Setting Achievable Goals

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Everyone has a different perspective on how to set goals.  A recent BiggerPockets forum post asked about whether or not achieving $1B was doable in a single lifetime.  There were some excellent answers and some good commentary to go with it. 

I prefer to think about setting achievable goals and possibly a few stretch goals for the year.  For whatever reason, I was born with two helpings of ambition.  When I was younger and more enthusiastic I thought that this was a great character trait and that it would propel me to great things one day.  Ambition is like anything else, fine if done in moderation.  Setting too many goals causes one to lose focus and be spread too thin.  You will quickly realize that you can’t be all things to all people and do everything well.  This is where setting effective, achievable stretch goals comes into play.

One billion in net worth is so remote of a goal as to defeat the purpose.  Setting overly-lofty goals like this also distracts one from leading a balanced life and enjoying the wealth that you are achieving.  One of the popular BP posters commented that a doctor told him he would be the richest man in the graveyard if he kept going as he was going.  Yikes!  That is a sobering reminder to all of us to keep our unbridled thirst for attaining more in check in our quest for wealth. 

Figure out what subset of things is the most important to you, those that are secondary, etc. and budget time for each accordingly.  Try to have a clear path toward financial freedom if that is one of the things that is important to you and strive to reach the next rung on the ladder incrementally over the course of several years.  You are far less likely to get ultra rich using this approach, but it is very likely that you will attain wealth over the course of many years of hard work and dedication to perfecting your chosen area of expertise.

Photo: Jimmy Harris

About Author

Bryan Hancock is the Acquisitions Director at Wealth Aggregators a private equity firm focusing on distressed commercial property purchases.

2 Comments

  1. In terms of getting the things done that need to get done and staying motivated while doing so, achievable goals are a linchpin such success. If you can succeed on your achievable goals, the more distant ones don’t seem so far away.

  2. J Robert Gamboa on

    There are a couple of things that come to mind when considering this question whether it’s possible to become a billionaire in one lifetime?. First, absolutely yes it’s possibly, best example is Mark Zuckerberger 25 year old creator of facebook worth over 4 billion. This year alone 12 women joined the list; women make 10 percent of the exclusive group. According to Steve Forbes “The United States used to account for nearly half the names on the list, but now its share is just 40 percent — or 403 billionaires.”
    The leading billionaire this year is Carlos Slim, Mexican mobile phone mogul worth over 50 billion.
    Second in my opinion contrary to recent mainstream media and political pundits attacks on “Millionaires” as responsible for our economic woes I think people with a lot money are the creators of jobs, either directly or as angel investors or in my field as private lenders. According to recent study based on census data by The Kauffman Foundation the great majority of new jobs are created by start up companies.

    Personally I know of a truly inspirational story of a man that lost his business and was heavily indebted because of the economic conditions of the Savings and Loan crisis in the 1990’s. He declared bankruptcy after being hounded by unscrupulous debt collectors that would call his home at all hours of the day (and night), verbally harassing not only him, but his wife and two young daughters. It as actually this experience that led him to discover a niche that helped failing banks get rid of non performing loans and helped him capitalize to become so wealthy to be included Forbes list of wealthiest Americans. [Affiliate link removed]

    More and more I see millionaires willing to share knowledge and/or wealth based on a paradigm of abundance which says that riches are available to anyone just like air, all you need is the proper belief system. While this comment is not the place to go into detail I can recommend a couple of excellent short books that do; “The One Minute Millionaire” by Robert G. Allen and Mark Victor Hansen; the other is “The Money Tree” by Garrett B Gunderson and Garrett White.

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