The QLog

Thought Question Thursday

Would you rather double your income or triple your happiness?

Of course, these goals are not necessarily mutually exclusive; however, choose the answer that would be more important to you at this point in your life. Then consider the deeper question: why?

T.A.R.G.E.T. Goals Part 2

Check your current 2008 goals for each of these T.A.R.G.E.T characteristics:
   
Tangible: You can touch, see, hear, taste, or smell things that are tangible. They are concrete and this makes observations possible. The main benefit of having a tangible goal is that it is easily measured at any time, so progress can be tracked.

Achievable: Choose annual goals that are reasonable for your skill level and can be completed within 365 days. If you think you can, you can! However, if the goal just seems impossible, then the goal should be broken into smaller chunks over a few years or you'll need to become an expert within this domain to achieve it.

Reviewable: If you have tangible goals, this normally is easily done, as long as you have a process to measure progress. Regular inspection is necessary to determine if course corrections are needed. I highly suggest that you build a monthly review schedule into the goal plan itself.
 
Grand: Goals should be big enough to challenge as well as inspire. Human lifespans are short: 120 years, maximum, and most do not make it past 80. If you are going to spend time, talent, and treasure pursuing something, make sure it is an excellent goal, an objective that you consider grand. Focusing one's effort and energy on worthy goals is fun too.

Explicit: Goals need to be clear, exact, and specific. Clarity is key. For example, the goal "I want to earn more money this year" is extremely vague. Technically, if you were paid the exact same annual salary as last year and then I gave you an extra dollar on December 31st, you would have more money and accomplished your objective. Be explicit about what you want, how much, and how often. Detail both qualities and quantities and use the right adverbs and adjectives to describe your vision.

Time-Bound: Procrastination is common; therefore, goals need definite and predetermined deadlines. Ideally, these need should be set at the very beginning of the process. Also, one should be smart and assume that some delays will be encountered over the next 12 months. Do your best to add extra time or a cushion to insure completion by year end. You may grant yourself extensions if absolutely necessary, but try to do this very sparingly and only when conditions beyond your control forced a re-adjustment on the end date.

Health, Wealth, and Stealth Goals

The most common resolutions each year involve health, wealth, and stealth. Resolutions are rarely measurable, time-bound, or planned, so it is no surprise that these rarely succeed. Instead, set some goals within these domains for 2008.

Heath Goals: Weight-loss goals are the most common via more exercise or a specific diet. I do encourage you to optimize your wellness; however, expand your scale and scope and focus on overall fitness. Multiple studies have demonstrated that short-term or temporary diets almost universally fail over time as these behaviors (such as severely reducing calories or only eating a single type of food) are not sustainable over time. Instead, choose new lifestyle habits that can be done for the next 20-years as daily exercise or consuming twice as many fruits and vegetables than you do now. Losing 15 pounds this year can be part of this plan; however, increasing your healthspan and lifespan will have a more significant impact.

Wealth Goals: The majority of these center around reducing debts, earning more money, and finding superior investments. I suggest picking one major wealth goal for the year from starting your own enterprise to getting a promotion. If you really can not think of a single wealth goal, consider becoming a million by December 31, 2013, and create a game plan of how that could be possible.

Stealth Goals: As children, we feel free to share are highest dreams, such as becoming President or flying the Space Shuttle. Stealth goals are often hidden as strangers, friends, and family might not understand the vision and regard it as mere fantasy or delusion as these are often grand and bold ideas that would force the individual to stretch further than they ever had before. If you have a stealth goal, kudos! First, work out a rough plan on how it could be achieved. Second, begin focusing one hour a day every single day.

Franklin's Way To Wealth

“The way to wealth is as plain as the way to market. It depends chiefly on two words, industry and frugality: that is, waste neither time nor money, but make the best use of both. Without industry and frugality nothing will do, and with them everything." – Benjamin Franklin

Franklin certainly supported his ‘way to wealth’ inside the pages of his own Autobiography. Below I have included some additional evidence for his philosophy from the many proverbs within Poor Richard's Almanack.

Industry

·          Early to bed and early to rise, makes a man healthy, wealthy and wise.

·          Industry need not wish.

·          Since thou art not sure of a minute, throw not away an hour.

·          Then plow deep while sluggards sleep, and you shall have corn to sell and to keep.

Frugality

·          A small leak will sink a great ship.

·          A penny saved is a penny earned.

·          Fools make feasts and wise men eat them.

·          Get what you can, and what you get hold; 'Tis the stone that will turn all your lead into gold.