The Client-centred Blog

Does goal-setting work?

As we enter a new year it is that time when many people make plans, set goals and resolve to be a new, improved version of themselves – new year, new you and all that.

A couple of days ago I read that something like 40% of people resolve to either start doing something or stop doing something and yet, according to some research I read in Forbes, only around 8% of people actually achieve their New Years resolutions!

If goal-setting is so important then why is the success rate so low?

Scanning a few articles on the subject over the last couple of days there is tons of advice on staying the course – plan for failure, celebrate your successes, break it down, think big, be realistic, be unrealistic – for virtually every piece of advice you get there is someone else telling you the complete opposite!

They can’t all be right, can they?

So, perhaps we need to look a little deeper than simply trying to control our thinking and behaviour (especially with tips and advice from other people) because this has a very poor record of success.

What is true is this…

Goals set from a place where we think we ‘should’ have a goal are rarely compelling for long. New Years resolutions are a prime example because this is an outside-in way to set goals.

Goals that are highly compelling and likely stay this way are ones that emerge from internal clarity – they have a very different energy to them. They are pursued because it just makes sense to follow that path and, therefore, there is no resistance.

For instance, think of something you love to do. Even though it may involve hard work and effort this does not stop you, does it? It is all part of the fun.

A healthy approach to goals is understanding that goals are just thoughts that we made up and that getting attached to them is counter-productive because it clogs up your mind.

Allow common sense and inner wisdom to be your guide rather than an unhealthy pre-occupation with an outcome.

But what about goals that are imposed upon you – at work for example?

Daniel H. Pink author of ‘Drive – the surprising truth about what motivates us’ wrote…

‘Goals that people set for themselves and that are devoted to attaining mastery are usually healthy. But goals imposed by others – sales targets, quarterly returns, standardised test scores, and so on – can sometimes have dangerous side effects.’

When people get too fixated with a goal they can easily lose perspective and forget to smell the flowers along the way.

So, does goal-setting work?

Rather than considering whether the process of goal setting will make you more successful or help you get more or less of what you want, it is far more useful to understand the inside-out nature of how your mind works.

A goal is a thought and can only exist as a thought.

What is the point of willfully hanging onto a thought if it becomes a burden, closes your mind down and sucks all the enjoyment out of life?

On the other hand, if setting and going after a particular goal makes complete sense to you, makes you feel more alive and is fun to do, then why wouldn’t you?

Facebook
Twitter
LinkedIn

Leave a Comment

Related articles

The biggest challenge (and opportunity) in the financial planning process
In a perfect world a client goes through the financial planning process and implements the recommendations and advice they are given. As a result, they are happy and achieve their goals. Yet we are not living in a perfect world, which presents both a challenge and an opportunity for financial planners and their financial planning process.
20 bad financial adviser inter-personal habits
In this weeks’ blog I am looking at... 20 bad financial adviser inter-personal habits Look and see if any of these apply to you. Corrective action can make an enormous difference to your success.
Integrity: It is more important than we think 
As professional people we value integrity, right? We like to think of ourselves as being a person of integrity and we want other people to act with integrity towards us. To me, this seems at the very core of trust.
The most dangerous word in the English language
When we think back to when we were little kids, we never knew what limitations were. In fact, to little kids the very idea of a limitation is absurd. Our imaginations knew no boundaries and we lived in a world of pure possibility. You could be a superhero, be invisible, fly, or travel in time like Doctor Who.  As such, life was full of joy, curiosity, and wonder.
Twenty signs you are on the path to truly great financial planning
What is the difference between 'average' financial planners and those who become truly great at what they do? I have been reflecting on this question for a while now and wanted to share my thoughts on this with you. I think it begins with the 'want to'. Do you truly want to become great at what you do?
My favourite Warren Buffett quote and why it matters
Warren Buffett is one of the most successful investors of all time and one of the world’s wealthiest individuals. He also has some very astute observations about life. My favourite is his observation that: 'Busy is the new stupid.' One time he was in discussion with another super successful person, Bill Gates, and they touched upon the subject of productivity.
A simple guide to living in flow
Would you like to spend far more of your time in a state of 'flow'? Flow is the experience of being totally absorbed in the moment, when time seems to stand still, and nothing else seems to matter. I was reading about the legendary tennis player Billie Jean King and how she described her experience of a game...
Why I stopped meditating
Last week I had a wonderful conversation with a friend who has a vast amount of experience as a coach and has worked with thousands of people. She observed that in her experience every single person always wants the same thing in the end. Ultimately, we all want to feel clear minded, present, happy, content, and free from the burden of worry and stress. Who doesn't want more of this?
How to transcend the financial planner comfort zone
Our comfort zone can be very limiting. For instance, it can hold you back from realising your greater potential, making a bigger difference to your clients, and experiencing greater success. So, in this article I explore what a financial planner comfort zone is and what it takes to transcend it. 
How to deal with imposter syndrome
Do you ever feel like an imposter in your role, that you will get 'found out', or do not deserve your success? If so, you are far from alone as this is extremely common amongst business people.
Resilience: An essential key to building a financial planning practice
Have you noticed how resilience has become a hot topic in business? For instance, there are TED talks on it, articles in the Harvard Business Review, and covid brought into sharp focus how unforeseen events can literally change our lives in a moment. This article explores a deeper understanding of resilience and why it is key for building a financial planning practice.
Better time management for financial advisers and planners
As a financial planner are you as productive as you would like to be? Would you like to get more done, in less time, and with none of the stress? In this article I am going to explore the hidden factor that leads to genuinely better time management for financial advisers and planners.
Building a financial planning business - overcoming the biggest obstacle
Building a financial planning business is not easy! In fact, you are far from alone if you find it challenging. This article explores one of the biggest obstacles of all and how to rapidly get back on track.
Time management for financial planners - why helpful tips are not the answer
How often have you felt like you had way too much to do, way too little time to do it, and you've stressed out as a result?
To succeed you must have self belief... really?
If you have a goal or outcome that is important to you and you want to go for it, then what does self belief and whether you have it or not have to do with it?