New Challenge

Scientists say you need to do this if you want to achieve your goals

Scientists say you need to do this if you want to achieve your goals. When I get a paycheck, it's a lot more tempting to buy myself a treat — concert tickets, some new outdoor gear, a snazzy outfit, etc — than it is to transfer that money into my brokerage account and buy a stock that I likely won't collect profits from for another 5-10 years.   Which is why I need to constantly remind myself of my long-term goals.   But it's not enough to just read a goal or have a vague idea of my goals.   A research paper [1] all the way back from 1978 coined a term called the "generation effect," which is essentially a phenomenon where information (aka GOALS) are remembered and followed better if they are actively created by your own mind, rather than passively read.   Which is why I'm writing to you today.   I want YOU to benefit from this effect in your own life. So today, I have a little challenge for you.   I highly encourage you to take 5 minutes right now to do it while you're reading this and already motivated. Step 1: Grab a piece of paper and a writing utensil. Or if you're paper-free, open the notes app on your phone.   Step 2: Create 3 categories on the page or screen in front of you Short-Term (6 months to a year) Mid-Term (1-9 years) Long-Term (10+ years) Step 3: Write down at least one financial goal in each category. The more you have, the better. Try to be as specific and concrete as possible. For me, it looks like: Short-Term: Buy a starter home. Save up for 2 vacations abroad next summer and Fall. Mid-Term: Renovate first starter home, after 3-5 years, either rent out the starter home or sell and buy a new home that is more in line with my dream home. Hit my first million in savings/investments. Long-Term: Retire before 60, and buy an RV to travel the country for a year. Be able to live a lifestyle where I don't have debt, and can live off my investments. If you can, put this list of goals you just wrote out somewhere where you can regularly see it.   And then start thinking about HOW you can achieve these goals.   One simple way is to become a Stock Advisor member.   Members who followed Stock Advisor recs when they came out have seen returns like: Amazon up 15,009% since it was recommended in September, 2002. Tesla up 10,482% since it was recommended in November, 2012. Netflix up 16,004% since it was recommended in December, 2004.  In fact, a $1,000 investment in each of these at the time of recommendation would be worth $414,950 today. That's enough to get me to hold off on buying some stupid gadget I don't even need and investing it instead.   Or if someone had saved even more and invested $5,000 in each of those stocks at the time of recommendation, it would be worth a jaw-dropping $2.07 MILLION now — that number would have bypassed my mid-term goal by far.   And while not every Stock Advisor rec does as well as the ones above, the average return has beaten the S&P by 3X for 20 years.   So, look at your goals again and ask yourself… What's STOPPING you from achieving them?   Maybe it's time to stop putting off becoming a Stock Advisor member and start getting all the tools and research you need to make smart investing decisions for your future. Become A Member Now Returns as of October 27th, 2022.   How did you like this email? 1 Based on $199/year list price. Introductory promotion for new members only. Stock Advisor will renew at the then current list price.   We work fervently, feverishly, and Foolishly to make sure all the facts and figures we publish in our emails are 100% accurate and up to date.   This is a promotional message from The Motley Fool | 2000 Duke St. | Alexandria, VA 22314 Legal Information. Copyright ©1995-2022 The Motley Fool. All rights reserved.   To prevent this from getting swept up by overzealous email filters, add Fool@info.fool.com to your address book.   If you no longer wish to receive this email, please unsubscribe now.   Please do not respond to this email as this mailbox is unmonitored. Go to our help center for answers to frequently asked questions and for options on how to contact us