10 Steps To Reach Your Top Money Targets

Do you have a BIG HAIRY AUDACIOUS GOAL (BHAG) for your money? Like buying a house or starting your own business or taking an African safari?

Maybe you even have more than one BHAG and are anxious to accelerate your progress.

The good news is that setting big goals can be the juice that gets you out of bed in the morning and charging forward.

But a goal, especially a big hairy and audacious one, is not something you accomplish overnight. It takes a clear purpose, time, effort, focus, and resilience from the inevitable missteps along the way.

To set yourself up for success, start by reminding yourself of a time when you decided to save money for a purpose that excited you. For me, it was a stereo system. I was thirteen, consumed by music and aching for a system that would allow me to dive deeply into my passion. I worked every day after school at the local butcher shop, scraping, cleaning and wrapping. I earned a tiny amount of money each week and from that, I saved about 90% towards my goal.

Two years later, I finally had enough to buy it. I can still smell the packaging as I unwrapped the boxes with the tuner, turntable and speakers (yes, it was a looooong time ago)). It was pure magic when I placed the needle onto the vinyl of Miles Davis’ Miles Ahead album.

Getting yourself in that headspace—where you clearly recall your earlier triumphs—is crucial so that you’ll have the confidence in your ability to do it again.

So what BHAG will rock your world and get your motor running? Let your passion guide you to a specific goal that will fuel you to create the life you value most.

Got it firmly in mind? Here are 10 steps to take your goal from a dream to reality.

  1. Begin with, as Stephen Covey said, “the end in mind”. What outcome MUST happen? It’s vital that you understand WHY this simply has to happen in your life.
  2. Quantify the time it will take and the amount you’ll need (or as close as possible).
  3. Break down your goal into the smallest pieces possible. For example, make it paycheck by paycheck.
  4. Isolate the risks. For example, consider what factors might prevent you from reaching the goal. What can you do to protect yourself from those things that might blow up your progress?
  5. Make sure all stakeholders (spouse, kids, pals, etc.) are onboard. Nothing is worse than someone sabotaging—on purpose or by accident—your effort. Share your goal and get buy in from those who could derail you.
  6. Take into account that mistakes, missteps and miscalculations will happen. You are only human and you can either wallow in a problem or move on.
  7. Check your progress periodically. If you’re on target, great; if not…why not? How can you get back on track?
  8. Consult with an objective professional who can test your plan and help make sure that you haven’t missed any important factors.
  9. Make adjustments when necessary.
  10. Celebrate your successes every step of the way.

Make your BHAG huge, glorious and passionate. And don’t forget #10—be sure to celebrate your efforts, even the missteps. Because having big dreams and working hard to make them reality makes life’s journey more wonderful and meaningful.