Goal setting is one of the cornerstones of Financial Planning. Sometimes something in my own life reminds me just how important. While this isn’t Facebook, please allow me to share.
I have always been a runner. It was necessary in my younger athlete days for stamina and great for my health as I have aged. I also find I do some of my best thinking while I am running – if I could only remember everything I think of when I get back.
About three decades ago, I started logging my running. I can still look up every day I ran, where, how far and how fast. The only goals I would set were how far, or how fast on a daily basis.
As 2020 came to a close, I noted that in all the years I had never run more than 320 days – meaning I always averaged one day or more a week off. Those would be rain days, snow days (up north), illness, injury, business travel, or just plain laziness/lack of motivation. I decided that I would try to run every day in 2021 – not missing a single day. It quickly became an obsession and I just ran on those days I formerly would have skipped a day or week or more.
At the end of the year I had successfully completed my goal. I decided to do it again in 2022. Another success. This year I realized that I would soon have run for 1,000 consecutive days. That day was today! I ran every day through thunderstorms, in the dark on those early start days, with minor injuries, and even when I finally caught Covid a few months back. We didn’t get one, but I’m pretty sure I would have gone for it had we had a hurricane.
This process reminded me how powerful goal setting can be. My goal was defined, reachable, measurable, and I kept pushing it higher. I made myself accountable.
It reminds me how important goal setting is with my Financial Planning clients. Financial Planning is a process. Goals are where you want to go. Once you establish that, discipline and execution are how you get there.
Successful Financial Planning demands definable, reachable and measurable goals. It is the motivator to be disciplined and sometimes do the things that are not easy, like living within a budget. If you are willing to set goals, and be disciplined and accountable, you are a candidate to succeed in your Financial Planning journey. Are you ready to try?
What Are Your Goals?
The Bottom Line: Goals are important both in life and your Financial Plan.