How to Achieve Your Long-term Goals

Achieving long-term financial goals can be challenging due to a phenomenon known as delayed reward discounting, where individuals struggle to prioritize future gains over immediate gratification. This podcast episode delves into the importance of setting clear, quantifiable Queer Money goals that resonate personally, as well as understanding the underlying motivation behind these goals. The hosts discuss the significance of taking action by establishing dedicated accounts for each goal and automating savings to streamline the process. By sharing financial aspirations with friends and family, especially within the LGBTQ community, individuals can create accountability and inspire one another. Ultimately, listeners are encouraged to focus on both the practical steps of financial planning and the psychological aspects that can lead to sustained success.

The psychological phenomenon of delayed reward discounting often impedes our ability to achieve long-term goals, leading many to set the same New Year’s resolutions year after year without progress. This episode addresses this issue head-on, inviting listeners to explore the intricate relationship between our aspirations and the actions—or inactions—that follow. The hosts introduce the concept of 'Queer Money Goals,' a framework designed to help individuals articulate their financial objectives in a way that is not only measurable but also exciting and relevant to their lives. This framework encourages the identification of significant long-term goals, or 'rocks,' while also acknowledging the importance of 'pebbles' (medium-term goals) and 'sand' (short-term desires) in the overall financial landscape.

Show Notes

A captivating metaphor of a jar filled with rocks, pebbles, sand, and water is utilized throughout the discussion to illustrate how prioritizing major goals can create a solid foundation for achieving smaller, immediate aims. The hosts stress the necessity of understanding one's 'why' behind each goal, which serves as a key motivator during challenging times. Furthermore, they advocate for automation in financial planning, suggesting that setting up direct deposits and automated savings can streamline the process and eliminate the temptation to divert funds from important goals. This not only simplifies budgeting but also contributes to building a healthier financial future.

The episode culminates in a call to action for listeners to socialize their goals, particularly within the LGBTQ community, to foster accountability and inspiration. By sharing financial aspirations with friends and family, individuals can create a supportive network that encourages progress and celebrates milestones. The hosts conclude by outlining five essential steps for effective long-term financial planning, leaving listeners with a clear roadmap to navigate their financial journeys. This episode serves as an empowering guide for anyone looking to redefine their financial future by embracing both the challenges and triumphs of goal-setting.

Takeaways:

• Delayed reward discounting makes achieving long-term goals difficult, leading to procrastination and distraction.
• Success is not a one-time event but a series of small, consistent actions over time.
• Establish your Queer Money goals by ensuring they are quantifiable, understandable, and relevant to you.
• Automate your savings and bills to simplify your financial journey and reduce stress.
• Involve your friends and family in your financial goals to create accountability and support.
• Understanding your 'why' behind your goals helps maintain motivation during challenging times.

Chapters:

• 00:08 - Understanding Delayed Reward Discounting
• 02:11 - Understanding Delayed Reward Discounting
• 06:13 - Introducing Queer Money Goals
• 08:29 - Understanding Your Goals and Their Importance
• 13:23 - Creating Your Long-term Financial Plan

Let's connect:

• Queer Money Instagram
• Queer Money YouTube
• Connect with John on LinkedIn
• Connect with David on LinkedIn

Mentioned in this episode:

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