Retirement
Is goal setting the ‘key’ to success?
Thinking about goal setting as a science rather than an art could be the ticket to financial success, a financial advice firm has said.
Is goal setting the ‘key’ to success?
Thinking about goal setting as a science rather than an art could be the ticket to financial success, a financial advice firm has said.
Renato Mota, a senior executive with financial services firm IOOF, said that it’s important to write down personal and business goals.
According to Mr Mota, the practice of setting goals is an important one for both Aussie investors and their advisers, as it helps both parties achieve their ideal outcomes.
“As advisers, we all know how important goal setting is for our clients,” he said.
“Identifying, documenting and prioritising their financial goals is a key part of delivering successful financial advice. Without goals, it’s difficult to develop a financial plan.”
Mr Mota referred to research by Thomas Corley, author of “Rich Habits: The Daily Success Habits of Wealthy Individuals” which found that 67 per cent of wealthy people write down goals as opposed to 17 per cent of people who aren’t wealthy, as a key reason why investors and their advisers should be writing their goals down.
“[Goals] are important in our personal lives, growing any business and succession planning when the time comes for your own retirement,” said Mr Mota.
Further, he noted that goals become more palpable when they are broken down into steps and added that goals should be “challenging, but achievable”.
“When you begin, you’re probably thinking about vague aspirations,” he said.
“When you break these down into specific steps, your goals become much more real. Importantly, setting the bar too high will be demotivating if those goals aren’t reached.”
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