The 3 W’s of Reaching Your Money Goal
You have a money goal that you would like to achieve, but that’s all you have. Creating the goal is sometimes hard work, not to mention the journey you need to go on whilst working towards, and reaching your goals.
The journey is often different for everyone. However, there are three parts of achieving every goal that is always the same. Defining the 3 W’s of your money goal, indeed any goal will allow you to work toward it without losing sight of the big picture.
What do you want, what exactly is your goal?
It would be best if you were specific: To consistently earn £5,000 per month from my business. To write a non-fiction book about (fill in the blank).
Explicitly, naming your goal and writing it out will give power to it and will allow you to focus in on what you are trying to achieve mentally. Clearly defined goals are more comfortable to work towards. Writing out your target has the added benefit of making the goal “real,” as opposed to a foggy idea floating in your mind. Where your goals can be quantified in monetary terms, then you should do so, as this makes it more specific.
When do you want to achieve your goal, what is your timeframe?
Once you have an overall time frame, you can dive into the milestones that you will need to hit along the way and put time limits on those. Doing this will give you benchmarks on which you can measure your progress.
Measuring your progress in increments will also keep your spirits up when you are in the muck of the middle. You will be able to look back and say, “I’m halfway there.” So if you are aiming for £5,000 months in your business, milestone examples could be £1,000 months, £2,500 months and £4,000 months.
Why is this your goal and why do you want to do it?
Your why is your everything. The reasoning behind your ‘why’ should be personal and not something you will be easily swayed from. Don’t, for example, be swayed by the marketing and business coaches telling you that you should aim for £10k months when you don’t need to earn that amount to meet your goal of living on your terms.
Having a strong why will also come in handy when you lack external support. Having a reliable support system of family and friends makes achieving any goal more effortless, but sometimes you won’t have that backing.
You have your ‘what’, your ‘when’, and your ‘why’. Write down each of these and revisit the W’s or reaching your money goal when times get tough. You should especially review your why daily. It will remind you why you started, why you are continuing, and what awaits you at the end of your long journey.
Setting and achieving goals is not for the weak of heart, but if your heart is in it, the process will be much less daunting.