When was the last time someone asked you the question, ‘when you were young, what did you want to be when you grew up?’ It’s not something that we get asked a lot, but I always find it fascinating to hear people answer this question.
For me, I wanted to be an airline pilot. The thrill and speed of taking off, the amazing sites you would see at 30,000 feet, and the joy of landing safely would be amazing way to live.
Most people don’t become what they dreamed about becoming as a kid. Why is that?
I think it’s because when someone asks us what we want to do when we grow up, as a young child our mind is open to all sorts of possibilities. We let our thoughts wander and we dream big. But unfortunately, for most of us, as we grow up, life gets in the way.
We get told we ‘can’t’ more than we ‘can’. We go down paths because they are ‘safe’. And before we know it, we have commitments that force us to become timid with our decisions.
But this can all change. If we set a goal right now for you to be financially free through using your business within a set period of time, what’s stopping you from achieving that goal?
Nothing I say.
But you need a plan, and this is where people get into trouble.
First, let’s touch on goal setting. A simple formula that you may have heard about, which I use in my personal and business life, is SMART goal setting. This means you are setting goals which are:
If you want to have the best chance of achieving your goals, they must have all five of these attributes.
Then you must write down your goals. Make it real.
That’s the plan
First, we have to write down our goal using the SMART formula.
Next we need to break up the goal into small achievable targets that you can celebrate along the journey.
In my previous article we looked at the amount of financial assets you need to achieve Financial Freedom – $3,000,000.
A big number.
But let’s break this down into small achievable targets. Let’s work backwards from a target to achieve this goal within say 10 years:
- In five years time you need to have $1,500,000 in financial assets
- In two and a half years time you need to have $750,000 in financial assets
- In fifteen months time, you need to have $375,000 in financial assets
- In eight months time you need to have $187,500 in financial assets.
Now you can focus on creating $187,500 in financial assets in the next eight months. See how breaking this down into small targets make it feel more achievable?
We can now create a plan to achieve the $187,500 of financial assets within eight months.
Keep it simple, make it SMART and create the plan.
In the last three articles I have taken you through how to understand your Financial Freedom Gap, your Financial Freedom Number and now how to break that number down into small, achievable targets that you can plan for.
But this is just the start!
Over the next few articles I will take you through the strategies you can put in place to achieve your plan of creating financial freedom using your business.
Until next time.