Goal setting: How to set goals according to Tim Ferriss

Tim Ferriss in his book “Escape 9-5, Live anywhere…” shares a specific strategy for goal setting. He calls his goals dreamlines and the process of goal setting dreamlining. He recommends only 6 months and 12 mts goals since “the variables change too much and in-the-future distance becomes an excuse for postponing action”. Once he comes up with goals (dreamlines) he then estimates the monetary cost of  financeable goals (some goals but not all are financeable goals).

So, he has 2 timelines: 6 mts and 12 mts. Then for each timeline he creates 15 goals.
He starts with three goal categories:
1. Having goals (5)
2. Being goals (5)
3. Doing goals (5)
Then he converts “being” goals into “doing” goals to make them actionable.
So we end up with only two goal categories:
1. “Having” goals (5 goals)
2. “Doing” goals (10 goals)
The next step is to narrow down the amount of goals to 4 most exciting and/or most important goals in each timeline.
So you end up with:
8 goals per year: Four 6 mts goals and Four 12 mts goals.
The last thing he comes up with is estimating the TMI and TDI-Total Monthly Income and Total Daily Income ( TMI divided by 30) he needs to be able to finance his goals.
So lets sum up his goal setting strategy:

  • Total 8 goals per year : Four 6 mts goals and Four 12 mts goals
  • Some goals are financeable
  • Being goals are converted into doing goals
  • There are only two goal categories: Having goals and doing goals

Now the most interesting aspect of this strategy:
Tim makes a statement: That TMI and TDI (cost of a goal) is often lower than expected and it often decreases over time “as you trade more and more “having” for once-in-a-lifetime “doing“. Mobility encourages this trend”.
Act: Get Tim’s book for more in depth description of goal setting process or go to his blog www.fourhourblog.com .

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