How To Set Goals – Lessons From Napolean Hill & Tim Ferriss

by Keep Inspiring Me

A goal is a dream with a deadline — Napoleon Hill

Think And Grow Rich is “The Secret” for hustlers, for people who want to go out and make things happen for themselves, but just need a push in the right direction.

The process of goal setting taught in Think and Grow Rich can be distilled into the following points:

1. Determine exactly how much money you desire – don’t be vague.
2. Determine exactly what you intend to do in order to earn the money you desire. What value are you going to offer? Remember, there is no free lunch.
3. Establish an exact date for when you plan to possess the amount of money you desire.
4. Establish a definite plan for achieving your desire, and start right this moment, whether or not you feel you’re ready.
5. Write out a clear statement of how much money you are going to acquire (the amount from step 1), what you intend to do in exchange for the money (the value from step 2), the date you’ll acquire it by (the date from step 3), and your specific, actionable plan for reaching the desired monetary goal (the plan from step 4).
6. Twice daily, read your written statement out loud to yourself. Do it once in the morning, and once at night. While you read the statement, visualize yourself executing on your plan and visualize the money in your possession.

The goal setting principles above fit into a larger framework of what Hill calls creating “burning desire to win”, but it is essential to the framework presented in Think And Grow Rich. While Hill focuses on goal setting as it applies to financial success (the book is called Think and Grow Rich after all), the same principles can be applied to anything you want to achieve.

In The 4 Hour Work Week, Tim Ferriss describes how he went from working 100+ hours a week on his online supplements business to turning it into a passive income business that funded his travels and hobbies. He accomplished this by creating what he calls a “dreamline” for his ideal lifestyle.

*Note: Don’t let the catchy title fool you, the 4 Hour Work Week isn’t about only working 4 hours a week – it’s about rejecting social norms regarding how we “should” live and work. It’s about using out-of-the box thinking to minimize the work we don’t want to do, so we can spend time doing what we really want.

What Ferris calls a “dreamline” is essentially a list of things you want to acquire and/or accomplish, without concern for how exactly you will accomplish it. The idea is to not limit yourself to your preconceived notions of what is or isn’t possible, but to design an ideal lifestyle for yourself, figure out how much money you’ll need to accomplish that lifestyle, and then aim to create income streams that will support that lifestyle. Its about setting fixed deadlines for creating our dream lifestyle, rather than using a vague notion of “the future” to indefinitely defer what we truly want from life.

Here is an excerpt from the 4 Hour Work Week where Tim talks about creating a dreamline.

Create two timelines—six months and twelve months—and list up to five things you dream of having (including, but not limited to, material wants: house, car, clothing, etc.), being (be a great cook, be fluent in Chinese, etc.), and doing (visiting Thailand, tracing your roots overseas, racing ostriches, etc.), in that order.

For now, don’t concern yourself with how these things will be accomplished. That’s all covered later.

Consider the question: What would you do, day-to-day, if you had $100 million in the bank? If still blocked, fill in the five “doing” spots with the following:

• 1 place to visit
• 1 thing to do before you die (a memory of a lifetime)
• 1 thing to do daily
• 1 thing to do weekly
• 1 thing you’ve always wanted to learn

Chances are that the ultimate TMI figure will be lower than expected, and it will decrease over time as you trade more and more “having” for once-in-a-lifetime “doing.” 

The key takeaway from the 4 hour work week as far as goal setting goes, is not to let our preconceived notions of what is and what isn’t possible dictate our goals. Much too often, people set goals based on what they think is realistic.

The other takeaway is to set both a short term and long term goals. You can write down a specific goal with a specific deadline, but if the end goal is 5, 10 years down the line, how do we measure progress in the meantime? Its important to create short term goals that you can start working towards right now, and to always give yourself less time than you think you’ll need to accomplish any given goal.

Conclusion

So now that we’ve looked at goal setting from the perspective of two authorities on the subject, what common elements can we draw here? Whether we’re talking about the great depression, or the modern internet era of remote working and the digital nomad, it looks like there are certain elements that remain universal truths when it comes to setting goals:

1. Don’t let your pre-conceived notions of what is and isn’t possible define your goals. Rather, describe what you want to achieve, and work backwards from that to create a plan to get from point A (where you are now) to point B (where you want to be).
2. Part of your goal setting should involve a plan of action to achieving your goal, starting from today.
3. Goals must be specific and exact in nature. They should state exactly what you want.
4. Goals must have a specific timeframe for accomplishment.
5. Goals should be written down so they’re concrete.
6. Re-visit your goals daily.