Set and hit your 2018 income goals

3 min read

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Many of us start the year with a general idea of our income goals, but we don’t make them concrete or map out how we’re going to get there. Then we’re surprised when we miss the mark come year end.

To make sure you’re not hanging your head at the end of 2018, here are 5 powerful steps to help you hit your income goals:

1.      Assess your “why”

As a purpose driven entrepreneur, money for money’s sake isn’t enough. Back up your money goals with fulfilling lifestyle goals that provide the “why” behind your target. Setting a goal of a million dollars just for bragging rights isn’t as motivating as knowing what that million dollars will help you achieve. 

Perhaps you want to reinvest a certain amount into your business, travel to Bali for 3 months this year, become debt free and send your mom on a spa retreat. After fleshing that out, you might even realize that you can do all those things with less than a million dollars.

Now that you have a feel-good target based on your lifestyle goals, write it down! There’s real power in physically seeing your goals and revisiting them regularly rather than just having them float around in your head.

Backing up your money goals prevents you from falling into the perpetual chase for more, which we all know doesn’t end well. In fact, it doesn't end at all because we're constantly fed the messages that we will never have enough, bigger is better and we need certain things to have worth.

Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.
— Will Smith

2.      Release any negative self talk

We make what we believe we can. The only thing limiting what you can achieve is your mindset. As you’re writing down your lifestyle goals, like travelling to Bali for 3 months for example, notice any negative self talk that comes up. Thoughts like “that will never actually happen” or “who am I to think I can pull this off?”.

Just becoming aware of these thoughts and acknowledging them will help to let them go. Understand that they are a product of deep seated fears and insecurities. They aren’t based on truth and they can be replaced with more positive affirmations.

Find an affirmation that works for the negative thoughts you notice. For example, “who am I to think I can pull this off”, might become, “I am fully capable”, or my personal favorite “I visualize all that I desire and I have complete control over manifesting it all”. I have this written on a note taped to my computer screen and I see it daily.

Affirm. Feel. Repeat.  

3.      Reverse engineer your target

High performers reverse engineer their goals. They know where they want to end up and they plan for it. Say someone wanted to lose at least 50 pounds by the end of the year. Working backwards, they might decide on a goal of 5 pounds a month and 1.5 pounds a week. To accomplish that, they set daily fitness and diet goals, including scheduling hourly blocks of time for their workouts and meal prep.

Yearly > Monthly > Weekly > Daily > Hourly

This works the same way with your money goals. Set your yearly goal, then break it down into monthly, weekly, daily and hourly goals and actions, including scheduling blocks of time to get the work done! After all, intention is nothing without action.

4.      Visualize your money goal as complete

Mike Dooley, creator of Notes from the Universe, is a huge proponent of visualization. Many athletes also do this as they prepare for competition. Visualization provides mental preparation and motivation to do the work.

Visualize yourself at the end of the year with your money goal complete. Make it as vivid as possible and feel the emotion behind it. Also visualize yourself accomplishing your lifestyle goals, such as sending your mom on her spa retreat. See yourself picking her up from the airport afterwards, relaxed and rejuvenated. The more specific the better.

5.      Find an accountability partner

It always helps to have someone keep you accountable. Hire a coach or get together with another goal-getting entrepreneur and keep each other on track. Schedule regular check-ins to see how you're both doing on hitting your daily, weekly and monthly targets. 

That’s it! You’re set. Now follow up with hustle, be open to detours and remember to enjoy the journey.

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businessJenny Paul