As every wise person who ever lived says, what gets measured gets achieved. Or in more understandable language “you cant really achieve that which you have no targets for”. So i decided early on in my financial journey to think long and hard about the goals that i would be working towards, both in the long term and the medium term. Some of the goals were of the basic variety such as “spend less on airtime this month” but i also came up with my BHAG (Big Hairy Audacious Goal) a la Jim Collins and Jerry Porras in their book “Built To Last”
For those who need a little definition, the authors described a BHAG as “…an audacious 10-to-30-year goal to progress towards an envisioned future.”
I settled for what i now call my “15×40 Goal” in reference to my goal to have a networth of 15million bob by the time am 40years old. I actually consider this my medium term goal because 40 is still pretty young (doesnt life after all start at 42?) and 15million isnt quite the fortune that will get me a sunbed in the Bahamas for the rest of my life. But for a person starting out with very little actual networth, it seemed like a good place to start for the simple reason that it is within the realm of achievement as all “SMART” goals must be but also it is not a bad amount to have at that age when you still have another 20 odd years of employability ahead of you. I decided to break this down to the short term by having a goal of a networth of Ksh. 4million by December of 2010
I plan to track this BHAG over time and you, my dear reader, will be able to see the progress on the blog homepage so that hopefully i can have a free cheering squad as i sprint (nay, slowly walk) towards my goal. IMHO, although i know having 15million to call your own makes you a millionaire, i think that it is easy for many to scoff and dismiss the goal as unattainable. I think that in a society where millionaires are still a select and revered lot, and where even a million shillings constitutes a fortune to most, it still escapes most people that they could be millionaires if they wanted to, without robbing any banks and without winning the jackpot in some Safaricom or EABL promotion.
My other goals include:
- Having an Emergency Fund covering at least 6 months living expenses
- Saving money in my Sacco scheme that allows me to take a low interest loan of at least 1million shillings when need be
- Having a stock portfolio of at least half a million by the end of 2009
- Having enough cash to pay for a wedding without resorting to contributions from friends and family
I will track these goals also on the website so that we can all see the progress (for all its worth)
I am also very interested to know what goals you have for yourself. Use the comment box to share your financial goals
My Road To Wealth 