How To Achieve Your Financial Goals This Year

As the year comes to a close it’s exciting to look back on the goals we set and whether or not we achieved them. This year both me and Simon achieved our goals and we want to give some tips on how to achieve your financial goals.

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0:00 – We both achieved our goals for 2020
2:25 – Reviewing our 2019 goals
4:35 – What I Learned From Not Achieving My Goals
6:40 – Lofty goals are better than no goals
7:55 – Simon’s goals he achieved in 2020
12:10 – Automating achieving your financial goals
18:27 – Ryan’s goals he achieved 2020
20:15 – How I achieved my financial goals this year
22:00 – Start with little goals
24:45 – Saving financial goals is a skill

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Transcription:

Ryan 0:00
as the year comes to a close it’s really exciting to both look back on our goals for the year as well as to look forward and to say okay what are our goals are going to be for next year and i absolutely love doing this with simon everingham from pumped on property but today we wanted to do a little bit of a spin on this and to say okay goal setting is really good looking back on your goals is really good but how can you actually achieve your financial goals and finally both me and simon have found ourselves in a position this year where we both achieved the financial goals we set for ourselves so it’d be fun to kind of look back over our goals and look at okay what exactly do we do and what tips and ideas can we pull out of that to help you setting your goals for the future so that you can actually implement them and achieve them in the future year so i’m really excited about this on simon

Simon 0:50
it’s one of my favorite topics because you know i am a massive goal setter i’d generally set a bit of a combination as death over goals and like a bit more higher level goals that can be a bit of a challenge to achieve but yeah super exciting like we’re just talking off camera and i was saying that my partner was cleaning out the house the other week and she found a piece of paper and just one of the drawers which was written by me at the start of the year which has like a dot point of all the all the goals that i was looking to achieve and i wasn’t home at the time but when i got home it was just sitting on the table and she’s just like can you believe it like he literally achieved every single one of your goals this year and at that point in time it was only like august or september as well and i’d already achieved all of them so yeah it’s good it’s good man like i think goal setting is is so important to achieve success

Ryan 1:44
yeah that’s really exciting simon i know i was looking back on the video that i made end of last year saying okay what are my goals for this year because honestly i’ve actually forgotten what my goals were and what i wanted to achieve it’s kind of like each month i’ve been like okay i want to achieve this so i’m progressing towards paying off my debt but i look back over those goals and i actually did achieve everything i set out to achieve in the year so even though i forgot exactly what they were i didn’t have them in front of me every single day on the back of the toilet door or something like that i was like okay i set that intention at the start of the year and i actually worked and had a plan in order to achieve it and i now found myself at the end of the year having achieved it so before we get into our goals for this year how to achieve them in the tips i do want to take a guess a further step back in time and go back to late 2018 where we set our goals for 2019 and whether or not we achieved them now simon i wrote these down your goals for 2019 you just purchased a property at the end of 2018 so you actually like didn’t have any goals to buy any future properties in 2019 but you did didn’t you yeah yeah

Simon 2:58
at the end of 2018 i just got my first property under contract and you know that was sort of a big goal for me you know i had a plan to kind of purchase a property within the first like my when my sister first came into the business she purchased the property within about two years after earning a full time income and i’m like i need to try and beat that but i think i missed out by about six months or something like that but still you know ended up purchasing that one and then yeah move forward and and managed to increase my income increased my savings quite dramatically and got myself into a position where i was able to purchase another property at the end of 2019 which settled at the start of 2020

Ryan 3:47
yeah well it was interesting because looking back 2019 for you i think you’re just saying you want to get in a position to buy again but you don’t think you’ll be able to do it that quickly but you’d like to grow your income over the year and obviously you grew your income and you were able to buy a property before the end of the year now 2019 my goals were actually similar to what they were in 2020 but that was to be financially free through my business again i just found myself in a position where i wasn’t financially free anymore through my business or my business wasn’t earning enough without me working that i couldn’t just do what i want i found myself in a bunch of debt i was not aware of how much debt i had at the time my goal was to pay off that debt and then my goal was to buy a property in the following year so i think something to learn from that year which is a year where i didn’t achieve any of my financial goals is that i think those goals they were a bit lofty like they’ll obviously like good goals like paying off debt to good goal growing my business is a good goal buying a property is a good goal but they’ll just like a bit lofty in a bit not based in fact i hadn’t taken the time to really look at my situation and to say okay here’s here’s exactly how much debt i have and what it’s going to To pay it off, or here’s how much I need to grow my income and exactly how I’m going to do it through my business. So I was just, I guess I wasn’t grounded in reality and where I was at, and I started 2019, just on the backfoot. It really struggled throughout that year. Whereas when I started 2020, I, while I was actually in like a similar position, if you looked externally at my life, I was so much more set up for that year, I knew exactly how much debt I needed to pay off, I knew exactly where my business was that I knew exactly the work that needed to go into that in order to get it to where I wanted to be for 2020. So I guess that’s a learning from my failures of 2019, which is, you need to be realistic and to be realistic with your goals, you got to start at, okay, here’s exactly where I’m at. Yes, there’s where you want to be. But you know, what’s it gonna take to get me there, and I didn’t have a clear path to getting there. I just kind of had these lofty goals that, yeah, I want to achieve this. And somehow I’ll do it. But I don’t know how. And so that made it harder in 2019.

Simon 6:08
But that’s that, that’s the journey, right? You know, it, you can set these goals and I do the exact same thing, I’ll write them down at the start of the year, within the first week of the new year. And, and I put them away, you know, you set the intention, then you put them away, and you just let the universe do the rest. And, you know, things are going to ebb and flow throughout the journey, you’re going to have some wins, you’re going to have some losses. But you know, you can’t meticulously execute everything the way that you would think you would. Because, you know, sometimes things just come up, which we’ll get into when we talk a little bit more about 2020 goals.

Ryan 6:40
Yeah, and I think even having those lofty goals are better than having no goals at all. Because even though I didn’t understand even though I didn’t achieve them within the year, I took meaningful steps towards them. And that year was really year of discovery for me to say, Okay, how can I make this business more sustainable. And when curveballs came my way, I’m like, okay, I wasn’t expecting that. I need to, I guess, alter my course and change my business, so that I can handle things like that in the future, also, that the same mistakes or the same issues don’t come up again. So I guess I had those goals I was working towards and I was really spend that year trying to work out how, how the hell am I going to achieve these, but I guess having that flag in the sand in the future, this is where I want to go really directed my focus to say, Okay, how am I going to achieve those things. And so throughout the year, I was trying different things I was learning along the way, and eventually, like settled on my strategy in August of 2019. And then just work that out. And it’s basically taken 18 months in order to work out. So let’s talk now about 2020. Do you want to go first assignment and say, Okay, what were your goals that you had hoped to achieve? That you did achieve?

Simon 7:56
Yeah, the funny thing was at the start of this year, because it’s been a big previous year, it was it was still I designed my goals around having a bit more of a personal development year. So you know, a lot of my goals included meditating more doing more yoga, you know, working on on like, a bit more sports and things like that, like surfing more and you know, getting into a bit more training and things like this. I wanted to go on a big holiday, like my partner and I were planning a big trip to Central America where we’re going to fly to LA and then cruise through Mexico all the way down to Colombia and spend like, six to 10 weeks over there.

Ryan 8:36
How many? How many travel goals do you think were foiled this year? Because of COVID. And everything that happened? So many? Yeah, no

Simon 8:42
idea, man. Like, it was crazy. Like I would say at least five of my trips that I was hoping to do got can at different points throughout the year. But yeah, like they were all sort of personal development sort of goals. I did have a plan to kind of increase my income and then over $100,000 because I’ve never really done that before. And as soon as COVID here it kind of like it changed changed the course of my my year significantly, like a tip for everybody. Right? So, you know, we’ve been saving up to go on this holiday, we’re expecting to spend quite a lot of money. You know, I was hoping to go on a few other trips as well. We went away to North Queensland, at the start of the year just before COVID then we’re planning to go away in sort of June, July. And then you know, see what was going to happen towards the back end of the year. But then as soon as COVID happened, it kind of threw threw a spanner in the works bit overly, and we kind of shifted and we’re like, Okay, well if this is going to be a situation we’ve got a bit of money behind us right now. We knew what was the mid cycle slowdown and we knew it was going to be an amazing buying opportunity. So we we changed our goals from two traveling to then purchasing another property so we did exactly that in the peak of Coronavirus we started looking in may and if you can think back to my people were losing their minds i may april may was when people were hoarding the toilet paper and things like that people literally thought the world was gonna win lo and behold it didn’t like we’ve been talking about on camera for quite a while and yeah we started looking for a property and ended up purchasing that one i think we’ve actually done a video on the personal tape yeah maybe we can link it up

Ryan 10:36
yeah

Simon 10:38
yeah so you can have a little bit more information there but then you know that that ended up happening and that was sort of the big goals the funny thing is like i actually ended up achieving all of those personal development ones like i really wanted to spend more time working on myself becoming more mindful becoming more aware not getting as frustrated at things as easily i used to be that guy you know where somebody cut me off in the in the traffic and i’d be like oh

Ryan 11:08
i remember driving with you down to brisbane and like someone cut in front of us and i was i always think like oh good for them like that was quite skillful and you’re like

Simon 11:16
oh yeah you know but working on little things like that but also sort of surfing more and getting like connecting with nature a little bit more as being one of those big big ticket items and yeah i definitely feel like i’ve achieved all of those and and you know made the most of the year which is awesome man i kind of now that i got to the end of the financial year as well i kind of really really did my goals for the back end of the year which was you know just to learn more within the business you know take on a bit more responsibility within the business because the first half the year was a lot of personal development second half of the year with the changes in the world i was like okay well let’s focus on the financial side of things and yeah now i guess we’re here in november when we’re filming

Ryan 12:08
yeah and so are there any tips that you can draw out of it like what are the things that you did or ways you adjusted in order to i guess make your goals come to pass so you’d written down you know you wanted to earn six figures which you achieved and you’d written down that you wanted to buy a property which you achieved you’d written down that you wanted to travel with you didn’t achieve but that was kind of out of control but what about the things you did achieve to just kind of happen for you or along the way did you make nothing’s jesses

Simon 12:39
yeah nothing just happened you know like you need to set the intention but then you need to do the activity in order to achieve the goals so where’s my financial side in life it really just takes care of itself because i’ve got my account set up in the right way and i’ve got my pace set up in the right way so that i don’t even need to worry about my financial targets my financial goals my savings goals because it just happened

Ryan 13:01
okay this is gay like we need to break this down like you just think oh yeah just happens but that does not happen for 99.9% of people listening to this is like no i want my financial goals to happen and i’m struggling to make them happen but i think this is a really key learning that you’ve set up in your life you’ve got all these personal goals and you talk about that but what you’ve actually got in the background is this framework and this system set up you’ve set up your life so you’ve got these financial goals but they’re kind of just happening anyway as a result of you living your life and working in the business and trying to be good at that and helping people and you know each i’m guessing like a big part of that is pay yourself first every time you get paid yeah percentage goes out and we’ve done videos on this sort of stuff i’ll try and find one and link it down below but i think having your like you’re a more advanced investor now which may shock you to hear that but having bought three properties in under two years i guess it would make you you know more advanced and sophisticated investor than most people is like you’ve got to a point where you’re able to systematize that and autom automated it just happens automatically for you and so you can imagine you set your goals and then you set up the automation so every month i get paid or whatever your pay cycle is this amount goes away and i know that if i do that i’m going to achieve a goal of having a deposit to buy a property for example

Simon 14:30
exactly so i’ll sit down with my brother and business partner both at the start of most years and we’ll kind of write out what our goals are for the year within the business how many people do we want to work with you know what sort of things do we want to achieve with the business and we’ll write that down and then we know how much money the business is expected to earn if we achieve those targets and the way that i’ve set up my payment structure with the business is almost quite a low base salary but then i get profit share of the business as well so the why is the reason that i’ve done that is because my annual salary pays for my whole living expenses pays for my mortgages it pays for you know all of my utilities it pays for you know insurances car blah blah blah all those expenses in life and pay for my fun money which is a couple of beers or going out to dinner or buying myself a new surfboard or you know whatever yoga all of those things that just that just happens immediately with my with my annual salary and then with my with my profit share from the business that comes in either monthly or quarterly and just goes immediately out which has been a good thing because you know now i’m getting to a point where those those that profit share is exceeding the annual salary it’s managed to just continuously go out well you know i’ve maintained my my living expenses at the exact same level so it just goes straight out straight into a savings account at this point in time i don’t actually have offset accounts set up on my loans yet i’m just responding and seeing at the moment to get them set up in the right way get those offset accounts working for me but it just hadn’t been a priority or necessary at this point in time but now it’s kind of going into that so i’ve paid myself first for you know over over 10 years now so that’s why i guess it’s something that’s so natural to me and it’s something that i don’t think about because it just it’s so natural it’s such a part of the way that i’ve been paid for such a long time now that it really worked out in in my favor so you know that’s essentially how i’ve i’ve i’ve managed to sort of build that up and that’s why i’ve managed to kind of keep my savings really rock solid and also continue to invest and buy properties consistently

Ryan 17:00
yeah and i am similar in my life my business fluctuates a bit more than maybe your situation but the way that i’ve set it up to pay myself first is that i guess i have a really low living expenses and so i know how much each week i need to live off and then basically i just live off this small amount and anything extra that the business earns just automatically goes across into savings and into paying off debt so it’s like i’ve i’ve set my living expenses and even if the business is doing really well i’m not going to go out and lavishly spend that money because i’ve paid my i’ve allocated myself here’s my living expenses this is what i’ve got to live within and you know i’m not perfect within that but yeah so the business is earning above that which it has been that money’s just being funneled off into savings in order to build up a buffer fund or to pay off debt so i’ve worked out how to pay myself first through restructuring my living expenses and then working hard to earn more than my living expenses but not spending more when i do so anything i try and just automatically goes to savings alright i’m not questioning or watching i spend that money on it’s like already been denied it’s already been decided that it’s going to pay off debt until the debts completely gone then it’s going to save a deposit for a property and so it’s like it just kind of automatically happen so i guess for me looking at my goals for this year and what i wanted to achieve my two biggest goals were i wanted to achieve financial freedom through my businesses again so i call it pseudo financial freedom it just means if i start working my businesses still owed me money every single month and i can survive i can get through live i’ve got that baseline income that i can just live off and take care of my kids and myself and everything to do with life and so my goal was to get back to that and i was able to achieve that i think i achieved it maybe a month or two ago i realized oh well i’m actually earning enough now that if i was to start working i will probably be okay for the next probably two years maybe three years i would be fine i’m not talking rich i’m not talking like investing in properties and saving deposits i’m just talking about my bases are covered for that and my debt can be paid off through that as well so that was one of my massive goals and i was able to achieve that and then my other goal was to have my debt so rather than paid off completely i was more conservative and i said i wanted to have my debt and i was able to do actually more than that through what we talked about automating business did better than expected even through COVID i just buckled down and worked harder and use that as an opportunity everyone’s at home anyway no one’s going out i’ll use this time to work hard and so i was actually able you know i’ve only got a few grand left on my debt and by the end of the year depending on what happens with income through the business and sales and things like that i may actually have enough money to have it effectively paid off by the end of the year you know i won’t see all that money until they’re good later next year, but I’ll have earned it and will receive it at some point. So, you know, I may have paid off by the end the year but you know, I’ll probably be a few grand shy of that. So, yeah, so I guess for me the tips, I guess, I mean, the tips that come out of that similar to you, the automation has been key, reducing my expenses. And just, you know, keeping a tight grip on that has been really important as well. And then I guess what changed this year compared to last year, is I had a really strong strategy of how I was going to achieve it, and the work that I needed to do. So I, I mapped it out. And for my business, it’s writing articles, I knew that if I write an article, here’s how much it makes in its first month, second month, all the way up to, you know, the first couple of years of that article. So I knew that, okay, every single week, I need to write 10 articles. And so I broke down my big goal, which was financial freedom through my business and paying off my debt. I knew that to do that, I had to grow my business. And I just had to write 10 articles per week. So my entire focus, I said, I forgot about what my goals were. That’s because my entire focus narrowed down and shifted to just, I need to write these articles each week. And so how do I write them better? How do I write them faster? How do I make sure they get done late nights, if I haven’t done them, or a cruisee week, if I have, you know, but it was just my whole year, I guess was focused on the productivity, and that edge doing those things each and every day. And each and every week, eventually led to my goal. And I just think that’s a really important tip. Often we have, you know, in 2019, I had the lofty goals with nothing behind it. In 2020, I still had those goals, but I knew exactly what to do. And I broke it down into actionable weekly and daily things. And then I just action that every single week and every single day. And like the goal was still there, but I kind of forgot about it. Because it’s like, this is my focus.

Simon 22:00
For sure, man, like, it’s so good. But one other tip that I wanted to sort of talk about is, you know, for people out there that don’t set goals or haven’t really been setting goals, but should be doing it when I started. And when I think what I think a lot of people should be doing as well is in the beginning, just set those steps over target. You know, don’t set the big unachievable one, because as human beings, we love achieving goals, we absolutely love it. And we hate not achieving goals, like if you set a goal, and then you don’t achieve it, you’re going to put yourself down. So if you just set yourself extremely achievable goals, so yeah, now we’ve gotten to a point where we can set a big goal, then we can break it down into little increments in order for us to actually achieve that. But if you’re just starting to golf, that maybe just set the small increments, and then eventually, you’ll achieve the big goal. Because if you just focus on the big goal, what we do as human beings is, sometimes we don’t do things, because we’re worried about the potential suffering that could occur from doing something. So for example, let’s say I want to set a goal of saving $50,000 to buy my first property, maybe you just set a goal of saying, I’m just going to save X amount of dollars per week, because you know that you can do that each and every week, and then eventually, you’re going to get to that bigger goal rather than going on a to say 50 grand, and then people going, shit 50 grand is so much, I don’t know how I’m going to do that. So fuck it, I’m not even doing it. You know, it’s Same way, it’s the same way. It’s the same way sort of exercise targets and things like that, or, or diet targets, you know, drinking targets, whatever, people set these goals that are too hard to actually maintain or achieve. So they just give up all together. So I think if you’re just getting started, that’s the easy step over target, make everything that you do achievable, because it’s going to feel good. And then it’s going to create positive psychology and it’s going to create positive habits that are going to continue to make it easier for you. And then you can start setting the bigger goals because you know what you need to do in order to get there. You know, I know Ben’s been a terrible one to that, like setting these big goals. And then, you know, he’s one of those guys that will just go out and do it. But I know so many people that like don’t, they’ll set a big goal and then they won’t do anything. And they end up in the exact same position because they’re too afraid of not hitting their goal, that it’s better for them to just continue doing what they’re doing. So you know, I think that’s a really big one.

Ryan 24:43
And it’s also something that I’ve learned over the last couple of years is when it comes to finances when it comes to budgeting and saving or reducing debt, all those things. It’s a skill that you develop over time. And so because it’s so mathematical, you know, I need to say 50 grand Tony Save x per month, do you think, okay, it’s just logical and mathematical, I should be able to do it. And when you can’t do it straight off the bat, you kind of kick yourself and you’re like, I suck. You know, I’m using this, I’m not very good at this. But if you look at it, this so many emotions tied around money, and around finances and how we spend it, and realize that budgeting is a skill and being able to do that to skill, paying yourself first. While mathematically it’s easy to just say, you know, put aside X amount of money every month, as soon as you get paid. It’s actually a skill as well, and something that me and Simon have worked on over the years to get better at. Now. it’s second nature to us. But if you’re just starting out, it’s going to be hard budget is going to be hard, saving money is going to be hard. And so it’s just like see that it’s a skill, as Simon said, he said, Those little incremental ones, and realize, okay, it’ll be hard to work towards those little ones. But once you achieve that, you’ll be better skilled to work towards the bigger targets as well.

Simon 25:59
As sure for sure. So,

Ryan 26:01
yeah, it’s been really cool to look back on this year, look back on our goals and how we achieved them and hopefully out there, you were able to learn a thing or two as well going into next year setting your goals and how you achieve them. I’m really excited for you and your future go out there smashing financial freedom won’t happen by itself. You got to set the goals, set the intentions and work towards it. So thank you so much, Simon for coming on today and sharing and until next time, everyone, stay positive

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