Millionaire Rule #1

Write Down Your Goals

There are only two differences between a dream and a goal: 1) a goal is written down and 2) a goal is assigned a deadline. Based on that distinction, a goal is a concrete, measurable representation of your dreams. Writing down your thoughts forces you to, in effect, confront your dreams and make a contract with yourself to follow through on them.

I personally dream of owning a house with a dedicated home theater. The process of changing that dream into a goal is the essence of Millionaire Rule #1. First I recognized that a great deal of time, money, and effort will be required to attain my dream. Next, I assigned a realistic time frame in which to achieve my goal (in this case at age 40). Finally, I put my goal in writing and review it regularly.

Putting these thoughts in writing force you to be accountable for working toward that dream. Putting your goals on paper allows you to look back daily, weekly, or monthly to remind yourself why you are working so hard.

Placing a date on each goal you set is also very important. Time frames that reflect the size of the dream must be given to each goal. Having distant long term goals keeps you from feeling overwhelmed to achieve too much in a short time. Having small short term goals keeps you focused on immediate successes. In this manner a series of small goals, even day-to-day goals embodied by a to-do list, can build up to reach large goals.

Return to the rest of the Millionaire Rules.