WEALTH goal setting system
The WEALTH Goal Setting System
Goal setting is an essential part of building substantial wealth and creating a life you’re proud of. But where do you begin? With so many priorities vying for your attention, it can feel overwhelming to even know what direction to go in. That’s why I’ve developed the WEALTH goal setting system — a framework that not only sets you on the right path but also keeps you moving steadily toward your vision of success.
Let’s dive into this system and explore how it can help you craft a roadmap for financial and personal prosperity.
WEALTH Goal Setting System
The WEALTH system is broken into six key elements that help you identify, expand, and achieve your goals while staying on course. Here’s how it works:
1. Wide Vision
Start with the big picture. This is your chance to dream big and define what success looks like on a grand scale. Push your boundaries and think beyond your immediate circumstances. The key here is to ensure your vision is:
Inspiring: It should excite you and pull you forward.
Purposeful: It should align with your values and long-term aspirations.
Think of your vision as the endpoint on a map. Without it, you’re like someone dropped off in the middle of nowhere, trying to find your way home without a compass. You might feel productive, moving quickly or ticking tasks off your list, but if you’re heading in the wrong direction, you’ll never reach your desired destination.
To create a meaningful vision, ask yourself:
What does financial success mean to me?
How do I want my life to look in 5, 10, or 20 years?
What legacy do I want to leave behind?
As you reflect on these questions, remember this guiding principle: “Decide what kind of life you want, and then say no to everything that isn’t that.” This doesn’t mean saying no is always easy, but it’s necessary to align your actions with your larger goals.
2. Expand Goals
Once you have a vision, it’s time to think bigger. This is where the concept of 10x thinking comes into play. Ask yourself: What would it look like if I achieved 10 times what I’m currently aiming for?
Expanding your goals pushes the limits of your ambition and forces you to think creatively about what’s possible. It’s natural to envision hitting a goal by doing more and working harder. Multiplying a goal by 10x usually means it will be impossible to achieve by doing more. It will require to to focus on achieving more with the same resources. Similar to working smarter, not harder, you’ll need to focus on doing more of the things that produce the most for your effort and STOP doing everything else (eliminate, automate, or delegate it). Even if you don’t reach the full 10x target, you’ll likely achieve far more than you would have with smaller, safer goals.
3. Action Plan (SMART Goals)
Big goals need clear action plans to become reality. This is where the SMART goal framework comes into play. Break your vision into actionable steps that are:
Specific: Clearly define what you want to achieve.
Measurable: Include metrics to track your progress.
Achievable: Set goals that challenge you but remain realistic.
Relevant: Ensure each goal aligns with your overall vision.
Time-Bound: Attach deadlines to create urgency and focus.
For example, instead of saying, “I want to save more money,” set a SMART goal: “I will save $10,000 in the next 12 months by allocating 20% of my monthly income to a high-yield savings account.” By eliminating ambiguity and bringing the goal into a clear focus you have a clear, achievable target with a natural sense of urgency. This is the formula for success.
4. Link Milestones (Reverse Engineering)
Think of your end goal as the summit of a mountain. To reach it, you’ll need a step-by-step route. Start by visualizing the endpoint, then work backward to identify key milestones along the way.
For instance, if your ultimate goal is to build a $1 million investment portfolio in 10 years it’s unlikely that your plan is to save $100,000 per year to achieve that goal, but more reasonable milestones might look like this:
Year 9: $850,000 balance, 9% returns, $5,000 monthly contribution
…
Year 5:$250,000 balance, 12% returns, $3,500 monthly contribution
…
Year 3:$125,000 balance, 15% returns, $2,000 monthly contribution
…
Year 1:$20,000 balance, 20% returns, $1,500 monthly contribution
…
Month 6: $1,000 monthly contribution
…
Week 3: select 3 best short term investment options, especially ones where you can invest time and money to generate a return
…
Week 1: eliminate all unnecessary expenses, roll that money into monthly investment contributions, identify debts with small balances that can be eliminated and the timeframe that can be completed, roll those debt service amounts into monthly contributions
…
Day 1: make a list of all income sources, expenses, and analyze where my time is spent and what I get for it
Obviously there are steps that would need to be created where the "..." sections are, this is just to provide some sort of example to help illustrate the idea. You'd need to do the math and see what makes sense for your own goals.
Reverse engineering helps you create a roadmap that not only makes your journey feel more achievable, it actually is more achievable. These milestones tell you exactly what you need to be doing down to a day by day plan to help you achieve your long term goals.
For a productivity boost you can revisit these every month and make weekly and daily goals for the following month. You’ll be shocked to see your long terms goals be achieved, and usually much faster than anticipated.
5. Track Progress
Regularly reviewing your progress ensures you stay on track. Life will inevitably throw curveballs, and your goals might need adjustments along the way. Set aside time to:
Review milestones and celebrate small wins.
Identify areas where you’re falling behind and course-correct.
Update your action plan as needed to reflect changes in priorities or circumstances.
Consider using tools like journals, goal-setting apps, or spreadsheets to make tracking easier and more effective.
It’s totally normal for things not to go as planned. The important thing is that you acknowledge it as soon as you realize it and then start revising your plan to get you back on track.
6. Harvest Results
Don’t forget to celebrate your wins — even the small ones! Recognizing your progress keeps you motivated and reinforces the habits that drive success. Once you’ve achieved a goal, reflect on what you’ve learned and how it’s shaped you.
From there, it’s time to set new goals. Remember, goal setting is an ongoing process. As your life evolves, so will your aspirations. Stay flexible and allow your vision to grow with you.
Conclusion: Purpose Over Numbers
At its core, goal setting isn’t just about achieving financial milestones or hitting a specific net worth. It’s about defining your purpose and making an impact in a way that resonates with you. Yes, your goals may change over time, and that’s okay. Life is dynamic, and your priorities will shift as you grow.
The key to lasting success is to keep revisiting your vision, expanding your ambitions, and adapting your plans as needed. By following the WEALTH goal setting system, you’ll not only achieve financial prosperity but also create a life that’s rich with purpose and fulfillment.
So, what’s your vision? It’s time to map it out and start taking steps toward your dream life.
