Financial Tip of the Day #6 - Today's My Birthday, So Let's Talk About Goals

On my birthday, and new year's, I often find myself looking retrospectively. I look at the goals I've had, and whether or not I've achieved them, and also make new goals for the next year. Based on the amount of people who suddenly make diet goals after new years, I believe that I'm not the only who thinks this way. 

Looking retrospectively, to date I've completed a lot of my goals. I graduated from a prestigious university with three degrees including a master's degree, and I've passed the CPA exam within my first year of becoming a young professional. Moving forward however, I am planning some different goals.

Making goals is an interesting process. They can be very powerful motivators, and help you reach the end results you desire, BUT you need to create the right goals. Often people make the mistake of making goals that are too far away, too outlandish, or not challenging enough. With that in mind, I tried to come up with a structure to make goals that are attainable but challenge me, and of varying lengths so that i'm not losing sight of them, but still making an impact. I now follow the below structure when creating my goals:

1. I make one, five, and ten year goals
2. I make goals that challenge me, but don't seem to unrealistic so that I can still attain them
3. There's a saying that "you often overestimate what you can accomplish in one year, and underestimate what you can accomplish in ten years"
   1. I can certainly see the merit in that saying, and structure my goals so that my ten year goals are a bigger stretch, and my goals along the way almost work towards that goal

Using that structure I have created the following goals today:

1 year goals

1. Create a passive income of $10,000/yr
2. Save my company $100,000,000 through my macro development
3. Pay off $10,000 on the principal of my student loans
4. Reach $50,000 in my total investments between cryptocurrencies and the standard markets

5 year goals

1. Be financially independent
2. Have at least $100,000 in passive income
3. Reach $1,000,000 in my total net worth

10 year goals

1. Create a $10,000 scholarship at Penn State and Notre Dame
2. Own my own business
3. Help save individuals $1,000,000 + a year through teaching them about personal finance/financial advice

Creating goals can greatly help you in fulfilling your future aspirations. It's important however to review them every day. Personally, I write mine down on a big white board that I keep in my room in plain sight. Any time that I lose sight of them, I can simply look over and read them, and it motivates me to keep on track. So now that I have shared my goals, what are yours? 

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 I hope that you found this post interesting. If you have any questions, please comment below. My goal with this profile is to make frequent posts about finance, cryptocurrencies, investment, and wealth generation. I plan to not only make posts, but also youtube videos, and give away free excel workbooks to assist you in your personal finance goals. If this interests you, please let me know and follow my profile. Additionally, if you would like to reach out and ask any questions/request that I make a post on a topic, please reach out to me at [email protected].

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