Setting S.M.A.R.T. Goals in 2022
If you have been trying to achieve various financial goals over the past two years, you may have found yourself working harder than ever, but having less to show for your efforts. Rather than drift about, worry what the future may hold, and let another year come and go, be SMART about setting your goals. If you’re ready to get focused, improve your time management and productivity and fulfill your wealth ambitions, here’s how you can do all this and much more.
What is SMART?
SMART is an acronym that is used for the goal-setting process. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. A tool that is commonly used in various areas of management as well as industrial and organizational psychology, SMART is a very effective technique to help people achieve what they may have initially felt was impossible.
Set Specific Goals
Once you begin using SMART, your first step is to set goals that are specific and very clear. Otherwise, you not only won’t be able to focus on what it is you want to achieve, but you may lack the motivation needed to move forward. When determining your goal, ask yourself such questions as:
– What do I want to accomplish?
– Why is it important?
– What resources are needed?
– Who will be involved in helping achieve this goal?
By having clarity from the beginning, you increase your chances of success.
For example, if you apply SMART to real estate investing goals, you may ask:
– How many properties do I want to acquire?
– What will X properties provide me in terms of passive income?
– What resources do I need to acquire x properties?
– What company can I partner with to help me achieve this goal?
Make Your Goals Measurable
To stay motivated, you’ll need to be able to track your progress toward your goals, meaning the goals themselves will need to be measurable. By measuring your progress, this allows you to stay focused, meet tight deadlines, and get excited as you close in on meeting your goal. Remember, measurable goals focus on how much, how many, and when will the goal be accomplished. For instance, it’s a good idea to say, “I would like to acquire at least two turnkey properties in 2022.” Experts also suggest that you write your goals down so you can refer to them.
Always Set Achievable Goals
If you want to maintain your enthusiasm, always set goals that are realistic and achievable. While it’s fine to have a goal that stretches you to the limits of your capabilities, it’s vital that it still be attainable. Once you set achievable goals, one surprising thing you may encounter is discovering resources you may have previously overlooked that can help you achieve your goal. For example, it’s very reasonable to anticipate having the ability to acquire a minimum of two turnkey properties in 2022.
Make Sure Your Goals are Relevant
Your goals need to matter to you. Therefore, make sure your goals do matter to you and others in your close network, and that they align with other priorities within your family or business. As for what is a relevant goal, look to set ones that are worthwhile, match the needs of you and/or your family, are applicable and achievable based on current circumstances, and are being done at the right time.
Make Your Goals Time-Bound
As the last step in setting your SMART goals, always strive to make sure any goals you set come with a target date. If they don’t, you may become prone to procrastination. While researching real estate investing is important, you do need to take action in order to see results. By having a deadline, this keeps you working toward achieving the goal by a specific time. When you set a time-bound goal, it will answer the crucial questions of what can I do today, when can I do it, and what can I do six weeks or even six months from now?
If you’ve had plenty of goals in your head over the past two years but lacked the clarity and motivation needed to turn your ideas into reality, taking the SMART approach will be a decision you will not regret. Or maybe you and your family have taken a beating over the past year or two years due to the pandemic. COVID has taken its toll on many investors’ ambitions. Whether you’re striving to increase profits, make up for lost time due to the pandemic, or finally put your financial worries behind you, the SMART way may be the best way to financial freedom in 2022. Here’s a link to a SMART Template to help get you started!