Add Goal
The 4 pillars in the HSA Community
The ability to do whatever you want on your terms. This pillar delves into three specific areas.
Time: By time we mean what you would do with your time if you had unlimited resources and all the time in the world.
Money: By money we mean cashflow. Life is lived on cashflow, which is having passive spendable income that exceeds your needs on a monthly/annual basis with no loss in capital base and no change in life style.
Health: By health we mean what are the types of things you’d like to be able to do and what level of health and fitness is required to do it, at any age you desire. Without health, you have nothing.
Maximizing your active income through optimizing your business. This pillar focuses on all the things you can do to make the most of your active income stream, ie, your business.
Clarity: By clarity we mean a clear vision, who we are, what we are doing, why we are doing it, who we are doing it for, and what targets do we have by when.
Accountability: By accountability we mean having a clear structure, clear roles and responsibilities, and clear policies.
Results: By results we mean achieving what you set out to do in an efficient and effective manner. It’s fluidly communicating at all levels of the business.
Maximizing your wealth or net worth through investment strategies and policies that meet your risk tolerance.
Investments: Investing according to your risk tolerance and asset class preference.
Debts: Minimizing bad debts and using leverage when arbitrage makes sense.
Insurance: Carrying the proper level of insurance as needed.
Estate Planning: Protecting your assets and family.
Tax Planning: Keeping more of what you make by doing more of what the government incentivizes you to do.
Legacy is not about ego. It’s about the impact you make on those who can substantially carry forward your principles, values, and future desires.
It’s about providing future generations with a leg up, not a handout, via education, mindset, and beliefs.
Goal Definitions
Anything greater than 1 year into the future. Be singularly focused but avoid the how’s. An example might be to grow your passive income to $500k/year by 2030. This says nothing about how you will do that, only that you will do it.
Anything in the current year or possibly in the next year if you are close to the end of the current year. This has a bit more specificity, however it still lacks the how. An example might be to grow your passive income from $50k/year to $100k/year. This says nothing about how you will do that, only that you will do it.
Anything in the current and upcoming quarter that supports your annual goal with something specific. In the example above, for Q2 you might have a quarterly goal to deploy $100k that quarter in a cash flowing asset producing a minimum of 12% per year. That would add $12k/year to your passive income bumping you from $50k to $62k.
Below are some considerations for setting a goal:
- A goal is something you are going after that you’ve never done before (no layups).
- A goal is designed to help you grow, it causes you to draw something from yourself that you didn’t even know was there (stretches you).
- If you know how to reach your goal, the goal is not going to do for you what goals are designed to do (padding results).
- If you’re really going to accomplish something, you’re going to need to be inspired by going after something you really want, it’s going to have to come from inside (dream big).
- Type A goals are doing something you already know how to do (ie, layups). Type B goals are what you think you can do (not hard). Type C goals are your wants (stretches you). What you really want. Type C goals come from your fantasies (wishes/dreams) and are originated through the effective use of your imagination.
Goals Serve as a Compass:
- A goal is a hypothesis with a specific outcome.
- A goal is also only a milestone, not a true end state. All goals are stepping stones to something beyond. Once accomplished, then what?
- If you have no passion driving a goal, it won’t do much for you. Passionless goals are meaningless to you. You’ve got to wake in the morning excited about your goals, or you won’t focus on them, nor will you show enthusiasm for them.
- Goals are framed as be, do or have. Be something, do or accomplish something, or have something. (i.e., be a doctor, win a Super Bowl, have a boat). If I am a doctor and do no doctoring, what have I really gained? If I win a super bowl and do nothing after, so what now what? If I get a boat and never use it, how has that impacted me?
- Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more. Goals help us set the course for doing more.
- Stay committed to your decisions, but stay flexible in your approach.