SMART Goals
SMART is a way of defining and remembering the key components of a well constructed goal.
SMART is an acronym for the 5 parts of a good goal:
- Specific
- Measurable
- Achievable
- Relevant
- Time-based
Specific means that you are as detailed about what you want as necessary.
A non-specific example financial goal would be “I want to make more money this coming year”.
A little better than nothing, I will admit.
Here is an example of a specific goal, “I want to generate a $1000 a month in passive income from real estate in this coming year.”
Measurable means you are measuring something.
A non-measurable example looks like this, “ I want to generate monthly passive income from real estate in this coming year.”
Pretty much, anything more than zero means you have achieved your goal.
The thousand dollars a month is both specific and measurable.
Remember Classic Goal Trap #4 is measuring the wrong thing like pounds lost, or measuring at the wrong time – right after getting of the treadmill.
In this example you are not measuring by the number of properties you need to own, or the real estate strategy that you are employing.
If you end up making $1000 per month by owning 2 properties or 4 properties, it doesn’t matter how – you have achieved your goal.
Achievable – This is always the hardest to set for yourself, remember Goldy Locks and the Three Bears. One is too small, one is too big, and one is just right.
Classic Goal Trap #5 is making your goal something you know you can achieve without too much work – in other words too small, and just shy of where you really wanted to be.
Too big and you beat yourself up for not getting there which is also counter productive. You can also sometimes fail to even engage because it just appears impossible to you.
In the example we have been evaluating it is impossible to know if the $1000 is too small, just right, or too big as we don’t know enough about the current situation (relevant), and why this number was chosen.
Relevant if you are not into investing in Real Estate then this example is not relevant to you.
I would use the word “applicable”. SMART goals need to be relevant/applicable to you and your current situation.
Our example would be relevant for a Real Estate investor, who’s goal was to grow his investment portfolio.
Time-based – when are you going to get it done by the deadline.
Without this the rest of the goal setting exercise is wasted.
Your goals all need to have a deadline in order to motivate you to action.
This could be daily, weekly, monthly, quarterly or by the end of the year and needs to tie into your measurement system.
This is a great checklist that can be applied to any of the SMART Goals you write for yourself.
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