Summary: It’s time to start setting the right kind of goals – the SMART kind – so you can feel confident that you will stick to them and grow your passive income like crazy!
Can you believe we’re now a quarter of the way through 2022?! Time truly flies when you’re chasing your dreams. 😏
We say now is a perrrfect time to check-in and set some new goals. Sure, we have big goals that we’re consistently working towards, but we also like to take time to think about what we want our daily life to look like.
We’re always seeking that work-life balance, human connection, being more present, traveling this beautiful world, aaaand taking more naps.
Yes. Naps are absolutely a goal.
These are ongoing lifestyle goals, as opposed to the one-and-done big accomplishment goals. Both types are important to have, but we’ve found that not enough people are setting any goals of their own. Aaaaand way fewer people actually accomplish the goals they set.
A Harvard Business University study found that only about 17% of participants set goals…while 92% of those people fail to achieve the goals they set.
So, why is it that soooo many people have a hard time following through?
Simple…They are not making SMART goals.
No. We’re not saying some goals are dumb.
Any type of goal can be a SMART goal. They just have certain characteristics that make them way more achievable than, ummm, not-SMART goals.
And when it comes to your real estate investment journey, SMART goals are going to be a gamechanger for ya. 😘
Here’s what we’ll cover today:
- What are SMART goals?
- Let’s get specific
- Make sure you can measure your goals
- Are your goals achievable?
- Are your goals relevant?
- Let’s talk about timing
- What SMART goals are you setting for 2022?
Soooo what are SMART goals, anyways?
SMART is an acronym for the characteristics you want to follow when setting your goals.
S – Specific
M – Measurable
A – Attainable
R – Relevant
T – Time-bound
Each of these traits can be applied to aaaany types of goals like health, personal, and – the star of today’s blog – passive investment goals. ✨
You can set your personal, family, and health goals with these letters in mind to really keep you motivated towards achieving them. We’ll use our current health goal as an example.
Instead of a general statement like this, “We will be more healthy this year,” we set a specific, measurable, attainable, relevant, and time-bound goal for our health.
Our SMART goal is this 👉 We’re currently participating in the 75 Hard Challenge.
For 75 days, we track our progress of working out and abstaining from certain food groups.
See the difference?
This goal is very achievable because of all the details. Yes, it’s absolutely still challenging, but we are way more likely to stick to this than a vague statement about being healthy.
Okay. That was just one example of how to adjust your own personal goals. Now let’s talk about passive income and investing, and how to succeed by using each of our SMART characteristics.
First, let’s get specific.
Your SMART passive investment goals will need to be as specific as possible.
Wanting to make more money through passive investing is a perfectly fine reason for getting started. But honing in on what you’re specifically after will help you actually achieve your goals.
You might have multiple specific passive income goals like, “I want to make enough passive income to pay for next year’s vacation.”
That’s a suuuper specific desire to work towards. 🙌
And you can even go deeper by setting up actionable steps to getting there. We are always fans of writing down your specific goals because you’re 1.2-1.4 times more likely to accomplish them!
We like those odds.
Here are your criteria for putting the “S” into SMART. Ask yourself the following questions about each goal:
- What am I trying to accomplish?
- Why is this important?
- How will achieving this help my bottom line?
- What resources do I need to make this happen?
- Who needs to be involved?
It’s not easy to think about all the details, but you’ll look back from the other side of your goals and be SO glad you did the work. 😎
Make sure you can measure your goals.
You’ve thought about (and hopefully written) your specific passive income goals.
Now it’s time to figure out how to make your progress measurable.
This miiiight require some numbers and figures…but don’t fret. Being able to track your progress makes it super fun and exciting. 🎉
It’s like being able to celebrate little wins along the way and stay on track towards your bigger goals. We all get distracted sometimes, right? But by keeping track of your measurable steps, you can stay on target.
We love examples, so check it out…👇
Let’s say you want to save $24,000 in passive income by the end of the year. Your way of taking measurable steps towards this goal could be transferring $500 per month into your savings. That way you can easily make up for a missed month or check your progress along the way.
This is much better than just waiting to know if you did it or not until the end of the year. You now have control over how you make this goal happen.
Are your goals achievable?
Alright, now it’s time to make sure your goals are actually achievable for you.
We’re not trying to limit your abilities or hold you back from shooting for the stars. 🌟
Buuuut we want you to accomplish what you’re setting out to do. That will build confidence and drive to continue to crush your goals, as they get bigger and bigger.
The last thing we want is for you to feel defeated when you’re first starting out. So, it is okay to work your way up to certain goals.
Reaching $100,000 passive income in your first year sounds great. But honestly…it’s likely not going to happen.
That doesn’t mean it will never happen.
You just need the right expectations and timelines when it comes to attainable goals.
Ask yourself if your passive income goals are realistic. Are there any hurdles you might face? Are you financially ready to take this on? Is the timeline reasonable?
Set goals that are challenging, but ultimately possible. 🤩
Are your goals relevant?
When we say “relevant,” we mean your smart goals should be appropriate for where you riiiiight now in your passive income journey.
Sure. Long-term goals are awesome! We totally support your big dreams. 🤩
But when setting smart goals, it’s sooo important to make sure they make sense for what’s going on in your life (so they can be achievable, like we talked about above😉).
So, go ahead and dream away about that beautiful future.
But in the meantime, set some goals that are going to get you to that future someday. 🙌
Timing is SO Important.
Our last SMART goal letter is T…for time-bound. Which just means you need to add some real deadlines.
Because we all know what happens when we set open-ended goals…
Basically nothing. 🙃
We’re trying to make things happen here with these SMART goals, so setting specific deadlines will help keep you on track.
It’s soooo easy to get distracted when your deadline is far away.
It’s not just one big timeline like, “I will make X amount in 6 months.” The smartest of goals will have smaller time constraints along the way, to make the bigger goal more accessible.
Try setting certain times for accomplishing tasks. Maybe every week you spend 2 hours working towards that bigger goal – or whatever makes sense for you.
Aaaaalso…we’ll say it again.
Remember to CELEBRATE the heck out of your small wins. 🎉
Accomplishing small goals will inspire you to keep going. Because proving to yourself that you can do it is eeeeverything!
What SMART goals can you set for 2022?
Okay, time for a liiiiittle homework…all in the name of chasing your financial freedom dreams. 🤩
Now that you have all the deets about setting specific, measurable, achievable, relevant, time-bound goals – it’s time to put it into practice!
Ask yourself what you want to accomplish in the future, but don’t stop there. Start setting the SMART passive income goals that will serve as steppingstones to long-term wealth. 🙌
Heck yes to that!
Writing your SMART goals down will help but remember that action is everything. Make a plan, take continuous action, celebrate your wins, and reap the benefits!
You got this. 😏
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