Episode Summary
Mike + Maggie cover an important topic for 2020: Goals and how to set them. We talk about the importance of setting SMART goals (Specific, Measurable, Attainable/Assignable, Relevant/Realistic, Time-Bound) and the importance of tracking against your goals to make progress. We then share our personal and financial goals for 2020. Listen to help get your 2020 started on the right financial foot.
Episode Notes
We spend a bit more time talking about flowbee. Maggie shares her theory on how she injured her shoulder (spoiler – link in show notes). More importantly, we talk about the importance of setting goals.
We debate the quote around “what gets measured gets done” or whatever that quote might be. You get the idea! Our new quote is “what gets measured gets better” -friends on FIRE.
We discuss the SMART goals framework. Ideally, your goals should be Specific, Measurable, Assignable, Realistic, and Time Related (that’s SMART). There are a few versions of what SMART stands for out there – don’t get too hung up on the specifics, just set some goals that are specific, measurable, and time-bound.
We also discuss the importance of discussing goals with your spouse or partner. Getting your partner on board with your goals is likely the most important part of achieving your goals. But in the case that you aren’t aligned, don’t let it be an excuse to what you can personally control.
Maggie and Mike both share their 2020 goals.
Mikes 2020 goals are:
- 20% Spending Reduction (Maggie’s unsure how Mike can do this given his expenses are already pretty streamlined, but Mike thinks it’s possible)
- 15% net worth growth
- Read 10 Books
- Be a better vegan (Maggie is super excited about this goal!)
- Get more into minimalism (Maggie is also excited about this goal!)
Maggie’s 2020 goals are:
- 15% Net worth growth
- Live off of 25% of her salary and not dip into savings to augment her lifestyle
- Read 11 Books (because of course she wants to beat Mike)
- Spend more quality and focused time with her kids and husband (with phone off)
- Meditate 260 times (5X a week on average)
- Write a blog post once a week for Mostly Minimal Life
- Post a new podcast once a week for friends on FIRE
Other topics we cover on this episode:
- How much fun it can be to set goals with your friends! (Half-sarcastic, half-serious)
- Maggie admits she hasn’t set enough financial goals over the years, but this year she is setting specific financial goals!
- Mike invites Maggie to come and walk through his house to do a minimalism audit (or perhaps Maggie invited herself over, it’s unclear).
- We compare tracking calories to tracking your finances. Tracking things that precisely definitely helps your awareness of how things are moving along.
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Show References
Weighted Blankets on Amazon
The specific weighted blanket that Greg got Maggie for Valentine’s Day. Maggie highly recommends it. Sometimes she even meditates under this blanket, and she believes it enhances the meditation.
Rich + Regular’s Eat Better on a Budget