UNIT 9: Setting Goals PDF

# UNIT 9: SETTING GOALS - What is a Goal? - How to Set a Goal? - SMART Goals? - How to Achieve Goals? Let's say you decide to visit a relative's house in a nearby town. You reach that town and take an auto to reach your relative's house. At that time, you observe that the address slip, which you h...

# UNIT 9: SETTING GOALS - What is a Goal? - How to Set a Goal? - SMART Goals? - How to Achieve Goals? Let's say you decide to visit a relative's house in a nearby town. You reach that town and take an auto to reach your relative's house. At that time, you observe that the address slip, which you had in your pocket is missing and you are not able to locate it. The only thing in your mind would be to reach the destination. If your mind is blank, then you will stay at the same place. In simple terms, if we don't have goals, we will find it difficult to progress. In this particular case, the goal would be to reach your relative's house. ## 1. So, what is a Goal? Goals can be defined as things we want to achieve in life, towards which we direct our efforts. Let us assume that your goal is to run a marathon race. You don't want to start of and run at full speed right at the beginning and later realize that you are unable to finish. If you know in advance that distance to be covered is long, you can plan your pace and ensure that you achieve the goal. Similarly if there are time bound goals e.g. studying for examinations, you know that time available to you is limited to cover the syllabus, hence you make a schedule and study accordingly to complete the syllabus. Hence, goals help us to be focused and work out a plan to achieve them. Goals are achievable when supported by proper plan and effective execution. We are likely to set ourselves many goals in life, all goals follow the same principles. One such goal, which is important & essential for our wellbeing is the Financial Goal. It is rare that every one have enough money to spend on all our wants. Even rich people do not have enough money to meet all their wants. Hence, it is required to set our priorities and plan our financial goals to have a secure future. ## 2. How to set goals? - The start point is to set a long-term goal. Visualize how your future should be after 25 or 30 years. This overall picture will guide you to set your goals. - Then breakdown these into a number of smaller or short term goals, which will help you to achieve your long term goals. E.g. When to start? Today itself. This is the one that reflects our lifetime ambition. Our entire life revolves around attaining this Goal. The long term goal may be pertain to our career, education, family, children, social service, wealth, health, social, spiritual etc. ## 4. Short-Term Goals The longest journey starts step by step. The long term goals may be broken down into many number of short term goals. Start working on these short term goals. Once you taste the success of achievement, then it will become a habit and you can achieve the long term goals easily. ## 5. Goal Statement A Goal Statement should consists of 5 Key elements: - Smart - Measurable - Achievable - Realistic - Time Bound It is easy to remember these key elements for goal setting - Specific, Measurable, Achievable, Realistic, Time bound. In short - SMART Goals are always achieved. Here is a famous Goal Statement from John F Kennedy: "This nation should dedicate itself to achieving the goal, before this decade is out, of landing a man on the moon and returning him safely to Earth.” As we can see from the example, we can see that it is: - Specific - Of landing a man on the moon and returning him safely to Earth. - Measurable - We will know that it is completed when the man lands back. - Achievable - Although it was not easy, but it was achievable for scientists to achieve this goal. - Realistic - With resources committed from the US Government, it was possible to think of this mission. - Time bound - “before the decade is out,” as the time frame of the goal, is the last component. It was a SMART Goal and so it was achieved. Goals come from our values. What you believe is important will lead you to choose certain goals. Finally and most importantly, goals should be challenging. If it is not challenging, we may not be interested in it after some time. Challenging Goals can be achieved by breaking them into to smaller milestones. Do celebrate and keep yourself motivated after crossing each milestone. It is not that we will achieve the goals all the time. Sometimes we may figure out in the middle that goals are becoming difficult and we may not achieve it. Instead giving up on the goal, we must look at revising, or revisiting our Goal statement and try to rework the quantum of achievement. A good example of Financial goal setting is: 1. I will save 50,000 before 2015, to pay for buying my own vehicle, by saving 1000 per month for the next 3 years from my pocket money. - Specific: Saving for Vehicle - Measurable: When 50,000 is saved, the goal is achieved - Achievable: If you save ₹1000 per month for next 3 years, goal is achievable - Realistic: It is possible to save ₹1000 per month. (We are assuming that you save more than ₹1000 per month) - Time Bound: Goal as to achieved before end of 2015. Some examples of unachievable goals. 1. I will save 50,000 in the next 3 years by saving 1000 every month (This goal has the specific purpose missing, you are not sure why you are saving for. If you don't know why you are saving, then you will lose interest soon and it may not be achievable as you will stop saving) 2. I will save some money in the next 3 years by saving ₹1000 every month from my pocket money every month (This goal cannot be measured in the end. You never know when to stop.) 3. I will save ₹50,000 in next 3 years 4. I will save ₹50,000 (This goal has everything missing) 5. I will save ₹1000 every month (This goal also has everything missing) ## 6. Steps for Achievable Goals Goals should be set as positive statements. Negative statements are mental blocks. We play a game not to lose, but to win. Your goal should enable you to act towards its attainment. The goals should be something you really want, and not something that sounds good. The goals that you set must be consistent with your values. The short-term goals should enable you to attain/ achieve the long-term goals. One goal should not contradict other goals. Your goal may be to become a player in the Indian Cricket Team since you have sound technique. However, you are lazy to get up in the morning to train for your fitness. Assign priorities. All goals cannot be achieved at the same time. Depending upon the circumstances, you shall assign priorities and work towards the goal which is having highest priority. ## 7. Achieving Goals. Plan to achieve your goals. Make sure you start doing things that you can do today. In the beginning of this chapter, it was mentioned that you had lost the address to go to your relative's place. You should look at alternatives to ensure you reach the destination. In the same manner, we should anticipate obstacles and plan to overcome to achieve your Goals. ## Summary: - Goals are things we want to achieve in life. - Goal statement consists of 5 key elements. - SMART goals are always achieved. ## Self-Test Questions: ### I. Choose the correct answer. 1. Goals can be defined as things we want to ____ in life. - (a) Achieve - (b) Play - (c) Follow 2. Goals help us to be ____ and work out a plan to achieve them. - (a) Focussed - (b) Lazy - (c) Active 3. Goals are to be supported by proper _____. - (a) Guidance - (b) Plan - (c) Timing 4. ______ goals are always achieved. - (a) Handsome - (b) Beautiful - (c) SMART 5. Goals come from your ____. - (a) Thoughts - (b) Values - (c) Idea ### II. Fill in the blanks. 1. If a goal has to be achieved, it has to become part of our ______ . 2. Goal should be ______ and not general. 3. A goal statement should consist of _____ key elements. 4. When we figure out that our goals are becoming difficult, we must look at ______ our goal statement. 5. Goals should be set as a _____ Statement. ### III. Match the following. 1. Specific – It should be within our means 2. Measurable – To be completed within time frame 3. Achievable – Should not be general 4. Realistic – We can tell when we have completed 5. Time Bound – Based on resources available to us ### IV. True or False. 1. Short term goals are dependent of Long term goals. 2. A statement "I will save Rs.2000/-” is an good example of SMART goal. 3. Goals come from your values. 4. Goals have to be time bound. 5. A goal statement consist of 3 key elements. ### V. Answer the following in one word or in a sentence. 1. Expand SMART. 2. Give 2 examples of Long Term Goal & Short Term Goal. 3. How can a goal be measured? 4. What is Time bound in a goal statement? 5. What is a goal? ### VI. Answer the following briefly. 1. How goals are achieved? 2. Give a brief note on “Realistic" aspect of a Goal? 3. What are the conditions for goal setting? 4. What are the characteristics of SMART goal? ### VII. Answer in detail. 1. What are the elements of Goal statement? 2. Provide a good example of financial goal setting?