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Effective goals are abstract statements of a desirable state, not the means to get there. Abstract goals focus on the meaning of actions and make them seem less like a chore. Measurable targets provide a feedback loop to monitor progress. Actionable targets are practically useful and enable concrete actions. Self-set targets maintain a sense of freedom and control. Approach goals are best for achieving a positive, desired future state, while avoidance goals are helpful in preventing harm or escaping danger.
To turn goals into action, create challenging, measurable, actionable, and self-set targets. Challenging targets with minor consequences for failure increase motivation. Measurable targets provide feedback on progress. Actionable targets are practically useful and easier to execute. Self-set targets maintain a sense of freedom and control.
In pursuing goals, people derive pleasure from making progress towards a goal. The progress principle states that progress towards a goal offers continued pleasure, whereas post-goal attainment pleasure is short-lived. Enjoying the journey and the daily experience of moving towards the goal is more important than achieving the goal itself.
Multifinal means refer to multiple ways of achieving the same goal. They are efficient and desirable for optimization. However, from a motivational perspective, multifinal means can weaken the connection between the goal and its means, leading to decreased motivation. Resolving goal conflicts can be done by prioritizing goals that are central to one's identity or viewed as moral or ethical issues. Prioritization can also be based on the marginal benefit of actions towards a goal. When goals have decreasing marginal benefits, compromise becomes necessary.
Reading offers pure joy and contributes to the development of empathy. It allows readers to step into other people's lives and experiences, fostering empathy and enhancing connections. Reading also has a positive impact on mental health, helping to calm the mind and enhance clear thinking. The habit of reading can be developed by finding dedicated time each day, such as during workout sessions or before bed. Long-form reading, in particular, provides numerous benefits to the brain and helps counteract the digital distractions of social media.
Identifying investment goals is a critical step in developing a sound financial plan that helps investors reach their objectives. Studies have shown that using a goals-based framework in financial planning can lead to an increase in wealth for investors and has the potential to strengthen planner-client relationships; but what goals should you be setting? And why is it often so difficult to make these kinds of decisions? In today’s episode, Benjamin dives into some of the research he is conducting about goals-based financial planning for the paper he is writing on the topic, and we discuss why defining and prioritizing goals in the financial planning process is so important (and why it can be so challenging), as well as some practical guidelines to help you set effective goals. Additionally, you’ll learn all about our 22 in 22 Reading Challenge, which we officially launch today with the help of Heather Reisman, book lover, entrepreneur, and CEO of Indigo, Canada’s largest books, gift, and toy retailer. Heather is also the co-creator of the Kobo reading device, a former governor of the Toronto Stock Exchange, and the co-executive producer of the documentary, Fed Up. As you know, the objective of this podcast is to help improve listener’s lives by communicating ideas about sensible investing and financial decision making; and reading is a big part of that. Make sure to tune in to find out where to sign up for the challenge, take note of our book recommendations, and more!
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