Sorry, we got a bit delayed in posting this episode, but this is still very important to plan for success in 2017!! In this week’s episode, we’re getting ahead for the year ahead. We’re going to cover planning, setting goals and making 2017 your best year ever – including a FREE daily planner (see the link at the bottom).
What’s the first step to an awesome year?
Initially, take a few days off to put your feet up and relax. It doesn’t take that long, one good night’s sleep will actually replenish you from a few weeks of bad sleep. Having a vision and plan with some goals in place is important.
There was a study held in America where 80% of people don’t have written goals, but, of those who set a goal, only 4% took the time to write down their goals. Even worse, only 1% reviewed them regularly and achieved them.
SMART Goals are the way to do it.
Specific, measurable, achievable, realistic and timely.
Measurable is not about just how much you want to achieve but also when. You need to write a game plan of how you’re going to achieve it, then break it down to a micro level – weekly, daily.
Timely is about setting a definitive end date.
Think about what your goals are for this year.
Do you want to get into the property market? Buy shares? Buy a unit?
Then take look at your deposit, do you have the funds ready? If not, how will you do that? If you want to save $30,000, break it down into weekly and daily savings.
There are two ways to do this, planning and achieving your goals or just fluking it. If you plan to do something but don’t actually get to doing it, there’s no point. So that’s why having weekly targets of things you need to do will really come in handy.
Our tip: Add it to your calendar to make it a solid plan then put in a reminder. It’s an easy task to do but extremely effective and keeps you accountable.
Have a buddy!
Find someone who you can team up with, tell them your goals and allow them to help you keep accountable. In other studies, there were four groups put in different situations:
Group 1: Wrote down their goals
Group 2: Wrote down their goals and reviewed them
Group 3: Wrote down their goals and told their buddy
Group 4: Wrote down their goals and had to report back on their progress
The first group achieved about 40% of what they were trying to, the fourth group were at about 80% of achieving their goals. They were getting twice as much done.
What happens if you don’t make plans?
It’s always in people’s top three goals to be financially successful. Only 20% of Australians retire without being on government assistance. Many people don’t achieve their goals because they don’t start working towards them. If you don’t measure your goals and make it timely, you won’t get there. Even if you win the lotto, unless you’ve got a goal and know what to do with the money it’s not very useful. Time is your best friend too, if you delay for too long it will be hard to get anywhere financially.
If you want to be a millionaire by the time you retire (by the time you’re 65) here’s what you’d need to save:
If you’re currently 25 – you need to save $405/month over the next 40 years. Assuming an average growth return.
If you’ve delayed it until you’re 35 you have to put away $855/month. Otherwise, if you’re 45 and have delayed it, that’s $1970/month for 20 years to get there. Otherwise, if you wait until you’re 55 you’ll need to put away $6,000/month for 10 years to get there.
By doing the $405/month you will have put in around $194k of your own money and over that 40 year period you’ll have a growth of $800k. If you start early, you will get growth from the interest. Instead of having to physically save $500k to get the same back. So utilise your time wisely!
Plan it, but also just start so it becomes a habit.
How to beat procrastination?
Get your goals in place, write them down then find someone to share them with and keep you accountable.
If you’d like us to help keep you accountable, please send us an email and we’d be happy to give you some advice.
Free Tools – Daily planner – Update after podcast
Since recording the podcast I have come across the Self Accountability Journal which brings all of this together quite well, it is from BestSelf.co where you can buy a printed copy. I am using this daily to keep myself moving towards my goal, in addition to the above and really recommend you check it out by downloading here.
The Rentvesting Podcast, available on iTunes, was created by Red & Co’s Jayden Vecchio and expert financial planner Louis Strange. Together, Jayden and Louis unpack the facts behind the property market, explain what’s really going on & where the market is heading. They believe in challenging the status quo and want to get out there to educate absolutely anyone looking to enter the property market.