Setting Financial Goals in 2022 – Episode 808

It’s the time of year when everyone is talking about resolutions and setting goals. This is one of my favorite times of the year, and I’m excited to kick off our today’s show by talking about resolutions and goal setting, specifically in the realm of financial goals.

On this episode of Investing in Real Estate, I’m going to be sharing some of my top tips for getting your financial fitness in order. The new year is the perfect time to take a look at your overall financial snapshot and set a direction and intention for where you want to go over the next year. I hope these tips inspire you, and I hope 2022 is your best year yet!

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1. My first tip is to break the year down into smaller segments. 365 days is a huge chunk of time and it can be hard to comprehend what life will look like that far in advance. With financial goals, I prefer to break my yearly goals down into quarterly goals. One way that we do this is with our balance sheet. Every quarter, we’re updating that balance sheet. Set a goal to change one or two things on your balance sheet per quarter. This is going to look different for everyone—it could be picking up a new rental property, or paying off a credit card. Pick something you can realistically make happen in three months that will keep you on track to reaching your bigger, yearly goal.
2. Channel into your why. I know you’ve probably heard me say this before, but I don’t believe in setting arbitrary goals. That’s why most resolutions fail: people pick a goal with no reason and no motivation. If you’re going to create a change in your life, you have to have a driving force behind it. How will reaching this goal add value and meaning to your life? Specifically with financial goals, your why needs to be something deeply important to you, and it has to be something other than money—because this is what will keep you going when things get tough.
3. Write it down! If you take away one piece of advice from today’s show, let it be this. I know writing down your goals can seem like such a small thing, but it’s actually one of the most powerful things you can do to create change. Here’s an interesting statistic: a Harvard Business Study found that 10 years after graduation, the 3% of MBA graduates who wrote down their goals ended up earning 10 TIMES more than the other 97% of graduates combined. That goes to show that writing down your goals can help you achieve them. Really think about what you want to change financially by the end of the year, and write it down.
4. Don’t compare. Finances are very individualized. Everyone has different backgrounds and situations. Don’t get caught up in what others are doing, it’s a surefire way to fail. That’s why I created the Freedom Cheat Sheet – it’s designed to help you set a personalized goal based on your unique numbers and situation.
5. Find accountability that keeps your goal front of mind. This one can come in different forms, maybe it’s checking in with your spouse, a like-minded friend, or mentor. Maybe it means going to local real estate meetups, working with my team, or maybe even finding support here in the comments section. It’s important that you have someone on your side to cheer you on.
6. Stay motivated in your financial fitness. Make this goal part of your life by renewing your motivation on a regular basis. You can do this by reading books, journaling, listening to podcasts, watching YouTube videos, etc. I want you to watch my interview with a new investor, Geiby. A huge part of his success was how he integrated learning into his daily routine. He was so disciplined in investing in his knowledge, and that manifested into investing monetarily.
7. Regularly schedule check-ins to measure your progress. I suggest setting reminders in your calendar to take a look at your goals, your balance sheet, and the progress you’ve made.

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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

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