SMART Goals: The best way to work towards your ideal financial future
May 2, 2023
In general, it’s pretty safe to say we can all feel a little anxious and overwhelmed when we step back and look at our goals.
At the same time though, we always love smashing a goal – regardless of whether it’s work, education, lifestyle, or anything else.
So, how can we ensure that we’re getting the positivity out of our goals?
Well, like lots of things in life, structure is the key.
What better than to talk through the very structure we use with our property investment clients to help achieve their goals?
Introduced over 40 years ago by Geroge Doran in the peer reviewed journal, Management Review, the SMART Framework for Goals and Objectives is all about establishing quality goals to help businesses and individuals succeed!
SMART is one of our fave acronyms at Investher – it stands for Specific, Measurable, Achievable, Relevant and Time-sensitive. Each of these words is super important when it comes to working on our goals, as it ensures that things are broken down and structured in a way to minimise that feeling of overwhelm that we can all experience.
Want to make YOUR goals work? Stick around, because we’ll dive deep into each step of the process.
When we get specific with our goal, it means we understand ourselves and the situation better.
The other great thing is that a specific goal helps you to visualise your outcomes and what you really want to come to fruition.
Branching off from the idea of being specific is the notion of creating measurable goals.
Often, quantifying your goal can be a GREAT way to bring a sense of direction and further understanding of the steps you need to take.
It’s easy to say ‘I’d like to own a few investment properties by 2027’. Yes, it technically is a goal, but is that specific and measurable?
Nope, not really!
Instead, you might say something like ‘My goal is to own three investment properties by 2030, 2 of which I’d like to build on new land and spend around $600K, and the last, an infill estate property of around $750K’.
When talking about an achievable goal, the most important concept is considering whether achieving it is REALISTIC.
Having high hopes is exactly what we all need, but at the same time, we need to have the structure that makes sense for our circumstances! Break down those hopes and dreams into realistic, manageable portions.
Like everything when it comes to property investment – or finances in general, YOU are the most important part.
In the grand scheme of things, are your goals working towards making you better, or improving some aspect of your life?
If not, check whether there’s a way you can make the goal more relevant – often, just framing things in a different way in your mind can make all the difference here.
This might just be the most important factor in your goals!
After all, if there’s no date set to achieve the goal, your structure is thrown out the window.
It’s kind of like having homework – we’re much more likely to get that work done, knowing we have a deadline to meet.
Looking at property investment, a time sensitive goal might be regarding creating a portfolio of a certain size by the end of a certain year. This way it can help you stay on track and generate the understanding of the time frame’s importance.
At the end of the day, the SMART framework is a great way to set yourself up whenever you’re creating goals – regardless of their context.
With SMART goals, we find that it makes things in life feel all the more reachable and possible – even those things that might seem beyond our grasp to begin with.
So whether it’s a fitness goal as we move through the year, or a long term financial goal, using this SMART mechanism will put you in good stead.
Sometimes, all we need is some clarity and confidence to take that next step forward.
Interested in taking the step to turn your financial goals into reality? At InvestHer, we’re here to help shape your unique goals and circumstances into a fully tailored, strategic property plan.
Want to learn more? Get in touch HERE
At the same time though, we always love smashing a goal – regardless of whether it’s work, education, lifestyle, or anything else.
So, how can we ensure that we’re getting the positivity out of our goals?
Well, like lots of things in life, structure is the key.
What better than to talk through the very structure we use with our property investment clients to help achieve their goals?
Introduced over 40 years ago by Geroge Doran in the peer reviewed journal, Management Review, the SMART Framework for Goals and Objectives is all about establishing quality goals to help businesses and individuals succeed!
SMART is one of our fave acronyms at Investher – it stands for Specific, Measurable, Achievable, Relevant and Time-sensitive. Each of these words is super important when it comes to working on our goals, as it ensures that things are broken down and structured in a way to minimise that feeling of overwhelm that we can all experience.
Want to make YOUR goals work? Stick around, because we’ll dive deep into each step of the process.
Specific
When we get specific with our goal, it means we understand ourselves and the situation better.
The other great thing is that a specific goal helps you to visualise your outcomes and what you really want to come to fruition.
Measurable
Branching off from the idea of being specific is the notion of creating measurable goals.
Often, quantifying your goal can be a GREAT way to bring a sense of direction and further understanding of the steps you need to take.
It’s easy to say ‘I’d like to own a few investment properties by 2027’. Yes, it technically is a goal, but is that specific and measurable?
Nope, not really!
Instead, you might say something like ‘My goal is to own three investment properties by 2030, 2 of which I’d like to build on new land and spend around $600K, and the last, an infill estate property of around $750K’.
Achievable
When talking about an achievable goal, the most important concept is considering whether achieving it is REALISTIC.
Having high hopes is exactly what we all need, but at the same time, we need to have the structure that makes sense for our circumstances! Break down those hopes and dreams into realistic, manageable portions.
Relevant
Like everything when it comes to property investment – or finances in general, YOU are the most important part.
In the grand scheme of things, are your goals working towards making you better, or improving some aspect of your life?
If not, check whether there’s a way you can make the goal more relevant – often, just framing things in a different way in your mind can make all the difference here.
Time-Sensitive
This might just be the most important factor in your goals!
After all, if there’s no date set to achieve the goal, your structure is thrown out the window.
It’s kind of like having homework – we’re much more likely to get that work done, knowing we have a deadline to meet.
Looking at property investment, a time sensitive goal might be regarding creating a portfolio of a certain size by the end of a certain year. This way it can help you stay on track and generate the understanding of the time frame’s importance.
At the end of the day, the SMART framework is a great way to set yourself up whenever you’re creating goals – regardless of their context.
With SMART goals, we find that it makes things in life feel all the more reachable and possible – even those things that might seem beyond our grasp to begin with.
So whether it’s a fitness goal as we move through the year, or a long term financial goal, using this SMART mechanism will put you in good stead.
Sometimes, all we need is some clarity and confidence to take that next step forward.
Interested in taking the step to turn your financial goals into reality? At InvestHer, we’re here to help shape your unique goals and circumstances into a fully tailored, strategic property plan.
Want to learn more? Get in touch HERE
