#SettingGoals | How To Set Goals and An Income Plan To Achieve Them (The 4-Hour Work Week)

Shopping, Style and Us: India's Best Shopping and Self-Improvement Blog - #SettingGoals | How To Set Goals and An Income Plan (The 4-Hour Work Week)

What would you do if there were no way you could fail? If you were 10 times smarter than the rest of the world?

Since a new year is approaching, "New Year, New Me" will kick-in, when people look for ideas and tips to set goals, achieve dreams which they couldn't in the previous year. Also set some new ones to keep the tradition going! That's why, I am positive about this goal-setting process (also called Dreamlining) which will give us a new approach and be more realistic. 

Have I finished the book yet?

Reading "The 4-Hour Work Week" by Tim Ferriss is helping me look at my career-goals, its problems and finances differently.  This book is helping me look at my habits and the way I deal with them from a different perspective, thus making the day more productive. I haven't finished it yet, however, talking about this strategy now to define goals and make them more achievable is important. Well, we are soon going to reflect on 'how we got this pot-belly' in 2018. 

Wouldn't it be confusing to go through the process?

I will encourage you to refer to the "Setting Goals and Planning Income" model sheet on SSU Google Doc that you can view (but cannot edit as I don't want you to accidentally make any changes)  as you go through the excerpts of the book below. While the excerpts will help you understand the goal-setting process to realize the dreams, the Google sheet will help you understand how you can go about it. It will leave less options to be confused!

You can create your own form OR you can use the one I have created by taking the "edit" rights. Just shoot me an email at shoppingstyleandus@gmail.com so I know who to give rights to.

Shopping, Style and Us: India's Best Shopping and Self-Improvement Blog - #SettingGoals | How To Set Goals and An Income Plan (The 4-Hour Work Week)

But, how will we find the cost to achieve these goals?

I have read many self-help books that define goal-setting in detail. But, this process is very realistic because it includes setting an income plan that will help us achieve the goals. Throughout the chapters so far, Tim continues reiterating that 'how' it will happen is not important. So, what's important is that you set the goals and just follow the process. And I promise that filling this worksheet will help you get more clarity of the actions you would take in order to achieve them. The best part- you can modify it according to your own needs.

Let's go  through Tim's process of 'Dreamlining' or Setting goals:

Dreamlining will be fun, and it will be hard. The harder it is, the more you need it. 

1. What would you do if there were no way you could fail? If you were 10 times smarter than the rest of the world? 

Create two timelines- 6 months and 12 months-and lists up to five things you dream of 

- having (including, but not limited to, material wants: house, car, clothing, etc.), 
- being (be a great cook, be fluent in Chinese, etc.), 
- doing (visiting Thailand, tracing your roots overseas, racing ostriches, etc.) in that order.

If you have difficulty identifying what you want in some categories, as most will, consider what you hate or fear in each and write down the opposite. 

Do not limit yourself, and do not concern yourself with how these things will be accomplished. For now, it's unimportant. 

This is an exercise in reversing repression. Be sure not to judge or fool yourself. If you really want a Ferrari, don't put down solving world hunger out of the dream will be fame, for others fortune or have their vices and insecurities. If something will improve the feeling of your self-worth, put it down. I have a racing motorcycle, and quite apart from the fact that I love speed, it just makes me feel like a cool dude. There is nothing wrong with that. Put it all down.

2. Drawing a blank!
For all their bitching about what's holding them back, most people have a lot of trouble coming up with the defined dreams they're being held from. This is particularly true with the "doing" category. In that case, consider these questions- 

a. What would you do, day to day, if you had $100 million in the bank?
b. what would make you most excited to wake up in the morning to another day?

Don't rush-think about it for a few minutes. It still blocked, fill in the five "doing" spots with the following:

a. one place to visit.
b. one thing to do before you die (a memory of a lifetime)
c. one thing to do daily
d. one thing to do weekly
e. one thing you've always wanted to learn

3. What does "being" entail doing?
Convert each "being" into a "doing" to make it actionable. Identify an action that would characterize this state of being or a task that would mean you had achieved it. People find it easier to brainstorm "being" first, but this column is just a temporary holding spot for "doing actions. Here are a few examples: 

'Great cook' → make Christmas dinner without help
Fluent in Chinese → have a five-minute conversation
with a Chinese co-worker.

4. What are the four dreams that would change it all?
Using the 6-month timeline, star or otherwise highlight the most exciting and/or important dreams from all columns. Repeat the process with the 12-month timeline if desired.

5. Determine the cost of these dreams and calculate your Target Monthly Income (TMI) for both timelines.

If financeable, what is the cost per month for each of the four dreams (rent, mortgage, payment plan instalments, etc.)? Start thinking of income and expense in terms of monthly cash flow-dollars in and dollars out-instead of grand totals. Things often cost less than expected. 

For example, a Lamborghini Gallardo Spyder, fresh off the showroom floor at $260,000 can
be had for $2,897.8o per month. I found my personal favourite for Martin DB9 with 1,ooo miles on it, through eBay for $6,000-$2,003.10 per month. 

How about a Round-the-World Delhi or trip (Los Angeles and Tokyo -Singapore - Bangkok - Bombay London - Frankfurt Los Angeles) for $1,399?

Last, calculate your Target Monthly Income (TMI) for realizing these drreamlines. This is how to do it: First, total each of the columns A, B, and C, counting only the four selected dreams. Some of these column totals could be zero, which is fine. Next, add your total monthly expenses x 1.3 (the 1.3 represents your ex- is your TMI and the target to keep in mind for the rest of the book. I like to further divide this TMI by 30 to get my TDI- Target Daily Income.
I find it easier to work with a daily goal Online calculators on our companion site do all the work for you and make this step a cinch.

Chances are that the figure is lower than expected, and it often decreases over time as you trade more and more "having or once-in-a-lifetime "doing." Mobility encourages this trend. Even if the total is intimidating, don't fret in the least. I have helped students get to more than $1o,ooo per month in extra Income within three months.

Hope you enjoyed reading it. This is just one gem in the treasure box. It is full of jewels. To know everything you can buy 'The 4-Hour Work Week'' on Amazon.

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Happy New Year in Advance!

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About SSU by Jiya

"Jiya is a passionate shopper and reader. A lover and fighter, continuously improving and evolving to contribute in this world as a philanthropist and environmentalist. She loves to spend time on internet, reading multiple things simultaneously with a single vision- find something helpful for this society and readers of SSU."
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