Many years ago I came across a method of writing my financial goals that really works. I find using this method gives me a very high success rate. It takes a little bit more work but I find if I do the whole process thoroughly I can pretty much go through and tick off everything I have written. No matter how out of reach these financial goals may have seemed at the time.
I still do the standard financial goals list, in fact, this is how I start my goal setting. So I encourage you to not only think about what it is that you want but also make sure you write it down.
The key behind writing your goals down comes from from the fact that you are engaging different parts of your brain. When you think about a goal you are using your logical, right side of your brain. When you write down your goal you are using your creative, left side of your brain.
The unique method of financial goal setting I am about to outline takes that creative thinking to the next level. It is based on a tool in Michael Domeyko Rowland’s book ‘Absolute Happiness’ and is called a life script.
Basically, you are taking your financial goals and writing them into a story. When you do this writing it must be in the present and in the third person. The more detail you go into the better.
Here is an example of what I might write if I wanted to save $1,000 per month to invest.
“Naomi now saves $1,000 per month towards her investment portfolio, starting in January 2019. Each month when her pay is deposited into her bank account she has an automated transfer that moves the $1,000 straight into her brokerage account. This all happens automatically so she doesn’t even notice it is gone. She has ample funds left in her account for all the things she needs. She feels great to be building her wealth, it is exciting to watch her money grow. In the first few months, she spends all her free time researching investing so she can be the best investor she can possibly be.”
You can make your story as long or as short as you want. Once you have written out your financial goals in this way use the following steps to really supercharge your success.
Sit in a quiet place and think about something that makes you feel really happy. While you have this good feeling, read your story from start to finish three times. I like to read it the first time out loud.
If you are really focused you can read your story each morning and evening, but once a day is also good. I can’t say I have ever been great at reading my story every single day but it has still worked successfully for me so don’t be too hard on yourself.
I would love to hear if you have tried this financial goal setting method and how it has worked for you.