As we start a new year, everyone is looking forward to being a better version of themselves and on goal planning. What areas do you need to improve on? How do you intend to remain persistent in hitting your goal? Any goal properly set is halfway reached. You need to know where you are going before you get there and be persistent.
In this episode we focus on how we can keep ourselves accountable and where we plan to go in 2022. Besides, we look at quotes on goal planning, why we begin to fall off months after setting our goals, auditing our goals, finding a business, and how you can leverage on debtTune in for more!
Quotes on Goal planning
- You do not rise to the level of your goals. You fall to the level of your systems. What systems do you want to have in place for your business to help? In any sort of business, if you do not have a process and you are not habitual in something that you do, daily or weekly, you will never hit those goals.
- Setting goals is the first step in turning the invisible into the visible. Once you have your goals set, they take a shorter time to manifest, and if you have no goals, they will take long before they manifest.
- A goal properly set is a goal halfway reached. You have to know the direction you are headed before you start getting there. So, before embarking on something, sit down and set your goals. Always plan on what you need to achieve first.
- Persistence is more important than talent when it comes to achieving goals. You might get super-pumped when setting goals, then a month, two months, or a few months later, you start to fall off. The main reason we do not end up hitting our goals is that we stop.
Auditing your goals
You’ve probably set goals at the beginning of the year, but a few months later, you have already lost track. How can you keep your goals in check? To keep them in check, you need to audit your goals’ progress regularly.
“In order to hit those goals, you have to stay on a daily test, weekly, monthly, and quarterly. You got to keep updating.”
Although auditing seems tough and time-consuming, it is worth it. At the end of it, you get a clear picture of where you are going, and it keeps you motivated.
Paying yourself and separating your personal expenses while in business
You have to separate your business expenses from your personal expenses in any business. You can do this by paying yourself. Set yourself on a paycheck and try to live within it.
Besides, track your business expenses and use your business card to settle them.
Leveraging on debt
You can leverage debt and make more investments depending on your risk tolerance.
“It does no good having no debt if I’m planning on it making me more money.”
Besides, if you look at the super successful people financially, they leverage debt. It’s the only way to grow and build a positive cash flow.
Once you leverage on debt, ensure the liability becomes an asset at some point.
“If you want to buy a $300,000 house, you have to put a 20% down payment. You can rent it out for $2500 a month, but the mortgage payment is $1500 a month. You make $1000 a month, and you have people paying off the debt. The asset becomes a liability.”
Finding/Acquiring a business
So many baby boomers have been in business for the past 30 or 40 years, and they are checking out. It’s a golden opportunity since people will start their businesses, and some may be retiring. If you are looking to start a business, stick to the niche.
“For instance, if you purchase the biggest printing company. Find out their main supplier for ink and paper. Anything that you are purchasing through someone else grab them up.”
LISTEN TO THE FULL EPISODE ON:
Hope you enjoyed this weeks podcast on Goal Planning!