Goal Setting
###Create 2 timelines 6 months and 12 months.
List up to 5 things you dream of:
###Having (including but not limited to material wants: house, car clothing, etc.)
###Being (be a great cook, be fluent in Chinese, etc.)
###Doing (visiting Thailand, tracing your roots overseas, racing ostriches, etc.)
You will fill in 5 things you dream of having, being and doing, giving you a total of 15 goals. Now, you have the task of selecting the 4 (out of these 15 in the list) that will impact your life.
For "being", try converting each goal into a "doing" to make it actionable. Identify an action that would characterize this state of being or a task that would mean you had achieved it. For example, "being a great cook" would translate to "make Christmas dinner without help".
What are the 4 dreams that would change it all?
###Determining The Cost
Determine the cost of these dreams and calculate your Target Monthly Income (TMI) for both timelines.
If financeable, what is the cost per month for each of the four dreams (ex: rent, mortgage, payment plan installments, etc.)?
Start thinking of income and expense in terms of monthly cash flow dollars in and dollars out -- instead of grand totals.
Calculate your Target Monthly Income (TMI) for realizing these dreamlines. Start by puting your lists of "Having", "Being" and "Doing" into 3 columns, A,B and C respectively. Total each of the columns A, B and C, counting only your four selected dreams. Some of these column totals can be 0 which is fine.
Next, add in your total monthly expenses X 1.3 (the 1.3 represents your expenses plus a 30% buffer for safety or savings). This grand total is your TMI
This TMI is your target value to strive towards with your muse(s).