ON GOAL SETTING: Billionaire investor Warren Buffett’s ‘not to do’ list
by Your First Million
If you are reading this article, chances are you already know that setting goals is a vital step in the process to creating wealth. Getting your goals written down and reviewing them on a regular basis helps keep you on track towards actually achieving them.
Best selling author Grant Cardone actually writes down his goals twice per day, once in the morning when he gets up and once right before he goes to bed at night. That is serious commitment! It is pretty obvious based on his massive success that he is doing something right!
So how many goals are you supposed to have? How many is not enough, and how many is too many goals?
Billionaire investor Warren Buffett, one of the richest people alive, has his own take on goal setting. He is of the opinion that you should have a few goals that you dedicate all of your attention to rather than having many goals.
Here is how Warren Buffett puts it in what he calls his “Not to Do List.”
- Write down your 25 most important goals.
- Circle the most important, top priority 5 goals from the list.
- You now have list A (top 5 goals) and list B (lower priority 20 goals).
- Focus 100% of your efforts on these 5 goals on list A.
- “Avoid at all costs” the other 20 goals on list B until all of the goals on list A have been achieved.
Basically what I take away from this is that Buffett is saying anything that is not a part of your top 5 most important goals is just a distraction. Prioritization is the key.