How setting goals can drastically improve what you are capable of achieving.
Securities offered through TFS Securities, Inc. and Advisory Services through TFS Advisory Services, a SEC Registered Investment Advisor Member FINRA / SIPC. TFS Securities, Inc. is located at 437 Newman Springs Road, Lincroft, NJ 07738 (732) 758-9300.
Welcome to the EnjoyMore30s Family Finance
Voiceover Audio:podcast. The only podcast dedicated to making life more
Voiceover Audio:enjoyable for young families by hitting on the financial topics
Voiceover Audio:that tend to weigh on us, stress us out, and distract our focus
Voiceover Audio:from simply enjoying life.
Joseph Okaly:Hello and welcome to the fourth episode of The
Joseph Okaly:Your Major Money Misnomers series. As always, if you like
Joseph Okaly:what you're hearing, please make sure to subscribe or follow us
Joseph Okaly:on Apple podcasts or wherever you listen. Clicking that star,
Joseph Okaly:leaving a review really helps us reach other young families out
Joseph Okaly:there. So last week, we discussed Tax Refunds are Bad
Joseph Okaly:(Whaaat?!), help you better understand what a tax refund
Joseph Okaly:actually means, AKA loaning money to the government on a 0%
Joseph Okaly:interest loan and what you can do to change that amount you may
Joseph Okaly:be receiving by lowering your withholdings, saving the saving
Joseph Okaly:the difference, or even contributing more into your tax
Joseph Okaly:free growing Roth retirement accounts instead. So check that
Joseph Okaly:out if you haven't already.
Joseph Okaly:Today, we are discussing goals. Schedule Goals...Achieve Goals,
Joseph Okaly:where we are going to discuss why goal setting is so important
Joseph Okaly:even if it initially can seem so daunting, maybe just downright
Joseph Okaly:annoying. We're going to cover what you need to know about what
Joseph Okaly:makes goal setting so powerful and what you can do to more
Joseph Okaly:easily work it into your life. In grammar school, for me, we
Joseph Okaly:had this physical fitness test, I think that's what it was
Joseph Okaly:called. And there are two basic levels of achievement. You
Joseph Okaly:either I guess didn't get any achievement at all, you got the
Joseph Okaly:higher level achievement, or you kind of got the lower level one.
Joseph Okaly:So there are three different boxes you could kind of fall in.
Joseph Okaly:And to get that top one you needed to excel in every single
Joseph Okaly:exercise test that they laid out. There was sitting reach,
Joseph Okaly:shuttle run, push ups, I think as well, outside of push ups,
Joseph Okaly:probably a lot of really antiquated exercises that nobody
Joseph Okaly:would ever tell you to do anymore in the gym. But you
Joseph Okaly:know, being the competitive person, I was/still am, I wanted
Joseph Okaly:the top level. Now all of those I didn't have any problem with
Joseph Okaly:that I listed so far. I mean, sitting and reaching, touching
Joseph Okaly:your toes, doing a couple push ups that was okay. The one thing
Joseph Okaly:that drove me crazy, though, was the pull ups. I just could not
Joseph Okaly:do enough to qualify and it always landed me in that lower
Joseph Okaly:level of certification. One year, I decided that I wanted to
Joseph Okaly:actually train ahead of time in preparation, and I was able to
Joseph Okaly:drastically increase what I was able to do. Now you think this
Joseph Okaly:story would be about perseverance and hard work and
Joseph Okaly:glory and the ending to the story is that I now received the
Joseph Okaly:higher award but I didn't. I went from maybe three pull ups
Joseph Okaly:to six pull ups, but I needed like seven or eight. So I still
Joseph Okaly:didn't wind up getting what I wanted, I was in the same kind
Joseph Okaly:of lower certification category. And for my eyes for how I looked
Joseph Okaly:at things at that time, at least, I had failed. And you
Joseph Okaly:know, you feel pretty crappy about that. So what you need to
Joseph Okaly:know is that if you ever felt this way before, when it comes
Joseph Okaly:to goal setting, you may have an incorrect viewpoint on goals,
Joseph Okaly:like I did for pretty much most of my life. Judging the success
Joseph Okaly:solely based on that outcome. When I first started at New
Joseph Okaly:Horizons, one of the earliest things that the founder, Bob,
Joseph Okaly:did was to review my goals annually. Now, I don't think I
Joseph Okaly:really ever consciously made another goal probably between
Joseph Okaly:that presidential fitness test time and starting this first
Joseph Okaly:job. I mean, there were things that I wanted to do for sure,
Joseph Okaly:like go to a good college or make the varsity soccer team in
Joseph Okaly:high school. But most of the time, I never really organized
Joseph Okaly:them in my head is an actual goal. Just kind of, you know,
Joseph Okaly:like stuff you want to do. There wasn't a formal plan or anything
Joseph Okaly:like that to try to get me there and when Bob wanted to go over
Joseph Okaly:goals with me, it wasn't just business goals. He wanted my
Joseph Okaly:personal goals as well. And I found this really exceedingly
Joseph Okaly:difficult. You know, what do you put down for goals when your
Joseph Okaly:boss is asking? Should you make the goals really high to reach
Joseph Okaly:towards them? What if I make it really big and then I don't hit
Joseph Okaly:any of them and I look like a big loser in front of my boss.
Joseph Okaly:Should I put it low so that I can hit it? But you know what if
Joseph Okaly:he sees that I've really just setting super easy goals. What
Joseph Okaly:does that say about me? So it really took literally years for
Joseph Okaly:me to get to a point to not only stop being paranoid and anxious
Joseph Okaly:around goals, but to really embrace them and love them. And
Joseph Okaly:the switch for me was when I found out that goals aren't
Joseph Okaly:really to make you feel bad about yourself. There isn't
Joseph Okaly:necessarily a winning and losing to it. Goals are to help you be
Joseph Okaly:farther along than what you otherwise would be. So in my
Joseph Okaly:fitness test example, I doubled my pull ups. I was way further
Joseph Okaly:along than I otherwise would have been. So what you can do is
Joseph Okaly:take these lessons to your financial situation: make a goal
Joseph Okaly:for monthly savings, make a goal for updating your legal
Joseph Okaly:documents, make a goal for a budget. And if you don't hit it
Joseph Okaly:exactly, don't beat yourself up about it, as you're likely
Joseph Okaly:further along than you otherwise would have been. So if you're
Joseph Okaly:saving, let's say, $100 a month now, and you think, "hey, my
Joseph Okaly:goal is I'd love to be able to save $500 a month, that would
Joseph Okaly:just be fantastic" then go for it. If you only wind up saving
Joseph Okaly:$300 a month, you're still 200% better than your starting point.
Joseph Okaly:At 7% growth, that extra $200 a month would be around $35,000
Joseph Okaly:after 10 years that you otherwise would not have had. So
Joseph Okaly:that's nothing to scoff at at all. If you have no let's say
Joseph Okaly:legal documents set up and you give yourself 30 days, but it
Joseph Okaly:takes 45 days, hey, that's, that's still great, that's
Joseph Okaly:probably quicker than the 180 days it would have taken without
Joseph Okaly:any kind of a plan or a goal. The other great part of this is
Joseph Okaly:that when that time passes, it gives you a little reminder. If
Joseph Okaly:you just say to yourself, I should really get my legal
Joseph Okaly:documents done, you go years without revisiting it, like who
Joseph Okaly:wants to think about doing their legal documents?! If you change
Joseph Okaly:that statement to "my goal is to get my legal documents done in
Joseph Okaly:30 days", then when 30 days passed, if it isn't done, you
Joseph Okaly:could say "Wow, well, I didn't hit that but let me get let me
Joseph Okaly:get myself another 30 days and try again". But you have that
Joseph Okaly:reminder because you set a time frame for it.
Joseph Okaly:So the recap for today is to remember that goals are to help
Joseph Okaly:you make improvements more quickly. So don't think of them
Joseph Okaly:as as failures. Think of them as "Oh, I didn't do that. Let's try
Joseph Okaly:again. Let's reset that clock", and we're still on a path,
Joseph Okaly:probably get it to get it done quicker than we otherwise would
Joseph Okaly:have. All of this is about moving in the right direction,
Joseph Okaly:taking steps in that right direction. So remember, any step
Joseph Okaly:you take is a good thing. The most goal oriented ambitious
Joseph Okaly:people in the world do not hit 100% of their goals every single
Joseph Okaly:year. I've heard stats like anywhere from maybe 50% 60%.
Joseph Okaly:Like that was that was our best year. So you know nobody is
Joseph Okaly:setting all these goals and hitting on all of them. So don't
Joseph Okaly:let that stop you from not even setting one.
Joseph Okaly:Thanks as always for tuning in today. If you are able to
Joseph Okaly:implement what we're covering, that's fantastic. You're better
Joseph Okaly:off than you were before. You have less to worry about and you
Joseph Okaly:can just focus more on what we're all here to do, enjoying
Joseph Okaly:life. If you are wanting help with these things though, or
Joseph Okaly:have questions you need help in clarifying, check out that Ask
Joseph Okaly:Joe section on the show's website, www.enjoymore30s.com
Joseph Okaly:that's enjoy more 3 0 s.com. If you enjoyed this episode
Joseph Okaly:specifically, please make sure to subscribe reviews on Apple
Joseph Okaly:podcasts wherever you listen. There are literally millions of
Joseph Okaly:young families out there I'm trying to reach and help just
Joseph Okaly:like you.
Joseph Okaly:The next episode is Your Home Isn't an Investment, maybe
Joseph Okaly:surprising, where we're going to break down what needs to be true
Joseph Okaly:for something to really kinda have to be considered an
Joseph Okaly:investment and how people can sometimes make negative
Joseph Okaly:financial choices as a result of the traditional "your home is an
Joseph Okaly:investment" mindset. Until next week, thanks for joining me
Joseph Okaly:today and I look forward to connecting with you guys again
Joseph Okaly:soon.
Voiceover Audio:The conversations on this show are
Voiceover Audio:Joe's opinions and provided for general information purposes
Voiceover Audio:only. They do not constitute accounting, legal tax or other
Voiceover Audio:professional advice for your specific situation. You should
Voiceover Audio:always seek appropriate advice from a financial advisor,
Voiceover Audio:accountant, lawyer or other professional before acting upon
Voiceover Audio:any content or information found here first. Joe is affiliated
Voiceover Audio:with New Horizons Wealth Management LLC, a branch office
Voiceover Audio:of TFS Securities, Inc., and TFS Advisory Services an SEC
Voiceover Audio:registered investment advisor member FINRA/SIPC.