Happy New year!
It is the beginning of 2020 and, as usually many people set resolutions for themselves – whether it’s about losing weight, finding a better job or getting into a romantic relationship.
However many people think about their financial goals but do not know exactly how to meet them.
Much like any other goal, financial goals won’t be met if you don’t pay attention to them, persist in attaining them and have a clear plan behind them.
A 1979 study from Harvard MBA School analyzed how a class of graduating students hit their goals. At the beginning of the study the attendants were asked:
Have you set written goals and created a plan for their attainment?
Prior to graduation it was determined that:
- 84% of the entire class had set no goals at all
- 13% of the class had set written goals but had no concrete plans
- 3% of the class had both written goals and concrete plans
10 years after the study ended, the participants were analyzed and the results were startling:
13% of the class that wrote down their goals but had no concrete plans to achieve them were making twice as much than the 84% of the class that hasn’t set any goals.
However, the 3% of the class that had written their goals along with concrete plans to achieve them were earning ten times as much as the rest of the 97% of the class.
What does this mean?
It means that goal setting is very powerful. That you’re more likely to hit your financial goals (or solve your financial problems) if you write them down and design a plan to help you achieve them.
But setting any financial goals isn’t gonna cut it. You need to set SMART financial goals. Here’s an article from Wonderlust Worker that teaches you how to set SMART goals.
If you want to achieve your (SMART) financial goals you need to take consistent action. For example, if you want to make $1000 a month from your online business, you probably need to make x number of cold calls a day or send y number of cold emails. Nothing will break your financial goal faster than a lack of consistent action.
No. Hitting financial goals is a challenge for many people. It’s not like you can put on your sneakers and go running to lose those 10 pounds. Making X amount of money by a certain date takes willpower, determination and the willingness to accept failure and overcome it easily. You will need to convince people to pay you a certain amount of money for a service you provide. For this you will have to reek confidence and show why you are great at what you are doing.
Many people have problems believing in themselves and their skills especially at the beginning of their entrepreneurial journey. But you can turn things around by doing mindset work. Ask for guidance from a business coach because they know how to help your mind get passed the success blocks.
And remember to not give up when things don’t work out smoothly.
Many now famous entrepreneurs had to start with a $100 or less in their pocket (Madonna started with $50) and had to go through the same failures and uncertainty before hitting their goals.
If you get stuck, make a note to yourself by telling yourself that no one can do your thing better than you because they are NOT you. You have unique skills and a unique personality that goes with it.
Have you set financial goals for 2020?
Leave a comment below and tell me more about it.