Goal setters vs non goal setters; is there really a difference?

Goal setting is a funny thing. It has a way of keeping you on the straight and narrow. Without it, we endlessly wander around hoping we will end up in a better place than where we started. Often wishful thinking isn’t a sound plan to pull off our dream result.

And yes, there is a difference between goal setting and dreaming.

A goal setter will work backwards from their goal. Once they have it in their sights, they will work out the steps required to get there. A non goal setter will still have the dream but will trust that eventually that will all come together or that they have plenty of time to sort it out.

Often non goal setters are working far harder than they need to and are getting nowhere.

Here’s our top tips for being a goal setter;

Break things down into baby sized bites

Want to go on an island holiday in 12 months (or invest!) but it’s going to cost you $2,000? Break it down. That’s around $167 a month, or $38.50 a week. Can you forgo your daily coffee in exchange for the office filter? That could be $20 a week towards your goal. Maybe that Friday lunch shout or after work drinks happens every second week for you. Or you avoid a starter and just grab a main on that dinner date. However it looks for you, breaking it down and working on smaller goals makes everything a whole heap less daunting.

Set more than one

Goal ‘stacking’ is the best way to look at the long term.

Think of it like a rugby game. The full time whistle will be your end result. For most people, that’s retirement. The half time whistle might be an educational fund for your children, or a property or share portfolio goal. The opposition might score with unexpected financial situations, but you can score too with a new car or a holiday. You can plan for all these things and get through the full 80 minutes with the win when you’re putting in the work and have the right coaches.

Set a budget

Keep your living expenses in mind when setting goals. Things like saving for retirement won’t happen overnight. So don’t think you need to pour a bunch of resources into it if your living situation doesn’t allow. The quickest way to work it out is that 50% should go on necessities; think mortgage payments, power bills, etc. 30% should go on the non essentials like new clothes and movie nights. That leaves 20% to work into your savings plan.

If this doesn’t suit however, any contribution is better than nothing.

Get some direction

Our biggest advice is to get advice with understanding your position and setting specific goals for your situation. If you’re not a builder, you probably wouldn’t slap together your family home. Or if you did, you might get there eventually but it sure wouldn’t look exactly like you imagined. Think of a financial advisor as a goal setting builder. They understand money, how it works, the laws and restrictions, and most importantly how to get you to your goal in the most direct route. Whether you’re starting out or ready to invest, this step is seriously beneficial. A session with an advisor now could save you thousands (and make you thousands!) in the long run.

Want to chat to our team? Book an appointment here, and start making inroads into your goals you goal setter!

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