Prosper News: October 2007
Dear Student,
The orange-tinted leaves of fall remind us that the year is nearly over, which brings an opportunity for introspection. Now is the perfect time to review the past 10 months and begin making plans for the coming year. The first step in making a plan is taking notes. Whenever a new idea comes to mind, write it down in your Success Journal, and use those ideas as a way to formulate realistic goals for 2008. Perhaps you have identified areas where you would like to improve, or you want to learn a new skill—write these down and begin brainstorming. By creating goals now, you are maximizing your potential for success this coming year—and for many years to come.
With that, we hope you find the following articles and tips helpful as you begin establishing goals for 2008. We encourage you to share your goals with family, friends, and your coach. Rallying a team behind you to provide support, encouragement, guidance, direction, insight, information, and tools can increase your likeliness for success—exponentially. After all, two heads are better than one! So, take that step and decide that 2008 is going to be the best year yet by planning for it today!
Wishing you continued success,
The Success Team
Time Flies
Looking Ahead to 2008 by Setting Goals Today
As if the Halloween décor in the store windows wasn't proof enough, the year is nearly over now. Difficult to believe when you can remember, in vivid detail, the birthday party your best friend hosted for you as if it were yesterday (though it was, in fact, seven months ago). Time truly does fly as the days get shorter and fuller, thus making it an even more precious commodity. Remember, time is your friend—if you maximize it. Last month we discussed effective ways to manage your time. This month, we will discuss the importance of setting goals.
Chances are that you joined Prosper because you want to improve upon your talents and learn new skills to help achieve your dreams. You have a vision of where you want to be years down the road, and want to learn skills that will help you take control of your future. Perhaps you want to eliminate your debt and achieve financial freedom, or you want to start a business and take charge of your income-earning potential. Regardless what your dreams and aspirations may be, you must establish and define specific, measurable and attainable goals. "A goal is the end toward which effort is directed," according to Merriam-Webster. With that, in order to reach your destination, you need a roadmap to help guide you along the path. Research indicates that individuals who have established both short-term and long-term goals, and review those goals often, have an increased likelihood of success. "Setting goals is the first step in the process because goals provide direction for your total effort," says William Rauckhorst of Miami University. "It is important early on to be assessing needs, skills, and tools to accomplish [your dreams] and set goals."
Additionally, when setting goals, be sure to focus on performance and not outcome. While you can control your level of performance, you cannot necessarily control the outcome. For example, natural disasters, illness and disability, international shipping tariffs, unethical politics— these may affect your goals but are beyond your control. On the other hand, you can determine how many hours you will devote toward working on your business each week, or what strength-training exercises you will do to prepare for a marathon. Similarly, you want to set specific and realistic goals. This will help you monitor and measure progress. Measurable goals allow you to analyze and indentify where you may need to make necessary changes or adjustments. Moreover, realistic goals will help you find personal satisfaction and achieve a greater sense of fulfillment.
With that, grab your Success Journal (a notebook devoted specifically to recording your Prosper experiences) and take the next half hour or more and write down both your short-term and long-term goals. Remember to set specific, realistic goals that are measurable. Categorize your goals by subject. (i.e., financial, personal, health, spiritual) and include a timeframe. For example, you may want to create goals with the following thought in mind: "This is where I want to be a year from now, five years from now, and 10 years from now". Here is an example of a possible goal:
A year from now, I want to have paid off the remaining $4,776 balance on my credit card.
Once you have written your goals down, you will want to begin mapping out strategies to achieve these goals. If your goal is to pay off the remaining balance on your credit card, start tracking where your money goes each month and make adjustments if necessary by creating a strict, but logical, budget. If you are spending $400.00 going out to eat every month, perhaps you can slice that amount in half and devote $200.00 toward paying down your credit card debt (in addition to the amount you were already paying). If you want to save $4,000 by this time next year for an emergency fund, consider the following: How much is your take home pay? What are your fixed monthly bills including rent, utilities, student loan payments, groceries and toiletries, and debt. Can you realistically meet this goal? What steps do you need to take to begin saving up; how much money do you need to put away each month to have $4,000 by October 2008?
Goal-setting an essential step toward achieving results in all aspects of life, not just financially. If you want to expand the line of products available for sale on your eCommerce site from 500 to 2,500 in two years, or publish a book next Spring, or expand your portfolio to include 12 new diversified investments by next quarter, you must ask yourself important questions: Is this a realistic goal? What tools do I need to achieve this goal? What are the next steps I need to take in order to achieve this goal? Do I need to generate additional manpower and resources? Would it be wise for me to reconsider the original goal and focus on another aspect of my business?
That said, here are a few reminders and hints to help you as you begin making goals for the coming year:
- Goals must be specific. Again, you must define your goals. To simply state, "I want to be successful" is not enough. Everyone wants to be successful, but the definition of success varies from one individual to the next. To you, success may be starting a new business or becoming debt-free, whereas your neighbor may associate success with losing 65 pounds and purchasing a new fire engine red Lamborghini. So, be specific when defining your goals.
- Goals must be measurable. It is important that you be able to measure the outcome of your goals. To do this, include important details, such as a timeframe for when you want to accomplish your goals, along with resources needed to achieve them in a timely manner. While process is more important than outcome, you can significantly increase your odds of achieving success by establishing measurable goals.
- Goals must be realistic. This is not to say that you can't set the bar high and be ambitious; rather, avoid establishing goals that are simply beyond your realm of capability. For instance, if you want to win a Pulitzer Prize next year but haven't even begun writing your first manuscript, you may consider modifying this goal. Ask yourself: Is this goal attainable in the timeframe that I have set for myself? You don't want to set yourself up for failure or disappointment. If you have a lofty goal, take baby steps. Map out a plan that takes you through the process step-by-step to make the journey toward success manageable, "doable", and realistic.
- Goals must be action-oriented. This may seem as though we're restating the obvious. Goal-setting is, in itself, action-oriented. Yet, often we find ourselves at the end of the year wondering why we came up short on several goals; wondering "what went wrong?" The truth is that we often fail to create a plan of attack. If your goal is to graduate with your MBA two years from now, you should take time to brainstorm and outline your action plan. If you still have three credits left to complete your Bachelor's degree because that pesky Statistics class is giving you fits, you will need to pass the class and complete your B.S. program before you can pursue a MBA. Then, you need to take the GRE. Ah, but how are you going to pay for graduate school? And what university do you want to attend? How are you going to manage working full-time to pay the bills and pursuing a MBA? These are all questions you need to answer to develop a detailed action plan. Consider managing backwards. You want to get a MBA, so plan backwards until your action plan is complete and then take the first step — re-enrolling in that dreaded Statistics class! Regardless of the desired goal, you need a plan.
- Be optimistic. While Moe Howard, of the Three Stooges said "Only fools are positive," it is important that you are positive. Don't let discouragement, stress, frustration, or disappointment cloud your perspective. Remember, you cannot control every factor involved with the ultimate outcome of various projects you take on; however, you can control your reaction and choose to remain optimistic about future opportunities. The old adage that when one door closes, another opens may seem corny if not trite. Yet, there is truth behind it. It's a matter of how we choose to view a situation — is the glass half empty or half full? Is there a possibility for future success if we persevere and try our hand at a new endeavor? The answer is a resounding YES! Hence, it is as equally important to set realistic and measurable goals as it is to maintain a positive attitude while pursuing our goals.
- Be flexible. There is an old Yiddish proverb that says "Man plans, God laughs."[1] Yet, you must have a plan if you want to progress. You wouldn't dare travel to California without a road map, would you? Simply singing the great classic made famous by the Mommas and the Papas — California Dreamin' — as you cruise down the highway won't get you to the Golden State. You need a plan of how you're going to arrive at your destination. Granted, however, life is full of unexpected twists and turns requiring that we be willing to change or modify our plans accordingly. If you encounter a roadblock that may impede your progress, do not claim defeat and give up on your goals. What may seem like barriers in the beginning may be opportunities in disguise. If you are persistent and flexible, you can discover which direction the road to success may be leading you and what adventures may be ahead. Live your life with purpose, be flexible, and continue pursuing worthy goals.
Well-known philosopher and writer Elbert Hubbard once said, "Many people fail in life, not for lack of ability or brains or even courage but simply because they have never organized their energies around a goal." So, make it a goal to begin making plans for the upcoming year—today. Our strength often lies in our tenacity. Tenacity is fueled by passion, which causes us to become driven toward a particular goal. You have the passion—you are driven. Now it's time to map out how to get to your ideal destination. If you need help creating a road map, consult your coach. Allow your coach to guide you through the process and empower you to achieve your ultimate success, today—and every day!
Prosper welcomes your feedback. Do you have a suggestion for a topic you would like us to address in the next edition of the monthly newsletter, or an idea for a great elective class webinar? Send us an email at newsletter@prosperlearning.com
