2 Types of Goals

2 Types of Goals

One of the key elements in creating a well-crafted financial plan is defining goals.  When onboarding new clients, and working with existing clients, this is a huge focus of what we spend our time focusing on at Diversified, LLC.  It is a critical step in the financial planning process as it gives us clarity on our mission and allows us to track our progress to achieve what we set out to accomplish.

Goals:

Goals can take many different shapes.  From getting out of debt to retiring with dignity, to affording that dream home.  No goal is too big or small, and one’s goals are very much unique to them.  As a financial partner to so many for over 20 plus years, I can tell you it is quite rewarding for me when I witness the hard work pay off as someone achieves that life goal.  It is a magical moment not only for our clients but also selfishly for us, the advisors/partners. 

Now, being I’ve seen my share of goals being set and goals being met, I’ll call myself proficient at this business of goal setting.  Here is an interesting thing I’ve been ruminating on for some time now, there are interestingly two types of goals I generally witness.

Goal 1: What you start with.

The first type of goal I run into is more or less self-explanatory.  That is the goal you start your journey with.  Maybe it is to have a million dollars saved or purchase that beach home.  Regardless of what it is, this is something totally hardwired into you as a human.  This type of goal is your purpose in a lot of ways and provides that guiding light in navigating your life. 

Almost everyone I’ve ever worked with comes to our offices to understand these goals.  Heck, in many instances it is exactly why we are talking in the first place.  Take a moment for me as you are reading this and think about what the biggest goals you want to achieve are in life.  Got it?  Great, now hold onto it as we will have a social experiment in a moment here as we discuss goal number two.

Goal 2: Where you end.

Ok, so now you understand a typical goal setting and even thought about what your goals are specific to you.  Here is the interesting thing I’ve observed through the years, what happens when you achieve those goals?  I think as humans we often times underestimate our goals, and/or overachieve in accomplishing our goals.  This is where our second type of goal steps in (Are you also wondering how many times I can say goals?  Goals goals goals goals ok enough.) 

Not many of us have thought about what happens after we achieve our goals, then what?  Here is what I can tell you about the human psyche; it always yearns for more.  That brain of ours has an insatiable appetite and no better way to witness that than spending a day in my shoes.  As I started this blog mentioning, I’ve seen countless individuals accomplish their goals.  Here is the funny thing about goals it inevitably becomes a moving target. 

To the person who saves a million dollars or pays off their debts that never seems to be the end of the journey.  Perhaps they are the most important goals, or at least the most important when we set out on this journey, but what about the goals behind the goals (there I go again.)  Have you thought about what happens after you achieve what you set out to achieve?  It isn’t like running a race, for most of us, that once we finish, we simply stop.  Rather, now we want to go out and beat that time we never thought we could ever accomplish. 

What is your goal beyond your goal?

Here is what I will challenge you to identify earlier than one would think.  Start to identify what is next.  What happens when the job is done, and you win? 

Remember when I asked you to think about what your goals are today, and promised I’d revisit them?  Now, think about how good it feels to accomplish what you set your sites after.  It is a great feeling, right?  But now what? Live happily ever after?  Or are you like most I’ve encountered where now it is time to focus on that next big thing you’d love to accomplish in life or the next phase of achievement?

It is a fascinating thing I get to witness and candidly live through this many times over.  I’ve been fortunate to accomplish many of my life goals earlier than I ever expected.  But the way my mind, and I believe most work, is this yearning for more or what is next.  What is the evolution of my previous setout goals or where should I turn my attention now?  Since I have this drive and energy that is not satisfied just because I accomplished something I set out to do, I need to find a place for that energy.

Examples

I’ll leave you with some examples of what I have witnessed.  I’ve seen Mr. and Mrs. clients retire early (where they started their goal) and now turn their attention to selflessly some charity project (where they end their goal).  Here is another great example many of you have seen, I’m sure.  Mr. and Mrs. clients want to raise great kids and fund their college tuition so they don’t leave with college debt.  Fast forward many years and now these parents (or now grandparents) turn their attention to goal two and funding their grandchildren’s college tuition.

Secondary goals can take many shapes and forms.  As an individual who plans for a living, I find it very helpful sooner than later to start thinking about what are your goals beyond your goals.  I assure you if you spend a little time thinking about it you will find it not only a motivator but also be more prepared when the time comes.

As always stay wealthy, healthy, and happy…. Goallllllllllllll!