Hi Everyone, welcome back. In this article we’re taking about goals! If you’re new to the channel, check out our previous videos in this series, Financial Independence and Passive Income. Links are in the description. Your goals are the reason you’re watching this video. Stay tuned because this is the first step in putting together a master plan with a path to financial independence. Let’s get started!
Check out the VIDEO HERE
Goals are the first step towards planning for the future. We all know what goals are and why they are important. We’re not going to spend time going over how they work and why they are so vital. I’m also not here to help motivate you to make goals. All I’m going to say about this is that, you wouldn’t blindly jump in your car start driving to a destination you weren’t sure about and had no idea what path to take and where to go. You may never reach your destination or if you do, it’ll take you a lot longer as you get lost and distracted along the way. A better idea may be to look up the destination, research, and map out turn by turn directions. I’m talking about doing the same thing here with your life. We’re here to help you get your goals down on paper, organize them, create a path or stepping stones in order to reach those goals, and help you measure your progress.
We’re going to keep this as simple as possible. We are classifying our goals under three categories: long term goals, midway term goals, and short term goals.
Long term goals may take anywhere from 5-10 years to an entire lifetime to achieve. These are your main and overall goals. Your goal of becoming financially independent fits in this class, so you’ve got one figured out already. Put a timeline on it. Become financially independent by 42 years old. Other long term goals could include staying in good physical and mental shape, or staying close to family and friends. These are a couple goals that should never end. Ask yourself what you want out of life? Where do you want to be in 10 years? 20 years? What are the main obstacles you need to reach in order to have the life you want? Why do you want to become financial independent? Come up with at least a couple more long term goals here.
Midway term goals may take anywhere from 1 to 5 or 10 years. These are your “longer stepping stone goals.” These will be a bit easier to come up with because they are the things that need to be completed in order to reach your long term goals. An example of a goal that would fit in this class would be to pay off all my debt within 3 years, or purchase a multifamily rental unit within the next 2 years. Both goals are a “stepping stone” to my long term goal of becoming financially independent. Getting rid of high interest debt will reduce my expenses and adding a multifamily unit will increase passive income. Here, you may have a few midway term goals for every long term goal.
Short term goals may take anywhere from 1 to 12 months. These are your “shorter stepping stone goals” and more specific narrowed down goals you are going to be working on now in order to reach your midway and long term goals. You’re going to have a lot more of these goals. They’ll also be easier to come up with because they are the things that need to be completed in order to reach your midway and long term goals. An example here would be to pay off my credit card in 6 months, or find, research and make an offer on an investment property every month. Paying off my high interest credit card will help me reach my midway term goal of paying off all my debt, and as we talked about, and in the end help me reach financial independence. Making an offer on an investment property every month will enable me to work towards acquiring rental properties. I know that most of my offers are not going to be accepted, but a small percentage will.
Again, looking at the examples, we can see how a long term goal can get broken down into steps, a path. These steps become your midway and short term goals. In order to become financially independent by 42, I need to purchase a rental property and pay off my debt. In order to purchase a rental property I need to find a good realtor and lender and make offers on properties. In order to pay off my debt, I need to pay off my credit card and auto loans.
This whole process has led to these short term goals. Breaking down your long term and midway term goals into steps that are manageable and realistic is sometimes the hardest part. It can be overwhelming at times. You’re not going to reach financial independence overnight. That’s why writing these down in a way you can process, organize, review, update, and see the whole picture. It will help as you start completing these short term goals and crossing them off one step at a time.
I’ve created a workbook to make writing down and organizing your goals as easy as possible. Download workbook here: https://drive.google.com/file/d/1N7lx16DcfwLtuS2IK908xYssDXqbVGNR/view?usp=sharing
In the workbook:
(Text in blue are instructions and text in red are examples – all to be written over with your own goals and deleted after you’ve finished) (Add your own text where you see ).
1. Start with your long term goals in the first template. For each goal, write down the reasons this is one of your main goals, why you want to achieve this goal, and what it enables you to do once you do achieve it.
2. Then copy your long term goals to the second template and create a list of things that need to happen in order to reach that goal.
3. Then organize that list into steps and fill in the last 3 templates for long term goals. Work from the long term goal to the left, getting more and more specific in how you reach each next level.
4. Finally jot down your top main goals in the next table. List the top ways you are going to reach this goal in order of most important first! (This may seem repetitive but it’s not. It’s all a process that has come down to this). It’s important to focus on what is most important! This list with help you create your midway and short term goals. Use the templates that you’ve already filled in to help with this.
For now, you’re finished with your long term goals. Let’s move on to the midway and short term goals.
1. Now that you’ve got your long term goals and steps down on paper go to the midway and short term goals table and write down these goals. (Use the last table you created for long term goals. A lot of these important steps will automatically become your midway and short term goals).
2. After you’ve got them all down on paper, go back and add a list of things to do in order to reach each particular goal.
Don’t overthink or try to get this perfect right away. You can easily go back and revise and edit later. Use the templates and examples to help you in this process.
Thank you! We hope you’ve got some good goals and steps to reach those goals written down. We will be revisiting these goals in our next article! Our next article is going over the business models that are going to earn you this passive income.
In the words of Pablo Picasso,
Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.