Tuesday, April 16, 2013

Multi-Timeframe Goals Are Necessary

One of the keys to success in building wealth is having multi-timeframe goals. That is to say you should start out with a long term plan (say 5 years) and work your way towards your short term goals (maybe weekly). Having this style of structure allows the individual to continue to work and tweak at the goals in the short term while keeping an eye on the long term. Some of the benefits that come with this type of structure are quantifiable, while others are not.  

There are some benefits of having a structured goal orientated timeline that you cannot quantify. For example, having longer term goals keeps the focus on achieving your shorter term goals. It gives some perspective and motivation for why you are accomplishing that short term goal. And almost like a present, the accomplishment of the short term goal acts as a motivation for you to continue working towards that long term goal. Having the journey to wealth cataloged in this way gives the person a real gauge as to how the work was done. Doing this also allows for the individual to pass the experience on to others who are desirous of how to build wealth.

Reaching that long term goal of wealth is a major quantifiable result. It allows for the person to see how the hard work, and persistence paid off monetary wise. There will also be smaller amounts (growing as the wealth builds) received along the way which helps keep the hard work and persistence going. Reaching a long term level of wealth due to a particular focus or profession regularly leads to wealth building in other areas which were not open to the person before hand.  

Happy Wealth Building!


Charlie Brew said...

Multi-timeframe goals are realy necessary..
I agree with author

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