In this week’s episode of the Extra Paycheck Podcast we’re talking about setting New Year’s resolutions and setting goals for 2018.
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Many of us make New Year’s resolution during the Christmas time. However according to Forbes 92% of people don’t follow through with their resolutions. 8 out of 10 people give up on their resolutions before mid-February. So how do you join the 8% and actually follow through?
First of all we need to understand the difference between resolutions and goals. Resolutions are supposed to be long-term and they are supposed to be something you keep instead. Resolutions are ongoing and can’t be completed. Making more money is a resolution. Losing weight is also a resolution. Living a happier life is another resolutions.
And that’s exactly where the problem is. We can’t work towards something that can’t be measured properly. We can’t achieve a result when we don’t know what exactly that result is. Here is my point: Don’t set resolutions, set goals. Set goals that are very specific and time-sensitive.
These show notes offer a very short version of the episode, however you should listen to the full episode for examples, details and advice.
Write It Down
You must Write your goals. You can’t simply think of a goal and expect to achieve it. Write it in your diary or a notepad document on your computer.
Writing down that you want to lose weight isn’t enough. You need to set very specific goals in order to achieve them. For example: “I will lose 12 pounds by the end of 2018”. Or “I will be earning $5,000 per month by the end of July of 2018”.
When your goal is time sensitive – you’ll be more inclined to respect that time limit. If your goal is specific and measurable – it’ll be much easier to actually achieve it. Did I mention that you need to write these down?
Explain Your Why
Achieving something for the sake of achieving it rarely works. “I want to make more money” is not a goal simply because there is no motivation behind it. I want to become a rock-star… But do I really really want that? Am I willing to suffer for this goal and give all of my time and energy to it? No.
When setting your goals you need to
double check triple check that you actually want that. By spending time on planning that goal you’ll understand its importance. Don’t come up with a random number you want to earn.Sit down and actually calculate the specific number.
Example: Every single month you want to put $1,000 in your savings. Another $1,000 into investments. Your rent is $1,200, groceries are $600, utility bills are $400, you spend $300 on going out. Let’s add another $500 for emergencies and other small spending. That’s a total of $5,000 per month. Remember you need to pay taxes and to make it easier let’s say you’re paying 20%. This means that you need to make $6,000 per month in order to be comfortable. That is Your specific number. You can also break it down to days. $6,000 per month is only $200 per day. What can you change in your blog that will get you to $200 per day? Now your brain is starting to work because this is a very specific goal and more importantly you understand WHY this is your goal.
Before I forget, you need to write all of this down.
Plan Of Action
At this point you know what you want to achieve this year and you know why you want to achieve that. Now is the perfect time to write down HOW you’ll get there. So you want to lose 12 lbs in a year? Great, that’s only 1 pound per month. How can you lose that weight?
You’ll probably join a gym and start exercising. Simply signing up is not enough though. You need to make a schedule that you will respect. For example you’ll go to the gym every Monday at 5pm and every Thursday at 6pm. You’ll exercise for 1 hour every time you’re there. Most gyms offer you a free consultation with a trainer and that’s a perfect chance to tell him/her your goals and that person will help you set that schedule. Now open up your calendar and add your gym time in there for the rest of the year. Keep that schedule and stick to it. Sure, sometimes you’ll need to skip a day because of emergencies but don’t beat yourself up for it. Catch up on another day, you’re doing great!
Oh, make sure to write all of it down.
Prioritize Your Goals
At the very beginning of the year we tend to be very excited about the New Year and we often overdo it with goals. I know I do that. You probably won’t be able to achieve all of your goals and that’s totally fine. However you need to make a priority list. Write down your goals in the order of importance to you.
Once you’re ready, start concentrating on ONLY the top 1-3 goals. When you have 14 things to do at the same time you’ll give them all a half-assed effort and you’ll get half-assed results. However if you concentrate on one goal at a time you might actually get the result that you desire. Once this is under control you can start shifting your attention to secondary goals. Don’t try to do everything at once as you’ll only lose motivation.
… do write down your priority list.
Keeping your goals to yourself might sound like a good idea but it isn’t. When we feel lazy or not motivated we tend to neglect our goals, thinking we’ll get to them later. However if our friends and family know our goals we feel much more accountable for taking action. You friends will be asking about your progress throughout the year and it’ll feel great to report what have you been doing and what kind of results you have achieved.
You can create an accountability group on Facebook and invite your fellow entrepreneurs in there where you’ll all keep each other in check. Tell your partner. father and grandma what you’re planning to achieve this year. Also ask them to check up on your progress from time to time. Do it now, thank me later.
Book mentioned in today’s episode:
The Subtle Art of Not Giving a F*ck by Mark Manson (affiliate link)
There are many more details, examples and strategies in this episode so make sure to listen to it.
I would LOVE to hear your goals for 2018! Send me an email ([email protected]) or use the comment form below to share your goals.
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