Goal Setting

[Travis White]

Newbie here looking for some guidelines for goal setting.

The notion of goal setting has come up in my reading here, other forums, and books on the subject. They all stress the importance of goal setting and some have examples of how to build backwards from an overall goal to a monthly goal etc. My problem is that I don't have a grasp on a reasonable range for goal setting....is $3k per month cash flow reasonable? $10k/month? $500k over a lifetime? $2M? When I start to think about where my goals might fit in or what is reasonable to expect, I get overwhelmed. So, I guess I'm looking for some guidelines to get the process started.

A little about myself to help the process. My wife and would like our investments to eventually become a full time job for her along with a $80-100k yearly income. Our current starting capital is $0, though she makes $45k/yr and I'll be making $90-110k/yr in a two years. Please don't hesitate to ask for more info on anything....I'm expecting to learn quite a bit about goal setting through picking this example apart. Hopefull, it'll be helpful to others in the same shoes too.

[Pierre Thernize]

Goal setting is like drawing the route of a treasure map, from where you are today to where you want to be in the future.

Before going on the treasure hunt, you'll need to look your current resources. Meaning:

What knowledge and experiences do you have about the journey you want to take? (In the beginning, most likely none. That's the starting point of most people!)

How can you acquire the knowledge needed?

Who do know that possess the knowledge needed?

What can you offer in exchange of the knowledge needed? (That's call partnering!)

Then, you need to determine as many events (also known as milestones) as possible needed to happen before you can get to your final goal. (They help us track our progress and keep us on track.)

Try to estimate the time needed to accomplish the very first event. (When achieved, estimate the next one, and repeat the process!) You can't really estimate the time needed for the final event (We all try!)

And don't be too hard on you if your estimations are not right! (Either you took longer or less!) What matters is that you achieved it or that you're working toward achieving it!

No matter how longer it takes, when you achieve a milestone event, it feels great knowing that you are closer to your goal than before! (And you usually become an inspiration to someone watching you go through the process.)

I hope this help! Even if luck has little to do with things. Good luck on your journey!