The Smart Goal Setting Exercise Used by Millionaires

The Smart Goal Setting Exercise. Ever wondered how millionaires become rich? Ever wandered how people you know try and get rich but end up broke? Why do the rich keep getting richer and the poor and middle class stay the same? In a nutshell the rich use the smart goal setting exercise and the poor and middle class don’t use the smart goal setting exercise. Is that a clue. Doing something great in your life would be good too!

smart goal setting exercise
Goals can help you do something great!

Ok. I know. There is a lot more that goes into becoming a millionaire. They don’t just set goals and use the smart goal setting exercise. But put it this way. People who are not rich don’t set goals. They don’t have a plan and they don’t have a vision. Now having all these things is no guarantee to riches either if you don’t take action. Action is a necessary part of a millionaires arsenal. The power of change is also important.

But the main building block, the essential ingredient to getting rich and having financial freedom is goal setting. You need a North Star, a guiding light so you know which direction to take.

WHAT IS THE DEFINITION OF GOAL SETTING?

I will talk about the smart goal setting exercise shortly but for those new in the personal development niche you need to understand what the definition of goal setting is.

The definition of goal setting is the process of identifying something that you want to accomplish and establishing measurable goals and timeframes. When you decide on a financial change to save more money and then set a certain amount to save each month, this is an example of goal setting.

As per the Your Dictionary Online.

the key to success

THE BIGGEST MISTAKE EVERYONE MAKES WITH GOAL SETTING

The smart goal setting exercise is just like this. You want something, you write it down, set a timeframe and then move towards it with actions each day. However most people fall down at the first hurdle – writing it down. When you write your goals down they come to life, you give them power. The universe takes notice. Magic happens. And when you see them and read them every day even more magic is bubbling away in the background. The smart goal setting exercise could be called the magic goal setting exercise because that is what happens. Magic!

If you don’t write it down it just becomes a wish. Wishes sometimes come true but most times they don’t. Don’t put all your eggs in a wish basket. Write them down to form a goal. This is a must in the smart goal exercise that is coming up a little further down.

smart goal setting exercise
Whether it’s money, cars, houses or love you need to write it down!

THE SECOND BIGGEST MISTAKE EVERYONE MAKES WITH GOAL SETTING

Let’s do a little test here. Write down a goal you currently have. (Writing down your goals is a major part of the smart goal setting exercise) Right now this minute. Write it down. Then close your eyes and think about it.

  • Does it excite you?
  • Do you think about it every morning when you wake up?
  • Does it make you feel alive?

If you answered no to any of those questions then the chances of that goal coming to fruition are very slim. Goals need to be exciting and there needs to be an element of doubt in your mind that you can achieve them. If you know already that you can do it and you know how, then the goal is not big enough.

So the second biggest mistake in goal setting is not being excited about your goal. Being excited ups the vibration in your body and is picked up by the universe. Make your goals exciting.

THE 5 TESTS OF A GOAL

You now need to test your goal. In the smart goal setting exercise you will need to do this. Why do we test goals? You want to know if your goal is deserving of you! If your goal is not in alignment with who you are it is the wrong goal. Here are 5 questions you need to ask yourself when working out your goals:

  1. Does it excite you? We discussed this above. Your goal needs to excite you. If you don’t feel any emotion towards it you wont be motivated to take action to make it happen. This is the most  important test to make.
  2. Does it align with you principles and core values? Does your goal violate any of your beliefs and values? Is it in alignment with what you want your life to be about? If it doesn’t align with who you are then its not a good goal.
  3. Will you need to grow to achieve this goal? Will it stretch you. Will you need to become a better and more knowledgeable person? Will you need to go to the next level to achieve this goal. If you are not going to grow then ditch this goal.
  4. Will you need help from the universe to achieve this goal? There needs to be that bit of doubt in your mind about being able to achieve this goal. You will need to put your faith in the universe for this goal to be achieved. If you don’t need any help then its too small a goal.
  5. How will your goal help others? Is your goal just to make yourself rich or just to buy a car or a house or a boat? Really smart goals have benefits for others. Here are some personal goal setting examples of mine. One of my goals is to spend more time in Melbourne so I can see my kids and grand kids more often. I love Melbourne so its a win win goal. I go somewhere I love and my kids benefit from having me around more. Another goal is to get as many people into my business as possible as that way I get to coach more people to become better leaders and in turn make more money for themselves and to help others. Again a win win. How will your goal help others?

SUMMARY

This is a great exercise to do with all your goals. It is also the most important part of the smart goal setting exercise. The smart goal exercise would not work without this test. Having an exciting goal that helps others, aligns with your values, needs some divine intervention and helps you grow are the best goals by a country mile!

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THE SMART GOAL SETTING EXERCISE

Ok so lets get down to the smart goal setting exercise that millionaires use shall we. It has pretty much been described above but lets set out exactly how to use it. Focused intention on this is paramount.

STEP ONE – Write out 10 goals on a piece of paper that you would like to achieve in 12 months.

STEP TWO – Select the one goal that if you could accomplish it in 24 hours it would change your life dramatically. This is obviously your most passionate and exciting goal.

STEP THREE – Now write down that particular goal on a separate piece of paper with todays date and the date you want to achieve it. It may be in 3 months, 6 months or a year. Whatever time frame you want. This must be the goal that passes the 5 test rule as we outlined above.

STEP FOUR – Write out a plan of how you will achieve this goal. Make it detailed.

STEP FIVE – Take one to three action steps every single day that move you closer to your goal.

If you do this every day for 12 months you will be staggered as to where you can be on your journey to success. Give it a shot. Why wait another 12 months? You will be in the same place you are now. The Smart Goal Setting Exercise can catapult you forward like nothing else.

smart goal setting exercise
Goal setting will change your life dramatically

BENEFITS OF THE SMART GOAL SETTING EXERCISE

I like to give credit where it is due. This exercise first came to my attention through a video I saw of Brian Tracy. I have taken the original exercise and added my own ideas to it. So thank you Brian Tracy!

I guarantee this works if you follow the principles and take action every day. Rich people take action, poor people read articles and don’t take any action. The ball is in your court.

One in 10 people ever take action after attending a seminar or reading or listening to inspirational text or video. Are you one of the 90% who will be in the same place in 12 months time who procrastinate or are you one of the 10% who will change there lives for the better by this time next year?

Imagine a life where you can double or even triple your income. Have all the things you need in life and help others along the way being true to your core values. These are just some of the benefits of taking action and really getting focused on your goals. No one can stop you if you commit and dedicate the next 12 months to massive action. Go ahead. Make my day!

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17 comments

  1. I have tried countless goal setting products…ebooks, courses, webinars, YouTube videos. Some of it sticks and some does not.

    I think I finally found a way to set goals that work for me, and part of that is writing them down and asking myself why I want the goal…really digging in to that ‘why’.

    I know when I was first looking into goal setting (because everyone was telling me to), that I had no idea how to start. I was stumped at figuring out how to measure a goal like “I want to increase traffic to my website”. I mean there are only so many ways to attract visitors, so how can you set a goal for something so random? And how do you set a time frame? Yup, stumped lol.

    What do you suggest for people who were not raised with the concept of goal setting? What would be a good jumping off point?

  2. Wow, you should an inspirational speaker and take this to the junior and high schools as they could use someone like you to get them started in the right direction. I know I was undecided and not sure what to do when I was in school and I can imagine there are many, many more.
    Great informative post and great reading!

  3. Hi Kevin,

    There’s no doubt that setting goals help people succeed. I like the way you link this to millionaires. After all, who doesn’t want to be a millionaire? You also go above and beyond other people recommending setting goals in the way you lay out all the steps and provide a pep talk!

    Your post was the first time I read about the astounding percentage of people who never act on something they have paid money for and obviously wanted. I am still blown away at the way 90% of people will waste money on seminars, courses, programs and applications that they never use.

    However, I have to be honest and put myself in that class, too. I am guilty of sometimes falling for the hype of a webinar, investing in a product or service and then finding I just can’t make it work for my blog. But when that happens, I ask for my refund. Do you know how many of the 90% who don’t act will ask for a refund?

    A final question. Do you have a named planning system? Like the 12-week, one year and five year plan in which you have more general goals for the long-term stuff and actionable goals for the 12 weeks. (I can’t recall what the actual name of it is.)

  4. Hi Kevin,

    Great article! My life began to change drastically once I put my goals into writing. It’s a huge subject in “Think and grow rich”, and for good reason. I really like the advice you provided and it’s made me review my own goals and examine my goal setting process. Thank you so much.

  5. Goal setting is something I had never previously done but was introduced to when I first started creating my affiliate marketing website.
    I was taught to set daily, weekly and monthly goals which has been a revelation for my concerns, driving my business forward at a rapid pace.
    I never finish a day’s work until my goal is complete; this ensures my weekly and monthly goals come to fruition, therefore, my business expands.
    There is no way my website business would have scaled out with the amount of content it now contains and established itself on the web without using these straightforward techniques.
    Thanks for your posts Kevin,
    Simon.

  6. I spent the better part of my working life selling one thing or another. I was lucky enough to have some excellent training too.
    However, that was offline selling – online selling is somewhat different and is a new feature I continue to get my head around now I am retired and run an online business.
    One thing is for sure – and that is that “Goal Setting” is key to your success. Not only setting them but working to achieve them.
    This is an excellent article on that very important topic. I would suggest you not only read it but learn from it.
    Ron (The Old Fella)

    1. Hi Ron,

      Thanks so much for your comments. Appreciate it. Yes goal setting is so important these days along with visualisation. Its a must do thing for success and the smart goal setting exercise is a beauty and very powerful. Thanks again and all the very best,

      Kev

  7. I like your ideas about goal setting. I myself have used similar methods to create goals and then execute them. I think it has been said that a major difference between the wealthy and the poor are their goals and habits.

    The benefit of using goals cannot be measured, this is a great article and I would definitely share this with people. Thanks!

    1. Hi Jacob,

      Thanks so much for your comments. Yes the smart goal setting exercise is a brilliant way to achieve your goals. I love it and use it all the time now. Thanks so much for sharing,

      Cheers,

      Kev

  8. I am based as an English teacher in Japan. I am always surprised as to how few of my younger students don’t have ambitions, a dream or “goals”. This is great stuff and I will try to use it with these students to motivate and guide them.

    1. Hi Ian,

      Thanks for your comments. Yes I am sure the smart goal setting exercise will help your students. Its a great exercise and works for me as well as lots of people who have found financial freedom. Let me know how it goes with the kids, Cheers,

      Kev

  9. I have been aware of the importance of goal setting for quite a while now, and I do get excited when I think about the future and what I have planned. However, it isn’t always easy to set and keep goals. I love all the ideas you’ve presented here on this page – omg if someone can’t figure it out from this, they never will. So thorough. You even give us STEPS! How easy!

    Thanks for the great article!!!

    1. Hi Babs,

      Thanks so much for your comments. Yes I really like the smart goal setting exercise. Having a goal that excites me and aligns with my values and helps me to grow. Yes its all there in stops too! Haha! Thanks again and all the very best Babs,

      Kev

  10. Hey Kev. Thanks for the inspiring post. Goal setting is so important for success and it is obvious that you are very passionate about it. Achieving goals that are challenging is the best way for us to grow personally- And as you say, this is a much better idea than just sitting around and continuing with the same life year after year. I like the five tests of a worthwhile goal. Number two is the most important for me- ‘Does it align with your principles and core values’ and then number three- will it make us grow?
    May thanks for sharing. Kind regards,
    Andrew

    1. Thanks so much Andrew,

      Yes goals that align with our values are definitely ones we want to go for to help us grow. The smart goal setting exercise is something I wish I had of found a while ago as it really resonates and I like being excited about my goals.

      Cheers mate,

      Kev

    1. Thanks Melinda,

      Yes goal setting is a great thing to do. Really focus on one and be excited about it and great things can happen. Brian Tracy is the original goal setting guy. Thanks for your comment 🙂

      Kev

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