According to Hyatt: “Goals that lack clarity are merely wishes.” It’s all good and well to set an ambitious goal, for instance: doubling your salary, but have you worked out steps you could take to get there?You could propose taking on more responsibility at work for a pay raise or start a side business in your spare time.
Hyatt: “If you haven’t set a clear destination, don’t be surprised if you can’t seem to get any momentum.”
“Motivation matters,” says Hyatt. There are countless online resources to help you reach any of your money goals, but they’re all ‘how’ solutions.Simon Sinek, who gave the popular Ted Talk, How Great Leaders Inspire Action (better known as 'Start With Why'), in 2009, said every organisation on the planet knows what they do, some know how they do it.
“But very few people or organisations know why they do what they do,” said Sinek.Hyatt says when you get stuck, take a step back and ask yourself why you wanted to reach this goal in the first place, and find your reasons. To make more money, to feel a sense of accomplishment, to take more time off, to go home this weekend and not have this hanging over my head…
“Whatever your key motivations, when you find yourself dragging your feet, stop to remind yourself why you wanted to do this in the first place. Reconnecting with your why will always help,” he says.
“Goals are big things that are going to take a lot of effort over time to accomplish. People can get stuck focusing on the enormity of it,” says Hyatt.He advises that large goals should challenge us, but the steps toward getting to our goals should not. Meeting your retirement shortfall after a few years of procrastination is a big goal, but setting up a retirement annuity with the disposable cash you have now, isn’t.
Hyatt: “You need someone who will hold you accountable without succumbing to your excuses.”Ouch. Find an accountability partner, tell them your why, and let them remind you of that and the reward for reaching your particular money goals.