How To Set SMART & Effective Goals

“Setting goals is the first step in turning the invisible into the visible.”
~ Tony Robbins

Man, ain’t Tony speaking the truth!?

Hey Moguls, its Cody Sperber, and I’m back again today to talk about achieving – no, crushing - your goals and effectively, realistically setting them so you can achieve massive success.

See, proper and effective goal-setting is more of an art…

And it doesn’t just happen. Much like success, it won’t just fall in your lap. You’ve got to work for it, plan for it and put purposeful thought and action into it. And for some, the thought process required to set goals can be overwhelming.

But fear not my friends, because I’ve got a handy dandy acronym that will guide you through the seemingly cumbersome process of goal setting.

Plus, I’m going to help you map out – with specific details and timing – some valuable and actionable short-term and long term goals.

Are you ready to have your mind blown?

Be SMART

SMART is the word of the day. Say it loud, say it proud.

It stands for Specific, Measurable, Attainable, Realistic, Timely.

So let’s define each, shall we?

S: Specific Goals are those that have a greater chance of being accomplished, more so than “general” goals. If your goal is to “get in shape,” you need to instead set a specific goal like “join a gym.”

See what I mean?

And with specific goals, you have to answer six “W” questions before you can get specific:

Who is involved?
What do I want to accomplish?
Where is the location?
What is the time frame?
What are the requirements and constraints?
What are the reasons, purposes or benefits of accomplishing the goal?

Okay, moving on…

laugh M: Measurable Goals will help you establish concrete criteria for measuring your goal-achieving progress.

Why is this important?

Because measuring your progress makes you accountable and keeps you on track. It helps you meet personal deadlines and, more importantly, measurable goals – when reached – provide you with the positive reinforcement and pat on the back you need for a job well done, which motivates you to keep working toward your other goals.

Now, to determine if your goals are measurable, ask yourself

How much?
How many?
How you can tell when a goal has been reached?

Let’s keep getting SMART…

A: Attainable Goals are those that are most important to you.

Once you identify which goals hit home the most, you can devise your plan of attack. Identifying attainable goals will give you the attitude, ability, skills and financial capacity to reach them.

In other words, they will open your eyes to opportunities you couldn’t see before.

You can achieve almost any goal IF you set action steps wisely and set deadlines to crush those action steps. In time, goals that seemed out of focus and far away become crystal clear and in your face – not because you changed your goals – but because you evolve and continue to meet goal after goal after goal.

Now let’s get real...

R: Realistic Goals are self-explanatory, but I’ll just say it – they are defined as goals you both want to AND can achieve. Every goal should lead to substantial growth and progress, and if they don’t, you can bet your boots you’re not setting realistic goals.

So keep it real.

Ask yourself if you’ve achieved similar goals in the past and understand what needs to happen to achieve those goals again.

Do you have the same support, finances, resources and motivation that you had previously?

Rule of thumb – if you truly believe you can achieve a goal, then it’s probably realistic.

And finally…

bed T: Timely Goals (also called “tangible”) are set within certain timeframes that YOU determine.

Deadlines are absolutely necessary because they demand urgency. Once you set deadlines, you light a fire under your own you-know-what to help ensure you keep working toward your goal.

Let’s now talk more specifics about the timeframes of goals. I have some ideas for you to consider…

Suggested Short-Term & Long-Term Goals

In my world, there are 5 timeframes for setting goals. Each timeframe is characterized by certain tasks that meet the SMART criteria.

Do you have to map out ALL of these timeframes, like right here and now?

Naaaww.

But I would suggest – at minimum – creating goals for the first 3 timeframes listed below. These are essential for long-term success.

Quarterly Goals:

Set up your wholesaling business systems
Grow your buyer’s list with 100 prequalified buyers
Wholesale three houses for $15,000 profit & use the money to pay credit card debt
Finish assembling your power team

Six-Month Goals:

Get your wholesaling business running like a well-oiled machine that generates $10,000/month in cash, consistently
Purchase one house for your long-term rental portfolio at a significant discount so cash flows
Have your assistant trained to answer and screen leads
Outsource all basic business functions

One-Year Goals:

Save $50,000 cash
Own 2 cash-flowing rental properties in good neighborhoods
Outsource all marketing functions and have them on cruise control
Have 1,000 buyers in your cash buyer database
Set up a self-directed IRA

Three-Year Goals:

Own 10 cash-flowing rental homes in your portfolio with all management outsourced
Have $650,000 in pure equity and $250,000 in cash reserves
Have passive income from investments of $7,000 or more per month
Have $20,000 in your self-directed IRA

Five-Year Goals:

Have $500,000 in cash reserves
Have $1 million in equity
Have business on complete cruise control
Spend more time with family
Purchase dream car (Maserati for me)
Invest tax-free within IRA in performing notes
Take young investor under your wing
Give $10,000 a year to your favorite charity or charities

goals And there you have it. You’re welcome!

When you put them on paper and plan for them, goals seem and are more attainable.

They seem SMARTer, huh. You will be too.

You can do this. I know you can. Follow the guidelines I’ve given you, and start crushing your goals right now, here… today.

Remember This

“When it is obvious that the goals cannot be reached, don’t adjust the goals, adjust the action steps.”
~ Confucius

Words to live by.

Stay the course but make adjustments in your plan along the way when and if you need to achieve your goals.

Remember that as you create your SMART goals, focus not on how much money you will make but how you will use that money to better your life and the lives of those around you.

Got Something to Say?

Have some thoughts about setting, achieving and even crushing goals? Do tell, below.

Set SMART goals, and then knock them out of the ballpark.

Be sure to include deadlines and timeframes for yourself to stay on track.

Dream big, plan even bigger but always be realistic.

Think about how you will use your money wisely, not about how much you can make. (Okay, sometimes it’s okay to think about how much but always be mindful of using your money for the greater good!)