We may think of setting goals or resolutions most often at the beginning of a new year. However, today is the beginning of the second half of 2023 so how about today?
Whether big or small, setting resolutions can help create a path to greater happiness and freedom. Here’s the thing – setting and keeping resolutions isn’t one size fits all, so let's try a different approach to keep those resolutions!
SMART goals are Specific, Measurable, Achievable, Relevant, and Time bound.
How to use it: Create goals that stick within the constraints of the attributes above. This includes answering questions like: What you want to accomplish (be specific), how you’ll know when it’s accomplished (make it measurable), how realistic is the goal (it should be achievable), does it seem worthwhile (is it relevant), and when can you accomplish it (set time parameters).
Pros and Cons: The SMART system provides clarity and motivation for a goal. On the other hand, answering these questions requires a level of thought that some might not want to put into every goal. Tailor this process to best meet your needs and goals.
OKR stands for Objectives and Key Results.
How to use it: OKR goals are written with Objectives at the top, followed by three to five supporting Key Results below. An example might be, “I want to save $5,000 by year-end. So, I will switch to the envelope system, open a new savings account called “Goals,” and put change from purchases into it.”
Pros and Cons: Like the SMART system, OKR helps you create clear goals. It takes a little practice to write successful OKRs though, and providing insufficient Key Results to support the Objective is a common hurdle.
PACT stands for Purposeful, Actionable, Continuous, and Trackable.
How to use it: Following PACT goals means setting a Purposeful intent, being Actionable with what you can do today, planning Continuous experimentations of your goal, and Tracking progress over time.
Pros and Cons: PACT goals focus on output, which tends to work well for long-term goals. For a more immediate goal, a different approach might work better.
Let's make the rest of 2023 your best half year ever! Please reach out to me by phone at (804) 665-1589 or e-mail to firstname.lastname@example.org. I'd love to help you make sure your financial goals are in step with your personal goals.
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