Today’s show kicks off with Jason and Alex introducing guest Rick Labrum, founding adviser to Intelligence Driven Advisers also Jason’s Dad and mentor. Today’s show discusses Smart Goals for 2021.

Jason shares a story of how he and his boys applied a S.M.A.R.T. goal to make the game of golf more enjoyable for young players.Using the acronym S.M.A.R.T. to help define a goal.Specific (simple, sensible, significant).Measurable (meaningful, motivating).Achievable (agreed, attainable).Relevant (reasonable, realistic, and resourced, results-based).Time bound (time-based, time limited, tie/cost limited, timely, time-sensitive).After briefly describing the smart goals acronym and how it can be used to structure a goal, Jason and Alex ask Rick to share his thoughts. Rick comments that, it is very structured and that you would probably be successful if you used it, but in addition, it needs to be “Exciting and Fun” and not supposed to look like work. Rick continues that with visualizing the achievement of a goal it should create excitement and the excitement is the motivator to complete the goal. Alex adds how he came up with the topic for this show and shares some of the new year initiatives that IDA has set in place for its employees.

After the break, Alex ties the discussion into applying these goals towards better financial wellbeing by providing three actionable goals to ideally complete within 30 days. The thirty-day challenge. Jason interjects and reverse engineers the discussion by using Rick’s earlier comments and asks the question, “Why” or what is the excitable motivator when it comes to achieving financial goals. Rick interjects that it starts with looking back and evaluating what you did last year and to create a list of things that you would like to improve on. Jason adds that incorporating the S.M.A.R.T. acronym to all aspects of your life will provide the necessary structure to achieve success. The conversation goes further into discussing the need for goals in general and the experiences each adviser has had from goal setting reviews with clients. The show closes with presenting the listeners with three actionable goals or the thirty-day challenge:1) Build a comprehensive financial plan that takes into consideration your investments, estate, tax, insurance, cash flow, and forecasts your entire future with the key objective to never run out of money. 2) Determine your target rate of return and savings goals to accomplish your financial plan. 3) Craft and implement an investment strategy that gives you the highest probability of successfully reaching your target rate of return across your lifetime.

In this show you will learn about:

  • S.M.A.R.T. Goals
  • Levels of Goal Planning
  • Financial Goal Recommendations