A Millionaire’s 9 Question Guide to Goal Setting

Today, I will be sharing what I learnt about goal setting from my millionaire friend Jet Toh.

Jet is a remarkable man whom I had the honor to meet recently.

One of the things he taught me is to systematize my goal setting process, through the use of 9 simple yet really powerful questions:

1) Is your Goal S.M.A.R.T.?

Specifc
Measurable
Achievable
Realistic
Time-Based

I am sure you know what a S.M.A.R.T. Goal is (because you are all incredibly SMART people!) so I won't go into too much detail here. Let's just use an example to illustrate this point:

“My Goal is to achieve a net worth of US$1 million by 1 January 2009, 0000hrs (GMT +08:00).”

2) Why must you achieve your goal? What's the pain associated with not achieving the goal? What's the pleasure of achieving the goal?

Using the previous example, the pain associated with not achieving the goal would be:

“I would have to slog hard all my life and be a perpetual money-making machine for others!”

The pleasure would be:

“I would be able to invest the money to grow income passively and have more time and freedom to do the things I like.”

3) What do you consider as the most important thing in your life?

Is it your family, personal development, health or financial pursuits? Could it be your career, friends or maybe even time for leisure activities? Identifying the most important thing in your life right now helps you to focus and set clear goals based on your priorities.

4) Is it a must or is it a want?

There's a big difference between wanting to achieve a goal and having it as a must. We all want to achieve a lot of things – that dream house and/or car, to lose weight, to write a book, to have that million dollars in your bank account etc. But why do most of us not achieve those desires?

Because it is simply that – a mere desire. It's not a must. It's not something that needs to get done! Unless you make your goal a must, it is very likely you would never achieve it.

5) What obstacles are preventing you from achieving your goal? What must you do to overcome them?

Knowing what you must achieve is not enough. You have to anticipate the challenges you are likely to face. Think about what you can do to deal with those challenges and perhaps turn them into opportunities.

Going back to the “millionaire goal”, some obstacles could be the lack of know-how and suitable, qualified mentors. One way to overcome this obstacle is to attend more seminars and networking events to get to know more people and discover new business opportunities.

6) What are the resources that can help you achieve your goal?

Who are the people you know or should know that can help you achieve your goal? List them down.

What are the skill sets you possess, that you believe can contribute towards reaching your goal? List them down too.

Knowing and gathering what you need will aid in propelling you towards achieving what you are aiming for.

7) What is your plan? How are you going to achieve your goal?

Now, you may have heard this before:

Your “How” is important but it is not as important as your “Why”, because once you know your “Why”, somehow you would be able to figure out your “How”.

You can start off having a goal without knowing “How” you are going to achieve it. But along the way, you MUST figure it out.

Are you going to earn your first million from internet marketing or the stock market? Investing in real estate or network marketing? What are the concrete steps you must take to move yourself closer to your goal?

Your “How” prepares you to execute on your goal. Rack your brains, form a mastermind group. Think about HOW you are going to achieve your goal.

8) What must you do every day to reach your goal?

To get where you want to go, you have to change what doesn't work. Installing new empowering habits is crucial.

Now that you know your target and you know how you are going to achieve it, delve into the details of what needs to be done every single day to move you forward, gradually but surely, towards it.

9) Are you using the power of your sub-conscious mind?

Learn to harness the power of your sub-conscious mind. There are 3 ways you can do that:

a) Autosuggestion
The sub-conscious mind cannot differentiate between truth and lies. If you repeat something over and over again, your sub-conscious mind will believe it to be true.

One way to capitalize on this fact is to make an audio recording of your desires and dreams. Listen to this every night just before you sleep and every morning just after you wake up. These are the times your sub-conscious mind is most receptive.

b) Write down your goals
It is very important to have your goals written down and pasted on places you frequent such as your desk and the bathroom mirror. This will fill your sub-conscious mind with constant thoughts about those goals. Let the power of your sub-conscious mind work in your favor.

c) Dream Board
A dream board is basically a pictorial representation of your goals/dreams. You can create a dream board by using magazine clippings. For example, you can cut out a picture of your dream car and paste it on your dream board.

Like your written goals, place your dream board in a visible place so that you can look at it every day.

Many people swear by the wonders of a dream board. There is also a scene in The Secret (Law of Attraction) that talks about the power of dream boards and manifestation.

Create a dream board for yourself today. You will be amazed at the results!

*Additional Resources*

Think and Grow Rich elaborates on some of the concepts here such as Masterminding and Autosuggestion.

Secrets of the Millionaire Mind highlights the differences in mindset between the rich and the poor and middle-class. Exposing yourself to new ideas through books, videos and seminars can definitely give you a broader perspective and help you in defining your goals.

You may also want to check out:

The Millionaire's Brain

What do you think of this guide to goal setting? Are there other important questions you feel might have been left out? Let me know. Leave a comment!

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