The most popular way to set goals these days is by using the SMART format:
• Specific
• Measurable
• Actionable
• Realistic
• Time-Bound
It’s catchy, easy to remember, and simple for corporations to throw around this time of year.
However, the more I learn from the ultra-wealthy, the more I realize that their goals aren’t SMART. In fact, they’re STUPID, and this is a much better alternative to creating goals.
Let me explain…
S: Specific
There should be no gray area for goals. You should be able to answer a simple question: did you or did you not achieve your goal? To be able to answer this question, you have to be very clear on what the goal is, and have a way of determining if it was achieved or not.
An added bonus is that the more detailed you are, the easier it is to see the potential solutions and create a road map for exactly how to achieve the goal.
T: Time-Bound
The SMART format has at least several of the pieces right. A deadline makes the goal more tangible, and also adds some intensity as the remaining time decreases.
A goal is a dream with a deadline. – Napoleon Hill
Check out all of the top YoPro Wealth podcast episodes 
If you have never had any credit before, lenders don’t have anything to go on when you finally do apply – are you going to be a conscientious re-payer or lose track of what’s going on with your finances? To this end, it’s certainly worth signing up for certain credit facilities even if you never use them, just so you can start building up a credible history.
What is the debt doing for you?
Second, and this is important: can you afford the debt? Taking on college debt can be crippling if you can’t get a job after graduation or if your loans are exorbitant. A car can help you but that doesn’t mean you should buy a brand-new luxury model. Same idea with a house, it can be cost efficient to own but if you buy too much house it can be crippling financially too.
“There is no hard line on which types of debt are good or bad because to an irresponsible person, all debt would be bad. To a wise steward, nearly any debt could be good. It depends more on how the person is using it. If you use debt to increase your stewardship and wealth, it can be an amazing tool. Sometimes it’s essential for success. However, if you use debt only to consume, it can be a pain.
immediately after using it so there are no finance charges, and be sure there is no annual fee. Responsible use of a credit card not only builds credit, but also can garner reward points or airline miles. In fact, my wife and I were able to obtain a brand-new big-screen TV courtesy of the reward points we received from using our credit card–all at no cost to us since we always pay off the card as soon as we use it.
In a majority of cases, people are simply trying to justify their need for instant gratification by classifying their spending habits as building “good debt.” Examples of this include opening up 0% credit cards so they can buy a new sofa or go on a much-needed vacation, acquiring a home equity loan to hide cash flow issues, and acquiring retirement loans so they can live now and worry about the future later. All three of these are bad ideas, unless the decision to do this is with controlled intention (not on a whim) and will help you reach your long-term goals.
“No debt is good, but some is often necessary. The best debt, when necessary, is for something that benefits one on a long-term basis, such as a home mortgage. An auto loan is an example of debt that one’s situation may require out of practicality or necessity. This could be considered good debt. Bad debt is debt incurred buying things that one neither needs nor can afford.”
