Money makes the world go round. However, managing it isn’t as easy as folding clothes…
Author: Daniel Brown
I have read countless books, listened to podcasts, attended seminars and international business coaching sessions, developed my own goal setting program over the last 20 years and worked with over 1,000 clients regarding their goals.
One of the most valuable lessons I have learnt is that most people who give goal setting advice have achieved very little in life.
Why? The most common reason is they have not addressed their own money beliefs or values that are ingrained in us from a very young age (courtesy of our parents) and therefore they are just replicating the same experiences in themselves and others.
I believe there are five fundamental steps to change your mindset and try to reach your money goals in 2020 and beyond.
1. Quit the Scarcity Game
We have had many different experiences in our lives that have led us to our current decision-making process.
Take some time to reflect on why you have chosen the path to your current position and how you would like to see it change in the future.
As an example, if you are submissive, acknowledge what occurred or the events in your life that programmed you to be this way and then evaluate the decision-making process you live by.
Our past will impact our future. A scarcity mindset or feeling there’s ‘not enough’ can be driven by the generations before us. Acknowledge that if we set goals with this mindset we will only have just enough or place limitations on what is achievable, e.g. “When we can save enough money to book a holiday, we will find something affordable”.
Our belief system is like a projector screen of our past. Alter the slide on the projector screen to change the vision for your future.
Creating the opposite of scarcity, ABUNDANCE, means changing your belief system through creating a new experience, to reinforce your new belief of no limitations!
2. Check your language
Our language is a direct reflection of our thought process. Write down your current goals and look for anything that seems limiting or restricting on what you would really like to achieve.
When we challenge or change our thought process it’s signalling our mind that we are prepared for change and ready to form new beliefs.
To change your beliefs, start by removing timeframes from your goals, write the actual goal as it will occur and attach the feeling you will have once you have attained it.
For example, “I want to buy a new car by next December for $35,000” compared with “The car I bought will be exactly as my family needs, and the purchase price reflects and rewards my new belief and attitude to my savings plan.”
Remaining motivated and disciplined is far easier when you already believe your goal will be achieved.
One of the best pieces of advice I received was to complete a yearly plan for yourself that includes family, wealth, business and personal goals; then ask your partner to do the same and get some alignment on them.
The purpose is to seek alignment between you and your partner so that you both get what you want out of life. It removes the blame from any future discussions and sets expectations for the year ahead.
I have completed this process for the last 3 years and just completed this year’s. What I have come to understand is that most of the goals that are achieved and supported are because the communication and decision-making processes of both partners are cohesive.
4. Implementation = Action, Accountability and Check In
The speed of implementation is an absolute priority when working towards your goals. Break down the steps involved in reaching your goal and get started preparing your action list.
Accountability starts with you and making daily choices to influence your outcomes or goals. Your beliefs and behaviour are heavily related to the likelihood of achieving your goals. Create some new routines, listen to or read material that supports the changes you’re making.
Three key tips to support implementation
- Share your goals with someone: whether it be a partner, colleague, friend or mentor that will support you to remain accountable and build a process for updating/checking in that keeps you on track to achieve your goals.
- Make it personal, really personal: e.g. I will get out of bed at the same time every day (great for routine) and spend 30 minutes reading about how to develop or be better at my role, which will in turn help support or provide for the business and my family.
- No excuses: excuses come from not taking responsibility for your actions.
The world’s most financially successful people form routines and habits that make them efficient, accountable and facilitate continuous learning and growing.
5. Celebrate your wins
We are taught from a very young age that if you do good you will get rewarded. Unfortunately, for a lot of people this becomes ingrained and they seek evidence of the goal being achieved before they get started.
In achieving goals, it is hard to remain focused unless there is a tangible reward. We are used to this reward system.
I find that the clients who achieve goals and remain focused for a long period of time have one common characteristic – a reward system that supports their belief process.
This could be as simple as reaching a milestone like having $10,000 in the bank and having a night at the movies, or something bigger, like a holiday once you pay off the mortgage.
Setting milestones and rewards is vital to achieving all of your goals.
Implementation of the five steps can allow you to change your mindset and belief systems to help you succeed in 2020.
Take the first step and book an initial consultation with our highly experienced team of specialist financial advisers that are able to service you at our office locations in The Junction, Erina, Terrigal and Sydney CBD.
Make your goals part of your financial plan but not your only plan!
DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.