Goal Setting 2016 – Part 1 SMART Goal Setting


Photo by Kapua

American philanthropist Elbert Hubbard realized that many people failed in their endeavors. They failed not because they lacked intelligence or courage, but because they did not organized their energies around a goal.

Goal setting can be complicated if you don’t know what you’re looking for in your life. One of the top reasons why people are unable to achieve their goals are listed at lifehack.org on the  “Top 10 Reasons Why People Don’t Reach Their Goals“, by Robert Chen, is creating vague goals.

A person doesn’t know what to achieve, if he doesn’t know what he is trying to achieve. This might be common sense at first, but try to think of a time when you wanted to become more fit. What exactly does that look like? What does the being fit mean to you? It rises it so many questions that you don’t know what you’re trying to achieve. Being fit is like saying I want to save more money in the future. What are the actions you can take now to save more money? Exactly how much do you want to save?

In my research of habits and goal setting, one of the easier acronyms to keep your goals actionable is using the SMART goal setting technique. I use this technique to make sure  that my goals don’t leave me in a direction where I cannot achieve them or have a gray area of what I’m looking to do.

SMART stands for

  • Specific: Pick a specific area for improvement.
  • Measurable: quantify, or at least suggest, an indicator of progress.
  • Attainable: Is the goal something that you can achieve?
  • Relevant: Is the goal going to fulfill you as an individual
  • Time Bound: When will you complete the goal?

Next post will be examples of what I will be planning for 2016. See you soon.

How Did I do with the “5 Year-End Financial Things To Do Before 2016”


photo credit: ge_keoni

Original post is at 5 Year-End Financial Things To Do Before 2016 at MoneyNing.com

Almost 3 short weeks before the end of 2015, and we are all frantically looking for last-minute gifts and getting ready to fill our schedules with holiday parties.

Things we need to look at for the end of the year should be filled with joy and get us ready for 2016. based on the article at moneyning.com, see how I have done and currently doing.

1. Review Your Yearly Budget

Looking back through the year I made some terrible choices when it came to debt reduction. I didn’t do very well with investing my money as well.

I feel that being honest with myself in this next year is going to shed light on how I will truly be able to get out of debt. I have already set up automatic payments to get out of debt, and I will not change those automatic payment for any reason.

2. Max Out Your Retirement Contributions.

In October I was able to max out retirement contributions in my step IRA. that is currently where the bulk of my retirement money is sitting.

I’ve been thinking about adding to a Roth IRA this year, but I haven’t been able to find the funds to be able to do it. Currently, I don’t feel a rush to contribute to a Roth IRA . With the current tax rules, I have until April 15 to make that decision.

3. Donate to a Charity

I make monthly donations to the organization EQUIP  at www.iequip.org Which is an organization that has been Co-Founded by John C. Maxwell and Larry Maxwell.

Their vision is to “see effective Christian leaders fulfill the Great Commission in every nation.”

This doesn’t have to be your cup of tea, but this is an organization that I believe in.

4. Spend what’s left in your FSA

I don’t have money in a Flexible Spending Account (FSA), so this isn’t a problem for me. An FSA might be an option in the future, but I haven’t found out how it could fit into my financial plan yet.

5. Prepare for 2016

Currently I only have a W-2 Income and I don’t need to have a lot of paperwork.

To alleviate any problem of searching frantically for anything during tax time is to continually update and maintain account information as the months close.

Overall, emotionally and spiritually I feel more prepared for 2016 because I’m putting plans into place to pay off my debt, and take more steps to building wealth.

Two things I plan to take action on in 2016 are to

1. Reading more about Warren Buffet and Benjamin Graham so that I can take steps to invest wisely in companies that have depressed stock values that have a high probability to rise in the future.

2. Continue with my debt snowball

3. Raise my net worth over from negative to positive this up coming year. I only have $14,866 to go until my net worth is positive.