We revisit the SMART goals framework. Ideally, your goals should be Specific, Measurable, Assignable, Realistic, and Time Related (that’s SMART). There are a few versions of what SMART stands for out there – don’t get too hung up on the specifics, just set some goals that are specific, measurable, and time-bound.
We also talk about how we’re struggling at times to stay motivated during Quarantine, and Mike shares some insights on how he stays motivated and disciplined.
Mike’s 2020 goals and mid-year progress:
- 20% Spending Reduction: Mike’s at 37%
- 15% net worth growth: Mike’s at 3.2%
- Read 10 Books: Mike’s read 14
- Be a better vegan: No significant progress, but Maggie isn’t too hard on him.
- Get more into minimalism: A big success!
Maggie’s 2020 goals and mid-year progress:
- 15% Net worth growth: Maggie’s at 11.4%!!!
- Live off of 25% of her salary and not dip into savings to augment her lifestyle: So far, so good.
- Read 11 Books (because of course she wants to beat Mike): She’s read 21, and it’s a mix of audio books and physical/kindle books.
- Spend more quality and focused time with her kids and husband (with phone off): Maggie admits she can do better here.
- Meditate 260 times (5X a week on average): Doing OK but not so great, but committed to doing better in the 2nd half of the year.
- Write a blog post once a week for Mostly Minimal Life: Maggie is at 42%, so she’s missed 15 weeks and completed 11 weeks. She’s committed to making up for it in the 2nd half of the year.
- Post a new podcast once a week for friends on FIRE: Crushing it!
Our top 3 takeaways for this episode:
- Set goals, write them down and discuss them with someone else to create accountability.
- Measure your goals throughout the year to find out if you are on track or off track.
- Be flexible and kind to yourself. If you can reach all your goals, reset them and keep on making progress.
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Show References
Maggie’s complete list of books she’s read in 2020
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Follow friends on FIRE
Leave us a voicemail or text us: 404-981-3370
eMail us at: friendsonfiremm@gmail.com
Visit our website: www.friendsonfire.org
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Other Links
Maggie’s Blog: Mostly Minimal Life
Mike’s Book: Your New Relationship with Money