Mark Kohler breaks down the SMART framework for goal setting: Specific, Measurable, Achievable, Relevant, Time-bound. He shows why vague wishes like "have a bunch of rentals in 10 years" fail, and how to build concrete action items across 5-, 3-, and 1-year timelines instead.
Step three is writing down that five, three and one year action items. We're still on this action item list. And I want to bring up the concept. I like the big audacious goal acronym, but also smart goals. We want to set something specific. If some of you have never heard of this smart acronym, it's specific. What do I want to accomplish in these 10, 5, 3, and 1 year? Is it measurable? Is it achievable? Am I being realistic? Is it relevant to what is possible in my life? Is that like making sense with all the other things going on? And also I need to make sure it is time bound. Now the opposite of a smart goal would be I want to have a bunch of rentals in 10 years. What the hell does that mean.
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