days, weeks, months, and years of building a daily practice, or process that keeps pushing you forward.

    So then, keep the big picture in mind but give yourself some bread crumbs to follow along the way. Always think at least two steps ahead, otherwise you might find that you achieved goal 1, but then you stall because there's no goal 2. Always be working towards something. Keep moving forward.
  10. EvanOkanagan
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    EvanOkanagan 70 kph FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    I think monetary goals are a celebration point or your "mission" to work towards.

    Small steps, with the monetary goal in mind, I believe is key.

    Here's what my whiteboard looks like right now:

    Business

    - Draft ideas for online business system

    Investments

    - Buy third investment property

    Income - Realtor

    - List first home
    - Get first exclusive buyers agreement signed

    Business System Target: $62,500/mo
    Passive Money System Target: $4,999,999.80

    The monetary goals are a motivation, and the action goals are for celebrating small victories along the way and constantly building towards the monetary goals.
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  11. CommonCents
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    CommonCents 120 kph Read The Millionaire Fastlane Speedway Pass

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    Monetary milestones are a measurement of how much value you are bringing to others. Help enough people get what they want and you can get what you want. My goals are tasks/things to get accomplished, not necessarily X amount of money in X time. I find the latter not real motivating on a day to day basis.

    Large goals don't do much to motivate me. I prefer definable shorter term goals that I exceed, since I work even harder when I'm in the "bonus" territory. But that's just me. You'll learn what type goals motivate you the best, for some it is huge long term goals, others, it is more conservative ones to eclipse.
  12. RogueInnovation
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    RogueInnovation 160 kph Read The Millionaire Fastlane Speedway Pass

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    IME set goals for what things you understand, and set targets for the things you don't. Set "hey thats the fantasy" stuff to the side and meet up with that later.
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