What’s the one thing everybody should do for next year?
Starting off the year with some idea of what you want to achieve sounds sensible. But setting goals can be daunting.
There are hundreds, possibly even thousands of books about goal setting. How do you know which ones are the best. How do you know which one will be most relevant to you?
The simple answer is you don’t.
However, if I were to recommend one book for you to start with it would be….
The One Thing by Gary Keller and Jay Papasan.
The thing that sets Gary and Jay’s book apart from other goal setting and achievement books is the focus on “the one thing”.
The author prescribes that by finding the first thing to do first, all future goals will be achieved like knocking down dominoes in a line. The further down the line you proceed the larger the dominoes can be and still get knocked down.
“Getting extraordinary results is all about creating a domino effect in your life.”
The important part of this is figuring out what the first thing is. You figure this out by answering the focusing question.
“What’s the ONE Thing I can do such that by doing it everything else will be easier or unnecessary?”
This allows you find the most important thing to be doing right now.
If your goal is to have a million dollars then you need to figure out the first step to achieving that.
It could be first you need to get out of debt.
However, is there something you need to do before get out of debt?
Perhaps you need to increase your income?
How could you do that? Maybe getting a different job, maybe getting an additional job. Maybe starting your own side hustle.
Let’s say you want a new job, is the first step to update your CV?
So having worked back from having a million dollars we realise that updating your CV might be the small first step which can help begin the process of knocking down the dominoes.
This won’t be the only route to achieving the million dollars. It may well be that there are hundreds of different possibilities all branching off in different directions. Finding the route most suitable for you will be half the battle.
“The Majority of what you want will come from the minority of what you do”
What if something so small is all you need to do to help you achieve your goals for the year? Isn’t it worth a little of your time and money to help you find out?
Below are my goals for the upcoming year. I’ve thought about them carefully and tried to ensure that one goal will help lead to others.
To me it’s clear that if I hit financial goal 1 then the others should look after themselves – the domino effect.
Goal 1 – Earn £60000 before deductions.
My current salary would account for around 75% of this. Figuring out where the other £15000 will come from will be the “one thing”. Additional income sources such as rental properties and side hustles will need to utilised. Hitting this goal will give me enough capital to fulfil the other two below.
Goal 2 – Pay off 10% of my mortgage.
I’ve not been paying down my mortgage at a fast rate as I’ve mentioned multiple times. There just didn’t seem to be any benefit if I could get higher returns from investments. However, as I want to get this all paid off before I retire then it’s time to get a shake on. Also if I get a good amount paid off I can get a lower interest rate.
Goal 3 – Invest at least £10000 into my S&A ISA.
This is quite an underwhelming goal. It does go over and above what I have pencilled in on my long term plan though. This doesn’t take into account any additional pension savings.
In advance of the new year I have already set up the ISA to withdraw the required amount from my bank account monthly.
These are more personal to me although as you’ll see they may also help with the financial goals.
Goal 1 – Further Training in my occupation
I already have the go ahead from my employee to book myself on some training courses during the first quarter of next year.
As well as this I have booked to attend a conference at the beginning of February, this will further boost my knowledge and industry connections.
This ties in nicely with the one thing. Being well trained for your job helps when it comes to asking for a pay rise, especially if you are the only person in your company with the particular skill set.
Goal 2 – A Six Pack
Yes a pure sign of vanity, but also a sign of good muscle tone and low body fat levels. Over the past 14 months I haven’t been looking after myself well enough. I have been eating poorly and not exercising enough
I have a deadline and I have a plan. Now all I need is to follow it through. How does this tie in with the one thing. Quite simply being physically fit gives you more energy and more energy gives you the ability to achieve more.
Goal 3 – Be a better Husband
I’m not a bad husband (hopefully). It’s just am just not as good as I would like to be.
Being better is a tough goal to achieve as it is quite hard to measure. Maybe I will get Mrs FrugalFox to rate me this year and again next year to see if I have improved. I know certain areas that I take her for granted because I travel so much. If I can just deal with this it will be a step in the right direction.
What’s Your One Thing
If you get chance take a look at “The One Thing” it truly is one of the best books to help you improve your life.