Financial Planning: 5 Myths about Setting Goals

Jan 13 • Career Planning, Financial Planning • 2060 Views • No Comments on Financial Planning: 5 Myths about Setting Goals

By Joni Lindquist

One of our favorite blog posts from 2013:

Setting goals is an important foundation to both financial and career planning.  Yet I find that some folks struggle with identifying their goals.  Sometimes this can be caused by believing in one or more of the following five goal setting myths:

Myth #1:  Your goals are what you “should” do.   

People often view goals as things they should do, rather than setting goals based on their passions and interests.  For example, I “should” spend less monthly and save more.  However, my passion is photography and travel, so my goals should be centered on those items.  My goals are to travel and build photo albums from trips to Africa, Europe and Hawaii.  Make your goals the things you really care about.

Myth #2: Not meeting the goal is failure.

It’s okay not to meet every goal, typically there is value in the journey even if you don’t fully reach the finish line.   By setting goals and taking action to achieve them, you will be further along than if you did nothing.  Who knows what you will learn and experience along the way!

Myth #3: There is no need to write my goals down. 

You don’t have to write your goals down, but it sure helps if you do.  Studies have shown that people who write their goals down achieve them 61% of the time, while those who don’t only achieve 43%.  Writing your goals down leads to commitment on your part.

Myth #4: All goals need to be “SMART” goals.

We are trained in business to have SMART goals (specific, measurable, attainable, realistic and timely), but sometimes it is better to have a goal that is less defined.  This allows you to explore and provides some freedom.  It is less stifling, yet you still have something you are marching toward.

Myth #5:  Goals need to be big things.

Start small, so it’s not overwhelming.  What is your goal for the next three months?  What are your career goals over the next 6 months?  Go small to get used to setting goals.

For help setting goals and a plan to achieve them, schedule a meeting by clicking below, contact Joni Lindquist –jlindquist@makinglifecount.com, or call (913) 345-1881.

Photo credit: jjpacres / Foter / CC BY-NC-ND

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