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VDM Wealth Tip: Be "SMART" about Your Goals

VDM Wealth Tip: Be "SMART" about Your Goals

January 04, 2021

As we enter a New Year, you may have already started thinking about your goals. Goal-setting is one thing, but how to achieve them is what will set you up for success.  One way to create a clear and intentional roadmap for 2021 is using a framework called SMART goals (no pun intended).

What are SMART goals?

SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant and Time-based. Each part of the SMART framework works together to create a goal that is intentionally planned, clear and trackable.

You may have set goals in your past that were difficult to achieve because they were aggressive or not clearly defined; oftentimes, this may leave you feeling overwhelmed or unsuccessful.  Whether you’re setting personal or professional goals, using the SMART goal framework can establish a strong foundation for achieving success.

S = Specific

Are your goals clear?  Be as clear and specific as possible with what you want to achieve. The more narrow your goal, the more you’ll understand what needs to be done to achieve it.

M = Measurable

How do you measure the progress you're making towards your goal?  Setting milestones or benchmarks along the way will give you the opportunity to re-evaluate and course-correct as needed. When you achieve your milestones, remember to celebrate (even if it's a small win in your book)!

A = Achievable

Have you set an achievable goal?  Stay motivated and focused on your goals by setting ones you can reasonably accomplish within a certain timeframe.  Before you begin working toward a goal, decide whether it’s something you can achieve now or whether there are additional preliminary steps you should take to become better prepared.  It's the worse feeling to feel unaccomplished, so take a step back to set reasonable expectations for your goals.

R = Relevant

Are your goals relevant?  When setting goals for yourself, consider whether or not they are relevant. Each of your goals should align with your values and larger, long-term goals. If a goal doesn’t contribute towards the vision that you have for your life, you may want to rethink it.  Here are 3 questions to ask yourself when determining if your goals are relevant:

  • Why the goal is important to you?
  • How will achieving it help you?
  • How will it contribute toward your long-term goals?

T = Time-based

What is your goal time-frame? An end-date can help you prioritize your goals and stay motivated.  If you haven’t achieved your goal in that timeframe, take time to consider why:

  • Was your timeframe unrealistic?
  • Did you run into unexpected roadblocks along the way?
  • Was your goal unachievable from the beginning?

At Vista Del Mar Wealth Management, your financial, personal and professional goals are the core of how we design and implement your plan.  What are your goals for the New Year?