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I am the first to admit that big goals can be scary. When you look at something all at once, it can be very intimidating.
Like, paying off $201k in student loans. That was a huge goal for me and very intimidating when I first started.
So, I didn’t think about that number at all.
As a matter of fact, I didn’t really consider my total number until recently. I only thought about my current debt I was working on paying off.
That was manageable to me. I couldn’t think about the massive goal, but I could focus on paying off chunks at a time. It made it easier and made me more motivated to start.
You can do this with any big goal that you have by following these steps.
1. Create your big goal.
Obviously, you need to have a goal you want to reach. I’m not talking about some small goal you have, those are important, but I’m talking big goals.
Like, reaching financial independence, or creating your own business.
These are big goals and will take time to reach. But, they can be done.
So, what are your big goals you want to accomplish?
I think it’s super important to have big goals. It gives our everyday a purpose. Yes, I’m serious when I say everyday because everyday we are working towards our goals in small ways.
2. Think of smaller goals to get to that goal.
Every big goal has many small goal parts in order to reach them. Reaching financial independence would be having an emergency fund, paying off all debt, contributing to retirement accounts, etc. To me, it means living a life on my terms, not because I need enough money to pay my bills.
These are still big goals, but they’re smaller than the large goal of reaching financial independence.
For my big goal of paying off my student loans, I broke it down by each of my individual student loans.
This allowed me to experience some wins throughout my payoff.
3. Create monthly and weekly goals to reach the smaller goals.
Goals can be reached with consistent habits done over and over again. It may seem like a hefty goal, but by consistently repeating a good habit, you will reach your goal.
For a financial independence goal, I am currently focusing on paying off my debt. My monthly goal is to apply $1,000 extra to my student loans every month, or more. My weekly goal is to stay within budget and work my side hustles to increase my income.
It might not seem like much at the time to make $50 from a side hustle, but when this is done consistently, that income grows. $50 every week turns into $200/month and $1,200/year!
Remember, small, good habits done consistently over a long period of time accomplish goals.
4. Track everything.
I’m a huge lover of all kinds of trackers. I love data and love to see my progression towards a goal.
Personally, I track a lot of different numbers in my current goal of paying off my student loans and my bigger goal of financial independence. Have ways to track progress for both!
I was SO far in the negatives, it made me want to give up. So, I stopped tracking it for awhile. It wasn’t worth it.
Now, I am getting closer to a positive net worth and I am motivated once again by seeing my net worth.
If something isn’t helping you to reach your goals, stop doing it. It’s not worth it.
Break down big goals into smaller ones.
The key is to break down those big goals into smaller ones that you feel confident you can accomplish. Once you have smaller goals, figure out what you need to do weekly and monthly to reach them.
Eventually your smaller goals will help you reach your big goals.
Financial independence is so important to me. But, when I started my journey, I knew it would be a long way off. When you have $201k in student loans as a teacher, it’s going to take some time to just become debt free.
But, I’m slowly getting there and now my momentum is moving fast. Don’t get intimidated by your big goals, break them down and start reaching them.
You can reach your big goals, you just haven’t broken them into manageable parts yet. How do you accomplish your big goals?