A Goal Achieved Inspires Confidence

“The man who starts out going nowhere generally gets there” – Dale Carnegie

It’s so hard to apply theory. It’s not easy setting goals. I’ve discussed the importance of goal setting before, but the real question is … is it helping you? Rather than come up with more new theory to understand this time I’m proud to discuss some results. As they say, actions speak louder than words.

Goal setting works. I have personally applied this principle to my life and seen the fruit. So when my 6 year old wanted a new game for his Game Boy it was a great opportunity to test the theory.

Jackson wanted a game called Crash Bandicoot. It would have been real easy to just give it to him. I could have stretched him a little and made him tidy his room, but he should be doing that anyway. So one Saturday over a plate of scrambled eggs we chatted about him setting himself a goal. Mum was selling the game for $20. We negotiated hard and she agreed to contribute $10 to the purchase if Jackson could do the same. The goal was quite specific and measurable, it was achievable and rewarding, and it just needed a timeframe. He and I thought about it and decided that a two week timeframe was a reasonable length of time for him to raise the money.

As far as I was concerned this met all the criteria for a clear financial goal. It met the S.M.A.R.T.E.R criteria we talked about last time. Click the image on the left to enlarge it and see what Jackson put on the fridge.

The next thing we had to do was come up with a list of ways that Jackson could begin to work towards his goal. I felt it was important for him to try and nut this out. I didn’t really mind what was on the list, as long as there was a list. There were many ways that he then thought of as time progressed towards achieving the goal. As we will see later, sometimes things come together when you focus on achieving something specific. Here’s his list.

So then the fun began. We talked about the progress at the end of each day. Jackson was quite inventive to find ways to work towards is goal. The very first day I came home from work to find the garage swept and the rubbish dealt with. The grandparents were supportive and encouraging. Day by day, dollar by dollar, Jackson was achieving his goal.

“Winners concentrate on winning; losers concentrate on getting by.” – John Maxwell

Achieving a goal isn’t hard when you’re making progress. In this case the achievement wasn’t the major hurdle; it was the initial setting of the goal that was! Does that sound familiar to anyone? There’s a lesson right there.

Speaking of lessons. Here are 7 more principles I learnt by observing this process. Maybe you can take something away from them.

Kids can learn financial principles if you make them real and tangible.
Small goals are worthwhile setting.
Focus brings energy to a task. Things come together when you work hard.
Planned action is effective.
People around you get excited about what you’re trying to achieve.
One goal leads to another.
Kids are great role models for other kids.
So now I am proud to announce that Jackson has achieved his goal. He is now the proud master of “Crash Bandicoot 2” on his Game Boy. And if I was honest, I’d admit that his Dad is getting pretty good too!

It’s amazing the things that come out in discussion when you talk to your kids about money. You have to be so careful what you project, and therefore teach your kids, by way of role modelling. We’ve stopped saying stuff like “we can’t afford it” when they ask for overseas holidays, new jeans, or a new bike. We now respond with “how can we afford it?” (I learnt that one from a Robert Kiyosaki book). Sometimes we take a different angle. We say “what sort of things could we go without if we wanted one of those?” This way we try and teach that some things come at the cost of something else.

And as for kids being positive role models to other kids guess what Jackson’s little sister has done? That’s right. Grace has written herself a goal and is working hard at ways to raise funds for a new Barbie doll!

Our next focus is teaching the kids to be cheerful givers. I wonder how that will go.

Phil Strong
CEO Wisemoney