You hardly ever hear anyone talk about goals in a negative context. Goals are almost always perceived to be good. But as I learned from studying wealthy and poor people since 2003, not all goals are Good Goals.
So, how do you know when a goal is a Good Goal or a Bad Goal?
Good Goals have 12 things in common:
- Good Goals create long-term benefits, that pay dividends for many years. These benefits very often take many years before they show up in your life.
- Good Goals create a unique type of happiness, known as fulfillment. Fulfillment is a type of long-term happiness. It greets you in the morning and lulls you to sleep at night.
- Good Goals force you outside your comfort zone. They force you to learn what to do and what not to do. Good Goals make you grow as an individual.
- Good Goals force you to create good daily habits; habits that stay with you the rest of your life.
- Good Goals keep you moving forward. They get you from point A to point B. Point B being a better place, such as rising from poverty to the middle-class or from the middle-class to millionaire class.
- Good Goals make you smarter. They boost your IQ by challenging you to think your way through problems and obstacles. That learning results in the creation of new synapses in the brain. The more synapses you have, the higher your IQ.
- Good Goals attract and build relationships with the right kind of individuals. They force you to associate with can-do, optimistic, success-minded people.
- Good Goals improve the quality of life for you and your family.
- Good Goals allow you to maintain or improve your relationships. They don’t force you to isolate yourself from the ones you love.
- Good Goals allow you to maintain good health or improve your health.
- Good Goals expose you to more opportunities.
- Good Goals boost your confidence. The more goals you pursue and achieve, the more confident you become.
Examples of Good Goals:
- Become an Expert – Eighty two percent of the professionals in my five year study on the wealthy were niche experts or virtuosos at what they did for a living. They devoted time on the side, every day, to developing an expertise in a specific area within their industry. Virtuosos have more value and, thus, make more money. Even better, because they make more money, they don’t have to work as many hours.
- Start a Side Business – Forty eight percent of the business owners in my study started their business while working for someone else. It is possible to grow a side business while still maintaining your full-time job. Not only does a side gig create supplemental income, it could eventually give you the freedom to leave you job and devote yourself full-time to your business.
- Improve the Way You Look – Thirty nine percent of the wealthy in my study lifted weights three days a week. Lifting weights to build a stronger, healthier body will improve the way you look. Healthier people have a better quality of life and fewer sick days, which translates into more productivity, more money and a longer life.
- Become a Speaker – Twenty three percent of the millionaires in my study were also speakers. Joining Toastmasters or some similar speaker organization in order to develop your speaking skills will benefit you in the long term. Being a good speaker sets you apart from the competition and could eventually lead to paid speaking engagements, creating an additional revenue stream.
- Become a Writer – Eighteen percent of those wealthy individuals in my study wrote for industry magazines, newsletters, blogs, etc. Becoming a good writer stamps you as an expert on the topics you write about which opens the door of opportunity for promotions at work, new job opportunities or eventually getting paid for articles or books you write.
- Lose Weight – Setting a weight loss goal often involves a daily regimen of exercise, healthy eating and encourages a healthy lifestyle. It may also motivate you to moderate your consumption of alcohol or to quit smoking. When the weight eventually comes off you enjoy the compliments, feel healthier and are noticeably happier.
- Saving/Investing – Opportunities knock for many, but go unanswered when you don’t have the money to take advantage of them. When you decide to live below your means, you are able to save money. When you are able to save money, you are able to invest that money or take advantage of opportunities that present themselves.
Bad Goals have 3 things in common:
- Bad Goals Solve Some Immediate Need.
- Bad Goals Create No Long-Term Benefit When Achieved.
- Bad Goals Borrow From Your Future.
Examples of Bad Goals:
- Win the Lottery – Becoming rich by gambling in any way is a bad goal. The odds of winning the lottery are remote and costs you money that could otherwise be saved or invested prudently for future wealth creation. Seventy-seven percent of the poor in my study gambled on the lottery regularly. The mortgaged their future savings for a shot at instant wealth.
- Buy a Bigger House – Unless this is a need (i.e. expanding family), buying a bigger house is a bad goal. Bigger houses require more upkeep, higher utilities bills and more in interest that you pay to the bank. A bigger house means that house owns more of your future income.
- Buy a Boat or Luxury Car – This is another example of a bad goal. Boats and luxury cars are costly to won and costly to maintain. Plus, the money you spend to own them could be have been used to fund your retirement plan or build assets that create a revenue stream down the road.
- Take an Exotic Vacation – While traveling to exotic locations can have some educational benefits, saving your hard earned money just to spend it on an expensive vacation means not having that money to build future wealth.
- Destroy Your Competition – When you focus on destroying your competition as a means to increase your market share, rather than improving upon the products or service you offer, you ultimately hurt your business model. Engaging in competitive warfare often accomplishes only two things: reduced profits and enemies.
When the achievement of a goal does not improve your life for the long-term, it’s a bad goal. Goals pursued to own more stuff or to create some immediate, momentary pleasure are almost always bad goals.
Be very careful of the goals you pursue. Not all goals are good goals.
About Thomas C. Corley
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