How to Set Realistic and Attainable Financial Life Planning Goals
As the new year approaches, a lot of us are compiling a list of goals we want to achieve in 2022 . It could include things like saving more money, losing weight, starting to meditate, finding a better job or learning a new skill.
We’ve been told repeatedly that the best way to achieve those goals is to make them SMART (Specific, Measurable, Attainable, Realistic, Tangible). Though for many of us, this template is rigid and uninspiring. It puts the concept of planning and achievement in a linear framework that appeals only to the rational side of our brains. Our goals then become a list of “shoulds” that require us to be disciplined and methodical in order to reach our objectives.
Let’s try something else and replace the words in the SMART acronym that to reframe how we could consider general goal-setting.
Significant – Goals that resonate with what is most important to you will keep you motivated and bring joy to your journey.
Meaningful – Oftentimes individuals set goals based on what others—parents, coworkers, society—view as important. However, to be truly inspiring and satisfying, your goals must align with your own values and priorities. Only then will your goals be meaningful and fulfilling for you.
Attracting – Having a clear vision of what you want to cultivate in your life will focus your intention and guide your decisions on a day-to-day basis.
Rewarding – Sometimes we don’t make progress because, consciously or subconsciously, we get stuck weighing the costs and benefits of making this commitment. An honest appraisal of this inner conflict can bring clarity to the process. We are more likely to move toward goals that bring us a clear sense of reward along the journey as well as in reaching the destination.
Timing – Do you have the time required to commit to a specific goal? In embarking on this journey, is the timing right for you? It’s important to realize that some goals should have specific target dates and others should not. Open-ended goals should not be confined to our current reality; they require us to stretch our imaginations and indulge in possibility thinking.
By working with a financial life planner, you could apply this updated SMART framework to setting realistic and attainable goals related to your finances.
As I’ve written before, financial life planning goes beyond saving for retirement and for your kids’ college education. Instead, we employ a personalized discovery process that allows to truly get to know you before giving you any financial advice.
If being more intentional about your finances to learn how to live your best life now and in the future is one of your 2022 goals, let us know. We’re here to help.
Ready to get started? Schedule a free consultation today to take the first step to creating your financial life plan and maximizing your right now.
