FINANCIAL FREEDOM GOAL SETTING BREAKDOWN: Having Your Income Cover Your Expenses

I would like to share with you my financial freedom goal setting breakdown. Everybody aspires to achieve financial freedom, but why do so few people get there? Simple. They don't commit to setting goals. If you want to succeed at anything in life, you must have written goals and a strategy in place in order to achieve them.

Dr. Gail Matthews, a psychology professor at the Dominican University in California, recently studied the art and science of goal setting. She gathered data from 267 men and women from all over the world. Her results showed that those who wrote down their goals on a regular basis, became 42% more likely to achieve them (Morrissey, 2016). The numbers don't lie.

Having a goal is not enough. This is where people get into trouble. Goal setting is an action-based process. Because financial freedom is a long-term commitment, you need to set SMART (specific, measurable, actionable, realistic, and time-bound) goals so that you don't lose momentum along the way. In the words of Zig Ziglar, “If you aim at nothing, you will hit it every time.”

Watch the video below:

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Do you want to learn how to set SMART goals that will motivate you to take action in your life? CLICK HERE to join my Life Mastery Accelerator program!

I categorize my goals into six different areas (health & fitness, financial, business, mind/emotion/spiritual, contribution, fun/social/relationships) to ensure that I am making progress. I also always make sure that my goals are aligned with my ultimate life plan and vision. There’s no limit to how many goals you can set for yourself, but I recommend setting a number that you can realistically handle.

Don't get me wrong. Big goals are great, but smaller goals can be a part of larger ones. By chunking down a large goal into smaller goals, the challenge becomes more attainable and is easier to focus on (Chadnick, 2015). Think about a time when you accomplished a small goal, and how good it made you feel. Carole Hayward said it best, “Never underestimate the giddy feeling of empowerment from reaching a goal, even a little one.”

At different times in your life, you may put more focus on certain goals, but you still have to maintain and sustain them over time. This is where the power of a morning ritual comes into play. Consistency, motivation, and self-discipline are key requirements for achieving any goal. Morning rituals help you build habits, that in turn, shape your thoughts and beliefs. They help to keep you focused and on track in the progress and achievement of your goals. In the words of Og Mandino, “The victory of success is half won when one gains the habit of setting and achieving goals.”

When you set goals, you need to achieve them, no matter what. Too many people think that they ‘should' achieve their goals, which is why they come up short and fail. You have to make your goals a ‘must'. With every goal that I set, I know that I am going to achieve them. Why? Because I believe in myself.

When you set a goal, you need to ask yourself, “On a scale from 1-10, what is my level of desire for this goal, AND, how strong is my belief that I can achieve it?” If it’s only a 2, drop it. You want your level of desire and belief to be between 7 and 10. That is the sweet spot. When I first started out, I knew that my income had to exceed my expenses, so I thought to myself, “How I can I make a passive income source that will allow me to cover my monthly expenses?”  

I figured out that I could be an affiliate for a product that I use and trust, and then write a blog post review on it, or publish a video promoting the product on my YouTube channel. Slowly but surely, I was able to pay off each of my monthly expenses, solely by being an affiliate. I have been able to create financial freedom in my life by mastering the art of working smart.

My financial freedom goal setting breakdown has made me an Internet millionaire, and it can do the same for you. With hard work, motivation, and consistent action, anything is possible. Setting goals is essential, but unless you take action, it will never be a goal. What are you waiting for? Take action now! Achieve your goals and financial freedom is yours for the taking.

Do you want to learn how to set SMART goals that will motivate you to take action in your life? CLICK HERE to join my Life Mastery Accelerator program!