{"id":1892,"date":"2015-07-08T00:15:48","date_gmt":"2015-07-08T08:15:48","guid":{"rendered":"http:\/\/www.cultofmoney.com\/?p=1892"},"modified":"2015-07-07T09:40:57","modified_gmt":"2015-07-07T17:40:57","slug":"what-if-you-suck-at-long-term-goals","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/what-if-you-suck-at-long-term-goals\/","title":{"rendered":"What if You Suck at Long Term Goals?"},"content":{"rendered":"

\"Having<\/a>I hop around personal finance blogs reading about the average Joes planning for retirement, excited about how much money they\u2019ve got stashed away and scheming up new ways to fund their financial life 20-30 years from now.<\/p>\n

I sit there wondering how they can seem so excited to reach a goal that is still decades away, and I realize, I suck at long term goals.<\/em><\/p>\n

Why Long Term Goals are So Hard<\/h2>\n

I\u2019ve admitted it, I really suck at long term goals. They don\u2019t get me excited, like, at all. But I do amazingly well with short term goals.<\/p>\n

If I have a goal that I know I can reach in two years or less then I\u2019m all in and normally, I\u2019ll work so hard that I\u2019ll achieve that goal well ahead of time.<\/p>\n

With these realizations I sat down this week to redo my financial goals and came up with a new game plan that would keep me on target for what I know needs to be done. If you\u2019re no good with long term goals but great with shorter goals then this will help you too.<\/p>\n

Set a Bunch of Short Term Goals<\/h2>\n

If you\u2019re like me aiming for a million dollars in your retirement account<\/a> over the course of the next 20-30 years does nothing for you. Instead you need that constant goal motivation which is what setting a bunch of short term goals will do.<\/p>\n

Example 1: I want to have 1 million dollars in my retirement account at the end of 25 years. (Boring.)<\/p>\n

Better Goal: I want to add an extra $20,000 in my retirement account by the end of 2016. (Motivating and exciting.)<\/p>\n

The first goal in the example just isn\u2019t exciting. A million dollars isn\u2019t something that I\u2019m going to hit anytime soon and therefore does not motivate me in anyway. But adding $20,000 to my retirement account in the next 18 months? It\u2019s a stretch but it\u2019s definitely doable.<\/p>\n

It\u2019s challenging yet attainable and something that will keep me motivated.<\/p>\n

How to Break Down Those Long Term Goals: Step by Step<\/h2>\n

Breaking down big goals into smaller chunks is an age old trick and it works wonders. Here\u2019s how to do it step by step.<\/p>\n

Set Your Long Term Goals \u2013<\/strong> Your long term goals are anything more than five years out. This could include saving for retirement, paying off your mortgage, and saving for your children\u2019s education.<\/p>\n

Put a Date on the Goals \u2013<\/strong> After you have pinpointed your long terms goals put a due date on them.<\/p>\n

Break Down the Goals Into Yearly and Monthly Amounts \u2013<\/strong> Now that you have your goals set up you need to break them down into yearly and monthly amounts.<\/p>\n

Focus on the Short Term Goals \u2013<\/strong> After creating they yearly and monthly amounts stay focused on those. Make it a challenge and see if you can reach them ahead of schedule.<\/p>\n

Here\u2019s an example of breaking down the long term goal of paying down a mortgage.<\/p>\n