And here they are.
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First, Carpe annus: seize the year. Use your response to the Focus Question to clarify what will make you satisfied with your progress in 12 months.
There’s a bright future ahead of you. So, grab it, and make the next 12 months your best yet.
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Second, clarify your current situation. It’s good to know where you are before you chart a course for where you want to go.
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Third, identify your three priorities and why you want to accomplish them. Your priorities should align with your response to the Focus Question.
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Fourth, set a thoughtful, structured, and inspiring financial goal. Use the concepts and tools we explored in the course to help set your goal.
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Next, get a goal champion. This is someone you trust who will champion and challenge you as you work toward your goal.
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And then, be bold and set forth toward your goal.
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Please complete the course post-check.
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And importantly, please complete the So what? Now what? exercises.
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That brings us to the end of our course. Congratulations! You rock!
On behalf of our team, we appreciate you. We wish you well in making the most of your money in the year ahead.
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One more concept that will help you set and reach your goals is reverse goal setting.
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When you have a goal that is either really big or isn’t due for several years, it can help to use reverse goal setting to maintain focus and spur motivation.
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Traditional financial goals use a single timeframe and end status: we start on day one and proceed until we achieve our goal amount at the deadline.
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For example, let’s say we want to pay off a 30-year $200,000 mortgage in ten years. This is a big, long-term goal that can lose focus over time. As we lose focus, we can lose momentum and motivation.
We can gain clarity and maintain momentum and motivation with reverse goal setting.
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Reverse goal setting starts with the goal, then works backward by breaking the goal down into achievable milestones, each of which is its own goal.
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The milestones then stack on each other as separate goals until you reach your ultimate objective.
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Reverse goal setting helps us prioritize actions over outcomes. Or said another way, it keeps us centered on the process of working toward our goals, rather than becoming overwhelmed by the outcome itself.
In our mortgage payoff example, the ten-year payoff is our desired outcome, but we attain it by identifying and committing to achievable actions.
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Here are two key questions for you to answer to use reverse goal setting:
First, what milestones will help you take the actions that are required to reach your ultimate objective?
Second, when do you need to accomplish each milestone?
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In our mortgage example, we could create ten annual $20,000 milestones to pay off the $200,000 mortgage in ten years.
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Each milestone is its own goal.
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The annual goal can be divided into monthly payments.
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Making the monthly payment is the performance goal. That is, they are the actions we must take to reach our objective.
Being a good goal-getter means focusing on the process of goal setting and then taking small steps toward the goal.
That’s where we find our magic: in the daily habits, the small steps, and the process of achieving our goals.
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