As Singapore investors, we are all committed to succeeding in our financial journey.
This means earning, saving and investing our money towards reaching our financial goals.
As we embark on this journey, should we set big or small goals?
How should we maximize goal-setting to produce the best results? Read on!
This article was written by a Financial Horse Contributor.
1. Benefits of big goals
Have you heard of the saying?
Shoot for the moon, if you miss, at least you’ll hit the stars.
This holds true for goal-setting.
A lot of us think too small.
We aim too low, or we just brush away our goals and compromise instead.
For instance, if you want to be a millionaire by 35, just go for it.
Set your intention and you’ll be surprised at how impossible things can actually be possible.
Sometimes we talk ourselves out of big goals, because it brings up feelings of fear, or scarcity.
When this happens, we may want to give up, and aim lower.
But think about it this way, why not aim bigger?
What’s the worst thing that could happen? You achieve your original small(er) goals….
To succeed, we need to let go of negative thoughts holding us back.
The practical result of aiming big, is that we usually get much further than we think.
Because we dream big, we will then also be motivated to take bigger and and more effective steps towards this goal.
If you aim to be a millionaire by 35, you would need to buck up at work, invest strategically and find better ways to grow your money. These things come automatically once you set a big goal for yourself.
If you aim small(er), you may just decide to coast at work, or put-off investing as there is no incentive to push harder.
Don’t hold yourself back by thinking small. Big goals force us to do better, and achieve faster.
So don’t be afraid, tell yourself that you can do it, and reach for the moon.
2. Benefits of small goals
On the flip side, small goals are also very useful.
The progress principle means that setting goals will encourage progress.
Small goals are easier to achieve on a regular basis, which means you can keep going.
There is a special power in setting and consistently hitting small goals.
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Little steps keep us going forward.
The small wins motivate us to keep going.
3. Best of both worlds?
Consider having the best of both worlds.
Set small goals on your way to your big financial goal.
Keep it simple so you stay on track.
As Steve Jobs said, start small and think big.
So set small goals to achieve your BIG goal.
4. Goal-setting hacks
Dream big, set goals and take action!
One major issue is how to keep yourself accountable.
Tell people about your goal, or put it front-and-center in your home so you see it every day.
Set specific goals so the end result is trackable.
You need to track your progress, so you are held accountable and this also motivates you to keep working harder.
Make sure your finances are tracked and updated (e.g. take advantage of SGFinDex which consolidates all your finances).
Check out this list of best free tools to help your finances!
The journey to financial freedom is not always easy, but, you just need to hang on and don’t give up!
