5 Tips To Crush Your Financial Goals
First off, happy 4th of July! I’m celebrating the holiday, and I hope you are too. I wanted to share this issue today to remind you about something important…
When thinking about our country’s birth, it feels appropriate to think about our own rebirth.
Today, there are millions of people who dream of quitting their job and becoming entrepreneurs.
They want to run their own business and become rich.
This is a noble dream, but the problem is that for most people this is only a dream and never a reality.
The question is: “Why do so many people fail at their dream of being an entrepreneur?”
A friend of mine came up with the best answer to this question. He says, “Entrepreneurs have two characteristics…ignorance and courage.” My friend’s answer is simple, yet profound. When he says “ignorance” is key to entrepreneurship, he’s not saying to be an idiot. He is saying don’t let knowledge hold you back.
For instance, kids are prone to say they want to be things like an astronaut, a pro baseball player, or the President. They lack the knowledge to know how hard it is to achieve those dreams so they don’t limit them. They are ignorant in the best possible way. They still dream and believe they can achieve those dreams.
The best entrepreneurs are willfully ignorant. When they have a dream, they pursue it with passion. When others tell them it can’t be done, they ignore that advice and push forward. When their own mind tells them to quit, they ignore their negative thoughts and press on.
Why Some Smart People Fail
The reality is that many entrepreneurs are very smart and have a lot of knowledge, but they don’t let that knowledge hold them back. They have the courage to overcome the fear that knowledge can bring.
Perhaps a story will help illustrate this.
I have a friend who is a brilliant hairstylist. When it comes to making women look beautiful, he’s a magician. For years, my friend has talked about opening his own salon. It’s a big dream, and sadly, one he’s never acted on. Instead, he still runs a single chair in a big salon. And he doesn’t even like the owner — his boss.
My friend knows the salon business, and he knows how hard it is to succeed. This knowledge holds him back from starting his own salon and achieving his dream. He lacks the courage to be an entrepreneur.
95 percent of all businesses do fail in the first five years. But entrepreneurs don’t pay attention to statistics like that.
The point of this story, however, is to show the effect of ignorance and courage on our life. One hairstylist had knowledge but lacked courage. The other lacked experience but had courage.
In the real world, courage is more important than knowledge. Ignoring negative thoughts is key to having courage. Always remember, your mind is infinite and your doubts are limiting.
Have The Courage To Fail
At the end of the day, an entrepreneur’s most courageous act is to embrace failure. Through failure, an entrepreneur learns the most valuable lessons about business and life. They understand and embrace the fact that you cannot be successful without failure.
If you want to be an entrepreneur, you need to have the courage to fail. You need to be brave enough to know you don’t know everything, ignore what needs to be ignored, and have the tenacity to push forward despite all odds.
If you fail, learn. Take it as an opportunity to increase your financial education and intelligence. If you succeed, relish your success. You can only know the sweet taste of victory after many bitter struggles.
How to Set Goals
When I’m faced with a goal that seems almost impossible, here’s how I approach it:
- Make a loose plan
There’s an old joke that goes, “How do you eat an elephant? One bite at a time.” It makes perfect sense to me, and that’s why I recommend that you break your big dream into smaller steps. This way, you’ll gain satisfaction by crossing each step off your to-do list and you’ll get the constant joy of knowing you’ve accomplished something. This method is proven to be more motivating and, therefore, more manageable. If you happen to have a clear idea of what you need to do, make an outline or blueprint of the various steps you’ll need to get to your end goal. If you aren’t sure (which is perfectly acceptable), just write step one down. Once you complete it, figure out step two and write it down. And so on. Either way, you’ll start with the first small step. Then another. Do however much you can do now, even if it’s only a little bit. Just keep moving forward and keep the momentum alive.
- Give up the idea of perfection
It’s human nature to want to wait for all the right conditions before moving forward with something. But the problem with waiting for the perfect time to take a leap of faith is that you could be left waiting forever. Instead, trust that you’ve prepared as well as you can and move forward with conviction. This doesn’t mean you won’t face uncertainty or obstacles along the way, but no matter when you start there will always be a bump in the road or some uncertainty breathing down your neck. You’ll never be ready, so make today your “ready as I’ll ever be” day and take action.
- Reach out to your network
Let those in your inner circle know that you’ve started a new venture or are looking for a stepping stone. Seek out those in your network who have made the same journey you’re about to embark on and ask for advice. You’ll want an array of personalities in your circle, from cheerleaders to those who aren’t afraid to provide brutally honest feedback (although, watch out for the naysayers and Negative Nancys, who are too scared to step out of their own comfort zones). Cultivate the relationships you’ve built over the decades — you never know where support will come from.
- Recognize when you need to adjust your course
At some point on your journey, you’re bound to take a wrong turn. No worries. If you find yourself on a path that isn’t leading you toward your big dream, don’t just give up on the dream. Take a step back and do a little course correction. In fact, you could learn a lot from your GPS system — if you take a wrong turn, it doesn’t simply say, “too bad” and shut off. It will say “recalculating” and help you navigate a different route. It may not be the original route or even the most direct route, but the destination remains the same and it’ll eventually lead you there.
- Don’t compare yourself to others
You are as unique as a snowflake, and so your path will be as well. One of the worst things you can do is look at others and start measuring your success by comparing it to theirs. Success often is not a linear path, and the people you put on a pedestal may not have shared all the trials and tribulations they encountered on their own journey. Whatever twists and turns your journey takes is all right — you will get there eventually in your own way on your own time.
Editor, Rich Dad Poor Dad Daily