5 Techniques for Goal Achievement

Goal Setting is a key step to the financial planning process, and helping clients achieve goals is the value I provide.  Everyone would like to be wealthy, but that is not a goal.  To me, it only becomes a goal when we can state a clear, tangible objective.  So, if you’d like to retire, we’d calculate how to make that happen and develop a specific goal like “accumulate $2.1 million dollars by 2026.”  That long-term goal gives us a timeline and dictates what we need to do each year and month to make your goal a reality.  We can observe if you are on track and make adjustments as needed in the years ahead.  The key step though is translating an ambiguous desire into a goal which is measurable.

Below are 5 Techniques For Goal Achievement, starting with high-level and moving to detail-oriented.  The key is finding not the tool which you like the most, but the tool which helps you address the area where you are most likely to fall down or become distracted or disillusioned with your goal.  If you need motivation and confidence, focus on the the high-level tools; if you need help with implementing goals, focus on the daily tools.  And while I’m writing about financial goals specifically, these concepts could be applied to any goal you want to achieve.

1) Visualize your goal with a daily reminder and affirmation.

For the retirement goal above, write a check to yourself for $2.1 million, with a date of January 1, 2026.  Put the check someplace you will see it everyday.  Over time, our goals will naturally start to shape our behavior.  Daily repetition helps internalize the goal and we come to see it as inevitable, rejecting any fear or self-doubt.

2) Chart your goal road map.

Why do you need a road map?  Imagine you wanted to drive from Dallas to New York.  You could just start driving and figure you’ll get there eventually through trial and error.  But most people prefer to know where they are going and to choose the most direct route.  This makes perfect sense for a long drive, but most people haven’t taken the same step of putting together a plan of how to accomplish other long-term goals relating to their finances, career, or health. Sometimes our destination is not on the road we are on today and we have to know when it’s time to change direction.  This is the difference between hoping we accomplish our goals versus knowing what we need to do today and tomorrow to get to a destination that may be years away.

3) Keep a daily goal journal.

Often times, to reach our goals, it requires that we upgrade our daily habits.  This can apply to financial behavior, but also to improving your diet, exercise, or your performance at work.  Making a change is challenging because our habits become ingrained and second nature to us.  It’s helpful to be able to see ourselves and our behavior from an objective, outside point of view.  The best way I’ve found to increase our self-awareness is through keeping a daily journal.  The journal becomes a mirror to see ourselves better.  Write down what you do each day relating to your goal, your progress or set-backs, and how you felt about the day’s activity.  This focuses your attention on today which is the only day that you can really control.  A journal motivates you to do what you need to do and feel good about your progress.  Sometimes, simply knowing that you have to write down your day’s activities will keep you on track and prevent you from old behaviors which you want to change.

4) Focus on accomplishing the essential with the 90% rule.

Imagine a pyramid of goals, with long-term at the top, supported by intermediate goals, and short-term goals at the base.  Start each day with a short to-do list of what is essential to complete today to advance your goals.  It’s easy to get bogged down in putting out fires and responding to issues, rather than following your own agenda. For a perfectionist, it’s difficult to leave a task, email, or project, until it is 100% complete to the best of your abilities.  The reality is that there is not enough time to be a perfectionist about everything and it is a better use of time to focus on touching everything that is on your essential to-do list.  The 90% rule is asking yourself if each task truly requires 100% perfection or if it just needs a 90% summary.  Do you really need to write a 10-page essay with footnotes, or will a 2-page overview accomplish the desired outcome?  It may take 2 hours for a “100% job”, but only 45 minutes for a “90% job”.  Some tasks do require 100%, but recognizing the difference allows you to spend more time on the essentials that will get you closer to accomplishing goals.

5) Stop procrastinating by using a timer.

Oftentimes, a task seems so monumental that we don’t even know where to begin.  Or it’s something we don’t enjoy doing, so we put it off for as long as possible.  We become so concerned about how long it will take to finish that we never even begin.  Take the pressure off yourself!  Instead of worrying about finishing the task, just pick an amount of time you can spend right now: 15 minutes, 30 minutes, whatever. Set a timer and let yourself to focus exclusively on that one item, with no checking email or other interruptions, until the timer rings.  You can do anything for 15 minutes.  You’ll surprise yourself how often you can complete a dreaded task in 15 minutes, or get 90% of it done.  This tool takes advantage of the fact that we have a limited amount of concentration (often only 15-30 minutes) on any subject. Our use of electronic media today can often hinder our focus. Consider setting specific times each day to check email, Facebook, etc., to avoid having your schedule hijacked by distractions.