Five Keys to Great Goal Setting

In 1953 at Yale university they conducted a study on the graduating class. They discovered that only 3% of the graduating seniors had definite predetermined objectives. Twenty years later they did another survey of those same people, and of the 3% that had set those goals and committed them to paper and had made a commitment, they had accomplished more then the 97% who had not written it down. Despite this fact 97% of the American people have never committed their goals to paper. One reason Zig Ziglar identified this is the case is because nobody every showed them how to successfully set those goals.

I’m embarrassed to say that I was among that 97%. Even as a life long accomplished athlete I failed to fall within that 3%. During my water polo career at Pepperdine University my coach Terry Schroeder was one of the most successful and storied players that ever played the game. There wasn’t a battle he hadn’t fought and won, not a move he hadn’t mastered. He taught us advanced offensive schemes and told us how he’d been able to dismantle some of the greatest teams in the world with superior tactics and skills. Yet as a team we never reached our goals of winning a championship. Although we said it every year, believed in it, and worked for it we never accomplished our goals in the 4 years I was a part of the team.

I have sense learned how to take the unsuccessful goal setting methods I used in college and apply them successfully to my life as a whole. Although I will not go into great detail in this article, I will list what have been the key attributes and methods to set goals for myself and my family:

Write It Down

You have got to commit your goal to paper. If you neglect to write your goal down and you never accomplish it then you can just say, “Well I didn’t really want to do it that’s why I never did.” But if you write you goal down and don’t achieve it then you’ve failed in your own mind. Most people never take this essential step.

Set Measurable Goals

Your goal has got to be something measurable or how else would you know when you’re there? If I set the goal that I want to improve my knowledge of personal finance then what does that really mean? However if I set the goal to read 10 books on personal finance then I’ve created something I can measure and accomplish.

Must Affect Change

In order for a goal to be successful it must affect change. How are you going to look and feel when you reach that goal? What’s going to be different, what’s going to be better about your life when you finally reach your goal?

If there’s “Why,” You’ll Find the “How”

After you’ve written down your goals take some time to review them. For each goal that you’ve created write down “why” you want to do that underneath. If you want to read 10 persoonal finance books they why might be because you want to have a thorough understanding of the subject from enough viewpoints that you can formulate your own strategic plan. Now that’s a good reason! A compelling reason! If you’re having trouble coming up with a “why” that makes you excited, then you’re going to have an even harder time accomplishing your goal.

Begin with the end in mind

What is your life going to look like in 5 years? What are you going to drive, where do you live, what do you eat, do, give, spend? Take the time to paint yourself a picture of exactly what you want your life to look like. Now know this: you can get there, but you’ve got to start right now. Use this vision to determine what you need to do in the next year to be on the road to that life. This process will help focus your goals and ensure they’re all pulling the same direction. For many people this vision is the inspiration they so desperately need to start them headed down the road to success.

What about you?

• Do you regularly set goals for yourself and your family?
• What techniques or processes have helped you write better goals?

Related posts:

1. Be Intentional With Your Money
2. It’s Not Finance, It’s Personal!
3. Four Keys to Debt Freedom