Do you know what you really want? Whenever I ask this question to someone, the reply is incorrect most of the time. What I have realized is, they don't say "what they want", but they say "what they think they want". The most common reply I have heard is "I want to make a lot of money". But when I ask them how much they want to make, they are never able to quantify the amount. This is precisely why they never end up achieving their goal - because they themselves don't know what it really is! If you really want to succeed in achieving your goal, you need to know what you "really want".

At one time I was so fed up of this reply, I decided to push the discussion and see where it goes. So when one Mr X replied that he wanted to make a lot of money, I asked him how much, but he didn't know. So I asked him what he wanted to do with the money. Turns out, he wanted to buy a 2008 Ferrari F430 Coupe, so that he can show it off to his friends and make heads turn when he'd drive around town! So I asked him if his goal was to probably earn about $200k (the approximate cost of the Ferrari) and he agreed with me. I then went on to ask him if he has considered the maintenance costs, insurance costs and fuel costs. He hadn't thought of that and he added a few grand to his goal. I then asked him if he has considered having some cool accessories for such a nice car, and he hadn't! So he again marked up his goal. I then decided to let him work on it himself, so I told him to think and make a list of any other costs associated with the car that he could envisage. He thought for about 15 minutes but couldn't come up with anything.

I then told him that there were 2 very important things he was not considering. The first was the life style cost. What is a life style cost? He had never heard of this before, so I went on to explain him with an example - let's say you're driving around town in your spanking new Ferrari and you're feeling hungry. So will you turn into a McDonald's for a burger, or will you consider a luxurious one where the rich and famous hangout? After all, you're driving a Ferrari, right? You can't be cheap! I went on to explain him that his attire must also include brands like Prada, Berluti, Brioni, Giorgio Armani, Rolex, etc.

I then asked him if he has considered the taxes he would be paying first, before he could spend the money. Boy, was he shocked! He needed to reverse calculate the amount after taxes, so he had to add the tax amount to arrive at his goal! He finally decided to reconsider his goal.

This little example will help you when you decide to make goals. But before you start off on your goal setting spree, do consider the S-M-A-R-T principle.

SMART means: Specific, Measurable, Achievable, Realistic and Time Bound.

Specific: Your goal should state the expected outcome very clearly. Try to be as specific as you can about your goal, like how much, for whom, etc.

Measurable: Your goal should be measurable, else how will you know when you've reached it? It could be on a scale (like 1 to 10), percentage, etc.

Achievable: When creating your goals, make sure that they're achievable. It's good to aim high but don't push it to an unachievable point. Consider your current situation, resources and time availability.

Realistic: You need to face some facts - it will not be easy to overtake your competitors who have bigger and better resources at their disposal. Concentrate on reducing the gap, step by step.

Time Bound: A goal doesn't hold value unless it isn't time bound. Have an end date for each of your goals.

You should certainly consider all 5 of these principles, to increase your chances in achieving your goal. If the goal is materialistic, make a list of all the things that you want, with the cost to acquire it. Then simply add it all up and you will know that your goal is to make an x amount of money.

Closing Tips: At any given time, do not try to achieve too many goals. Three or four should be enough so that you can give focused attention. Don't go beyond six or seven. Also remember to categorize your goals into short term, medium term and long term.

I hope you found this article useful. If you're really serious in learning more about this subject, I urge you to visit , so do drop in!