Smart Goals

Being a Mortgage Buster takes lots of discipline to achieve what you want when it comes to investing, saving and spending or paying off you mortgage in record time. And paying off your mortgage is what we are really promoting at The Mortgage Busters Show.

First we should understand what it is we want from our lives and how and what we need to do to achieve it.

SMART Goals is a concept that has been around for a long time the original SMART Goals concept was first introduced by George T. Doran in the November 1981 issue of Management Review. The original acronym stood for:

  • S – Specific
  • M – Measurable
  • A – Achievable
  • R – Realistic
  • T – Time-based

 

Over the years it has changed a little and the acronym SMART has a number of slightly different variations, as we can see below

  • S – Specific, significant, stretching
  • M – Measurable, meaningful, motivational
  • A – Achievable, acceptable, agreed upon, attainable
  • R – Realistic, relevant, reasonable, rewarding, results-oriented
  • T – Time-based, timely, tangible, trackable

Overall the concept of smart goals allows money smart people to have a dream, and what’s wrong with having dreams? If you don’t have one they will never come true. Anyway using smart goals as a system to achieve the things you want in life is about defining what you want and when by.

The missing piece to what George T. Doran was driving to was action, so in effect we have SMARTA GOALS. Without action it doesn’t matter how much time you spend defining your goal you need to have an ACTION PLAN.

A house never got built without a hammer or saw being picked up and used by a skilled tradesman, the same goes for any goals you may have, they take lots of planning, however to get the final thing you want, it can take a lot more action required than the planning stage.

So when it comes to achieving the plans you have set for yourself you will need to draw up an action plan. The action plan should outline the activities required and breaking some of these activities into into smaller parts, secondly allocating these activities to individuals or teams for completion.

In the plan milestone events should be logged to when they should be achieved, if things are slowing down or you are not reaching the milestone on time, you may have to throw more resources at the part which is going the slowest.

The other change to consider is the goal must be rewarding, a positive reward for the planning and action taken. That replaces the word realistic, because Achievable and Realistic are similar in notion, there are a lot of people who think the original R stood for relevant, and this is not the case.

So this is how SMARTA Goals would look:

  • S – Specific
  • M – Measurable
  • A – Achievable
  • R – Rewarding
  • T – Time-based
  • A – Action

So instead of being smart you can now be SMARTA!!!

This article was supplied by Steven Hudson from Tenby Finance as seen on The Mortgage Busters Show