Goal Setting How To

Goal setting is absolutely crucial for you to be successful in life. This goal setting how to will guide you through the process, pitfalls, planning, and achieving your goals. 

I personally use goal setting to help me achieve things I never thought possible.  Personal goals are how I achieve my goals like a champ and you can too. Every year, I set both big and small goals for myself.

Follow these steps to goal setting and how to achieve success:

  1. Start with the end in view 
  2. Work backwards from your goal for a timeline
  3. Create milestones along the way
  4. Create short range goals for each milestone
  5. Read and/or rewrite your goals every day
  6. Work on your goals daily
  7. Do not change your goals to make them easier
  8. Do not move your deadline
  9. Dream Big
  10. Have a vision for your future

Goal setting how to achieve the dream life

Since there are many ways to make money passive income ideas to choose from, I made my goal setting to start investing in rental properties.  There are many benefits for having rental properties over other investments but the biggest is the cash flow you will make.

In the past I have used goal setting to push myself to higher heights, and extend my limits. A big audacious goal I set for myself when I was younger was to play Football for a major college team. 

I wanted to see if I could push myself enough and have the ability to make the team. So I committed myself to the goal of making the team as a walk-on.

All it takes is hard work, knowledge, and desire to get your goals accomplished.

One of my goals was to replace my income from my job with passive income in my rental properties in five years. With having that goal to shoot for, I figured out what it would take for me to purchase enough rental properties to replace my income and I went for it.

My goal was to have 15 rental properties in five years and I beat it by a whole year. After four years I had 15 properties and $6000 passive income in monthly cash flow.

I did not just stop there.

I set new goals for myself and kept on going. Now, one of my many goals is to purchase an apartment complex that would bring in a minimum of $3000 per month of passive income. Each year I always set new goals for myself and plan out the action steps, and milestones that I need to achieve in order to meet my goals.

 

Goals Setting How To For Maximum Results

 

Start with the end in view

Dream big and create your 5 year goals and work backwards.  Start with creating your 5 year goals. Where do you want to be? How many rental properties do you want to own? Do you want to quit your job? How much money do you want to have saved for when you quit your job?

Make a list of all these 5 year goals.  There can be as many as you want but I would limit them to 4-5 major goals to accomplish.

 

Create 1 year milestones from your 5 year goals

If you want to own 15 rental properties in 5 years, how would you go about doing it? You wouldn’t be able to buy 8 the first year right? How about starting small and as you build year after year, your momentum gains and you can do more in year five than you did in year one. See the blog post on: “How to Retire in 5 Years – Way of the Rich vs. Way of the Poor”

  • Year one: Buy 1 rental property
  • Year two: Buy 2 rental properties
  • Year three: Buy 3 rental properties
  • Year four: Buy 4 rental properties
  • Year five: Buy 5 Rental properties

Each goal should have yearly milestones and monthly, weekly, and daily action steps for each goal. With a general 5 year goal, life gets in the way and by the time you realize it, you are in the second year without any action taken on your 5 year plan.

Now you only have 4 years to do what you originally had 5 years to accomplish. You have made it much harder to reach you deadline and put


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If I Were To Start Over…

Many people ask me what I would do differently if I had to start investing all over again. Well, there are many things I would change.

The main one is to get education on how to invest before getting into real estate.

I lost tens of thousands of dollars because I didn’t know what I was doing. Also, by not building a business first, I lost even more money.

To hear how I would personally redo getting into real estate, check out this article and podcast show I did on getting into real estate.

https://masterpassiveincome.com/007

 

Create Short Range Goals from Your 1 Year Milestones

These should be specific action steps you can take to accomplish these 1 year goals. If your desire is to save up $30,000 in 5 years you can do it by either cutting expenses or increasing revenue.

You may cut expenses and save $6,000 per year from your salary. Or start a small service business being a handyman to increase your annual income by $6,000 dollars and save that amount.

Each yearly goal should hopefully build on itself. After time, your small service business may not be so small, because of advertising, word of mouth, etc.

It may be bringing in much more money which would allow you to save the $30,000 faster AND buy more properties faster. All while beating your deadline by a couple years!

 

Read and/or rewrite your goals every day

If you can’t remember your goals, how well do you think you will accomplish them? Keep your goals on the forefront of your mind so you know exactly where you are in the process, what you need to do next, where you are deficient, and how to proceed.

By writing your goals every day, you are drilling it into your head that this is something that you are going to accomplish and nothing can stop you. It also helps prevent some of the roadblocks that come with trying to accomplish your goals.

 

Work On Your Goals Daily

Spend at Least 30 Min very day working on your goals.  Do anything that will help you reach your goals daily. If you wait all week to take the action steps on Friday what should have been done on Tuesday, you are almost setting yourself up for failure.

Get the most important things done at the start of the day, week, month, and year so you are not up against the deadline as time runs away from you.

 

Do Not Change Your Goals to Make them Easier

It is tempting to make your goals easier after you made them hard to begin with. Fight the urge to change your goals in midstream to make them easier.

Goals are made to require hard work for a reason. If a goal wasn’t hard to accomplish then it wouldn’t even be a goal. It would be something that you can just stumble into without any effort.

Do not make any material changes to your goals that make them easier but you can change them to make them harder. If you are working hard on your goals you may find that you are going to accomplish your goals in a faster time than you originally planned. Feel free to shorten the timeline or make the goal bigger.

If your goal is to purchase five rental properties in five years, and you reach your goal in three years, go ahead and increase the goal to 10. Why not double your original goal? If you shoot for the moon you will at least get off the ground and you bought a proven that you can do it.

 

Do Not Move Your Deadline for Your Goals

I’m sorry to do this to you, but imagine this scenario:

You are back in your senior year of high school and the final paper/report assignment is due tomorrow morning at 9am. You had all semester to research, draft, write, proof-read, and finalize the report but you put it off until the day before and now it is crunch time.

Get it done, or fail the class. Isn’t it interesting that when our backs are up against the wall we are capable of doing wonderful things in almost unrealistic timelines?

Remember, you set these goals for yourself and you also set the deadline for when these goals are to be accomplished. When you move a deadline that you create for yourself a couple things happen.

  1. Remove your ability to hunker down and get things done as you did when you were in high school with the report deadline.
  2. Give yourself permission to fail.
  3. Set yourself up to move the deadline again, and again, and again.

If you have not done it yet, take 15 minutes to consider and write down your 5 year goals. Really think them through and get them on paper.  Take another 15 minutes and figure out your yearly milestones

goal setting

Be Like the Rich In Their Goal Setting How To

So what sets a part the rich from everyone else in the world?  What helps them to achieve new heights, amass more wealth, and be more successful than the rest of us? Goal Setting!

In America, about 3% of the population set goals for themselves. Just by making goals for yourself you already have a head start on your way to being rich. *67% of rich people set goals for themselves in life and business as opposed to 8% of the poor.

By setting goals for yourself and writing them down, you are creating a road-map to your life. Think of where you want to be in 5 years and start with that end in mind. Below is your primer to get yourself on the path of goal setting.


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Have a vision for the future you want for yourself

Picture how you want your life to be in 5 years. That is called having a vision and being able to see what has not come to be. A vision for your life is a picture or an idea of where you want to be if you could design your life the way you want it.

If you are able to create a master vision for your life, that vision is basically a destination you want to for you to strive towards.

If you wanted to go to the Grand Canyon for vacation, you would need to decide to go there, know what it looks like, plan the route to get there, and set goals and milestones for you journey. You need to have a vision of where you are going with your life in order to get where you want to go.

 

Dream big – Create your 3 to 4 big 5 year goals from your future vision

Your 5 year goal setting could be to quit your job, have all your expenses paid for by passive income, and be able to travel the world. Another goal could be to have your children’s college fund completely funded and buy a new house.

When you are setting your 5 year goals, try use your vision of how you want your life to be and create a roadmap to get there! Whatever you put your mind to and stay hungry trying to attain the goals you will be able to achieve them.

You could have other goals like saving $30,000 in the bank by the 5 year mark. It could be that in order to quit your job, you need to have some savings as a buffer for when things don’t go exactly as planned. Another goal could be that you want to be the healthiest and fittest you have even been in your life in 5 years.

These can both be quantifiable and measurable.

 

Set specific measurable goals for your to attain

The purpose of goals is to help you attain what you desire. Make it specific like hiking Half Dome in the Yosemite National Forest, or even retire in 5 years. 

If I were to have the vision of being the healthiest and fittest ever in my life I could find the basis to start from. To reach my goal, I must beat my previous benchmarks I already have for myself. Once I beat these, I have attained my goal.

 

Set goals you can achieve with maximum effort in the goal setting how to

The saying, “Shoot for the moon” applies well to goal setting for your life.

No, you don’t want to set the expectations so high you cannot ever attain them, but you want them to be high enough to where you can get off the ground AND make it as close as you can to the moon.

Try to make goals that are hard for you to attain but not so hard that you cannot do it.

Your goals setting should be goals that you must continually work on in order to achieve them.

 

Set a deadline for when the 5 year goals must be accomplished

When you create your 5 year goals, put a deadline date on them to be completed. It is easiest to use either the first of the year or the date that you created your list of goals.

Either way, you have a fixed amount of time to accomplish your goals and it becomes more real to you. Think of it as a work deadline that you must finish.

The “future” you is the boss and the “now” you is the employee.

 

Get Accountable with Goal Setting

Reaching your goals is a hard thing to do. Life’s circumstances get in the way and things happen that throw you off the path.

Having someone there holding you accountable to achieving your goals is a huge kick-in-the-pants to stay on track. Find an accountability partner who is like minded in setting goals.

They don’t have to have the same goals, but they must be as serious as you are about having, working toward, and attaining their goals.

I suggest meeting or talking to your accountability partner weekly or biweekly. Checking on each other, encouraging each other, and pushing each other along toward your destination.

 

Roadblocks to Achieving Your Goal Setting

To become financially independent with rental properties, it is wise to have goals that you set for yourself.

Goals help you to plan where you want to go and what you want to do ahead of time and give you something to shoot for. I personally use goals to help me achieve things I never thought possible.

One of my goals was to replace my income from my job with passive income in my rental properties in five years.

With having that goal to shoot for, I figured out what it would take for me to purchase enough rental properties to replace my income and I went for.

With creating goals, there are things that may come up and hinder you from achieving your goals. Some of the stumbling blocks listed below may be a part of your personality or something that you picked up over time.

These are things that you need to watch out for and work your way through so that you can meet and exceed your goals.

 

Procrastination

When it comes to your goals, it is best to tackle them as you would if you are trying to eat an elephant. One bite at a time.

When you break down your 5 year goals into 1 year milestones and monthly, weekly, daily action items, it is hard to procrastinate.

The daily tasks start to add up and the pressure to get them done builds. As long as you have your goals on your mind, procrastination is hard to overlook when your deadlines keep piling up on you. What you don’t want with your goals is “Out of sight, out of mind.”

 

Not Creating Proper Goal Settings

The types of goals you want should be quantifiable and attainable.

Once you reach the deadline for your goals you should be able to tell if you have accomplished them or not. It is be best to make your goals achievable, specific, and under your control to succeed in.

 

Goal Settings are Too Ambiguous

If your goal is “has a happier life in 5 years” then you will probably be successful and unsuccessful at the same time. What metrics are you going to use to gauge happiness?   How will you know that you successfully achieved your goal? Rather, think of the things that will make you happy 5 years from now and make a specific plan to get there.

Happiness may be to you is resting assured your kids will be able to go to college because their college fund is fully funded. This is a great goal since there is a specific number you can set that you need to save in order to fully fund the college fund.

College may cost $50,000 for 4 years and you have 10 years to start saving for it. Your 5 year goal may be to save up $20,000 broken into $4,000 each year for 5 years.

The next 5 year goal may be saving $30,000 to complete the $50,000 fund. Because you hopefully make more money 5 years from now it may be good to save more in the last 5 years.


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Luck Driven Goals

A luck driven goal would be: “I want to win the lottery and be a millionaire in 5 years.” More than likely you are not going to win enough to be a millionaire and you are going to be wasting lots of money and time in the process.

This type of goal is luck driven and you have no control over winning the lottery or not.

Instead of being a millionaire through the lottery, why not have a million dollar net worth in 5 years through real estate that brings in $5,000 each month in cash flow?

A goal like this is completely dependent on you and how hard you work for this goal. You set yourself up for success because you made the goal specific.

 

Unattainable Goal Setting

Your goals should be hard for you to achieve with maximum effort. Beyond that, when you make your goals so crazy big that there is no way for you attain it you may just stop following your goals all together and give up on them.

Let’s say you make one of your financial 5 year goals to buy 500 single family rental homes. Depending on where you are starting, this is more than likely a crazy goal to try to achieve.

If you already have 250 rentals and they bring in lots of passive cash flow each month, you may be able to do it. Most of us are not starting out with that much of a head start and are starting with either 1 rental or even none.

The goal starts to look too big to ever reach so you may start to think to yourself, “Why try? I’m never going to make it.”

 

Bad Timeline

A realistic goal for a realistic timeline will help you to reach success. 5 year goals are a great way to affect positive change in your life that you pick for yourself.  

It is best to pick 5 year goals is because they are far enough out that you can dream for the future but close enough to not lose focus.   If you create a 1 year goal to own 15 properties, you make it very hard on yourself to make this goal.

That means that you need to buy 1.25 homes each month in order to reach your goal. If that same goal of 15 properties is spread out over 5 years, you are able to break the goal down to each year and make each action step manageable.

You only need to by 3 per year to make the 5 year goal and that is only 1 every 4 months. Timelines that are not achievable will cause you to give up on your goals and fall back into your old patterns.

Not Taking Goals Seriously

The way to make sure that you take your goal seriously is by reading them over in morning and evening to make sure you are keeping the track with accomplishing your goals? Keep your goals written down in a place that you will see daily.

Maybe rewrite the goals in an email and send them to yourself every night before you go to bed so you read them in the morning. Or maybe write them on the mirror your bathroom so you see them every day when you wake up.

Make sure you were constantly reviewing goals and assessing your progress.

Your goals should be on the forefront of your mind so that you are always working on them. It is best to work on them for at least 20 to 30 minutes every day so that you are constantly moving forward in your goals.

 

Not Putting Your Goal Setting in Writing

Goals must be written down for maximum effectiveness and memory. We all know that as life goes by very fast and if we forget about the things that are important they slip by. Life is too precious to let the important things go by. Studies have shown that when you remember better when you write things down.

A written goal gives you clarity and helps to remind you what you need to focus on. A good way to keep them in your memory is to write them down daily.

You will be reviewing them twice every day. If you email them to yourself every night it is waiting for you to review when you wake up in the morning.

It will also help you to see where you are and track how are you are in accomplishing your goals?

 

No Plan to Achieve Your Goal Setting

If you decide to go on a trip, and the destination is the Grand Canyon, it would be wise to have a map that shows you how to get there from where you currently are. You must have a plan for how you are to achieve your goals. Your goal setting is your destination and your plan is the map you will follow in order to get there.

In your plan, create signposts, milestones, and mile markers for every step journey. In doing this you will stay on the right path and find that you will eventually end up in the destiny.

You won’t be chasing down rabbit holes or veer off on trails that lead you off the course and miss the destination. If you fail to plan, you plan to fail.

 

Not Taking Action

What good is a plan if you do not take action on it. It is no good at all. It would be such a waste to do all this work, goal settings, and creating a plan, for yourself, and not take action on it.

In the end you’ll be in the same place if not worse than when you started without goal setting.

The main point is to actually do something daily that helps you accomplish your goals. Start with something small like reading your goals once a day. 

It would be best to take 10 minutes to 20 minutes daily doing something that will help you accomplish your goal setting.

 

Lack of Focus

In today’s society it’s very easy to lose your focus. Everything from Facebook, Twitter, to television keeps you from accomplishing your goals. You only have 24 hours in a day to spend and you need to spend that time wisely.

You need every second of those waking hours to do what you need to in order to accomplish your goals. Since the average person sleeps 7 to 8 hours a night, that is only 16 hours left to spend.

If you have a day job, that’s 8 more hours spent. What about your kid’s sports practice, eating food 3 times a day, commuting to work back and forth? There are so many things demand your time that the little time you have left in the day must be spent wisely.

Try to take 20-30 minutes each day to focus on your goals. Be sure to make this time uninterrupted from distractions. This should be focused time spent on your goals. If you may need to use restroom, get a drink of water, eat something, do it before you start.

Don’t let anything interrupt your 20 to 30 minutes of time working on your goals. Turn off your cell phone if you need to.

Turn off the internet connection to your computer if you need to. Just make sure that you have undivided time set aside where you actively work on your goals.

No Accountability

Accountability is very crucial if you want to accomplish your goals. We are all social beings and we work best when we work together toward a common goal. Though one can easily be overpowered and 2 can dependence else but a cord of 3 strands is not quickly broken.

There may be times where you want to give up on your goals, not wanting to continue and your accountability partner will be there to help you get back on track. You will also do the same for them when they are down.

Make sure that you have somebody that is as passionate about their goals as you are about yours. They don’t have to be the same goals just somebody that is there to say Hey get back on the direction you should be going on.

You both can be there for each other giving each other ideas, working issues out together, and supporting each other.

 

Leave me a comment below.  I’d love to hear how you are dreaming big and achieving your goals.


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Goal Setting How To Accomplish Your Goals and Live the Dream Life
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