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Your Plan for Wealth: Setting Meaningful Wealth Building Goals

Creating a plan for building wealth is an essential step when learning how to build wealth. When you plan you create the road map to get where you want to be but you need to make sure that the reasons you want to achieve wealth in the first place are the right ones for you.

A plan for wealth building starts from a point of self-awareness. You reach this point by being completely honest with yourself and asking the hard questions and giving honest answers. Have you asked yourself the following questions?

Why do I want to build wealth?

What does wealth mean to me?

Do I really want to focus on wealth building?

Am I willing to pay the price on the way to wealth?

Do I accept the responsibility that I am the one who decides if I am going to be wealthy and not my current circumstances?

Am I settling for mediocrity when I could achieve so much more if I aim for personal excellence?

Listen to your conscience as you try to answer these questions…what is it saying?

In a survey where people were asked if they agreed with the folowing statement: ”Accumulating a million dollars or more has been an absolutely essential financial goal for me as an adult. the following percentage of people agreed with the statement” [2]:
  • 45% of wealthy people agreed
  • 11% of financially comfortable people agreed
  • 8% of paycheck-to-paycheck people agreed
  • 6% of Further-in-debtors people agreed
From experience I know that sometimes the answer to these questions is not what I want to hear. And in all honesty sometimes I am embarrassed by the answers that I come up with. But let’s be real – I can give you a pretty answer and look good in front of you but why the heck will I want to fool myself???

The importance of answering these questions and answering truthfully is that it will allow you to connect with your personal life purpose and vision for your life.

It lets you really gauge whether achieving wealth is important to you and most importantly it will let you see why it is important.

You got to have a big why…

A big fire burning inside of you…

This will create passion, desire and will lead you to create goals that are aligned with principles, with your values and with your life purpose.

When you create a high level of self-awareness through deep reflection like this then you can integrate this knowledge in your plan for wealth. You can use this to set principle-based goals that have the power to create quality-of-life results.

Goals that are meaningful to you…

Goals that are truly yours and in which you are vested not because you read them here or picked them up from somebody else but because they are important to YOU and you know why they are important.

I have learned and used the following guidelines for setting goals and discovering how to build wealth:

  • The context of your goal. Is this a time based goal (i.e. one year, three year) role based (i.e. father, professional, business owner) life goal or some other context. Approaching goals based on context will allow you to give them perspective and priority.
  • What is your goal? State it clearly and definitely: Reduce my revolving debt by 10% in 6 months is a lot more clear than Get out of debt…
  • Why you want that goal? This is where you link the goal to your plan for wealth, your purpose/mission and give it meaning…meaning to you.
  • Desired Outcome. Other than the obvious achievement of the goals per se, how will you feel when you achieve this? What will this allow you to accomplish? How will this impact your life or the life of others? Pay attention to the thoughts and feelings you get when you think of having achieved this goal.
  • How are you going to accomplish the goal? What steps do you need to take to achieve this goal. This is where you break down your goal into small manageable tasks which in turn can turn into your short term objectives, habits or even monthly/weekly/daily “mini-goals”. This is a crucial step in avoiding being overwhelmed by a big challenging goal.
  • Time horizon How long will it take you to accomplish this goal, realistically.
  • Hazards. What can get in your way? What difficulties/people/obstacles/bad habits will you have to deal with in order to achieve this?

Another advantage of setting goals from this perspective is how they will guide you during the tough times. Setting goals is often exhilarating for the first couple of days. But what happens over time or when you encounter stumbling blocks or unexpected problems on the way to wealth? Are you able to stay on track and maintain that motivation of the first couple of days? What happens when things conspire against you?

I know I have to constantly remind myself of why I am doing what I am doing since I find myself being challenged out of my comfort zone almost on a daily basis ever since I had my career change. Therefore I find it helpful to craft a plan for wealth that is full of meaning to me and is fueled by goals that I review daily.

Now that you know why you want what you want, learn how to set goals that you will achieve: The Way to Wealth: A Better Way for Setting SMART Goals

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References:

[1] First Things First, Covey, Merrill and Merrill, 1994, p.136.

[2] Being Healthy About Wealth, Jean Chatzky, Success Magazine, June 2009.

[3] The Difference, Jean Chatzky, 2009.


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