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- How to set goals in 2024
Yo, Yo!
I wanted to double-down on something Brandon Turner and I spoke about in last week’s email.
Too many people set lofty outcome goals like, "I want to be a millionaire."
While it's great to have big dreams, the challenge lies in fixating solely on the end result, rather than the journey to get there. It's essential to shift your focus to process goals.
Understanding the problem with Outcome Goals
Outcome goals are like looking at the tip of the iceberg – they represent what you want to achieve in the end.
However, they often leave out the critical part: the massive chunk beneath the surface. The process.
You can't always control the outcome; it depends on various external factors. That's where the beauty of process goals comes into play.
By focusing on the process, different-and even better outcomes my result.
What are Process Goals?
Process goals are all about concentrating on what you can control – your daily actions.
Instead of fixating on being a millionaire, consider the actions that millionaires take. What are the stepping stones they followed to get there?
By setting process goals, you're essentially breaking down your larger objectives into manageable, actionable steps.
Examples of Process Goals
Let's break it down further with some examples:
Have 20 lunches with wealthy potential investors
Make a low-ball offer every week until you find a house hack
Post about your wholesaling business 2x per day for 6 months
By focusing on the action, you become the person who house hacks, raises money, or is a content creator.
Why Quarterly Goals Make Sense
Process goals are most effective when structured as quarterly goals – that's 12-week sprints.
The reason behind this is simple: it's long enough to see substantial progress but short enough to stay motivated and committed.
With quarterly goals, you can:
Regularly assess performance
Track daily, weekly, and monthly metrics
Make adjustments and refine your process
Focus on the actions you can take each day, week, and quarter.
Trust that if you consistently pursue these process-driven goals, the results – those big, audacious outcomes you desire – will naturally fall into place.
Matt Aitchison uses sprints too
Last year around this time, we had Matt Aitchison meet with FI Investors.
Matt is a real estate investor, business owner, speaker, author, syndicator, and host of the Millionaire Mindcast Podcast. He said he breaks up his year into sprints.
At the time we spoke with him, he was doing 75-Hard, the popular fitness challenge.
His health was his priority and that's what he was focused on. In other seasons, it’s been growing his wholesaling business or his realtor business.
This makes habit tracking more effective
When we habit track, we want to make sure those habits are aligned with your Identity, Vision, and long-term goals.
So let’s say you want to become a multi-family investor. You want to build a team, raise money, and buy 32-64 unit apartment buildings.
Track your process habits related to that vision.
Meet potential 30 investors this quarter
Evaluate 200+ deals
Submit offers on 2 deal per week
When you regularly track it, you are always aware of your progress so you can act accordingly.
In summary
Combine the identity of who you want to become and your vision to create quarterly process-driven goals. Then track those process-focused habits.
That’s how become unstoppable in 2024.
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