Why You Need Personal Quarterly Goals And How To Plan Them

The places we work and the business where we love to shop have quarterly goals, and we are a big part of their goals equation. This is how they measure success or failure, iterate, benchmark mark projections, work hard and keep thriving. So every 3 or 4 months, we hear companies bragging about how they hit or even doubled their Q1, Q2, Q3, or even Q4.

Quarterly goals can fall into the grey area between short-term and long-term goals. Although you probably have a good idea of how to set short and long-term goals, determining your personal quarterly goals can be a bit tricky. Luckily, we explore several of these goals examples today.

Let’s take a closer look at what quarterly goals are and why they are essential for you. Plus, how you can set your own.

What are quarterly goals?

The majority of us have money goals. However, most of our goals fall into the monthly goals. What about goals that won’t happen right away but won’t take decades to achieve? That’s when quarterly goals step into the picture. They are meant to be accomplished in three to four months.

So what’s the difference between short-term vs. quarterly goals vs. long-term goals? First, short-term goals typically take less time to accomplish. So as you work on your short-term goal, you should see progress quickly.

Long-term goals can take more than a year to complete on the other end of the spectrum. For example, saving for retirement could take decades to accomplish, which would put it into the long-term goals category.

Somewhere in the middle lies quarterly goals. You can take advantage of these smaller goals to tackle big tasks that would require more than a year to accomplish. But it shouldn’t take more than 4 or 6 months to accomplish these goals.

We break down examples of different overall financial goals here.

The importance of having quarterly goals

The importance of goal setting cannot be understated. Although it might seem like you can skip the step of goal setting, studies have shown a positive correlation between goal setting and success. Without a goal in mind, you are unlikely to reach your full potential because life is bound to get in the way.

With that, the idea of setting goals is important. However, why should you bother setting mid-term goals if you already have your short-term and long-term goals laid out?

Although long-term goals are fantastic to have in mind, it can be challenging to stay the course without quarterly goals in place that align with your long-term plans but allow you to enjoy the feeling of success along the way.

A quarterly goals approach breaks up the marathon mentality of long-term goals into more manageable components for you to tackle. So with that, appropriate quarterly goals are critical to your long-term success.

Quarterly goals examples

Let’s explore some mid-term goals examples to help you better understand what they are. Then, we’ll cover them in a variety of areas.

1. Finances
Let’s start with quarterly goals examples for your personal finances. A few great examples include paying down your debts, saving up for a down payment on your first asset, which could be a piece of land, a home, or even starting a business, and last but not least, increasing your net worth to a particular number.

Although these are big goals, they will likely take a few years to complete. This is opposed to long-term goals, like saving for retirement, which will likely take decades to work towards.

2. Career
Career goals can help propel your career forward, and quarterly goals are especially helpful for this. A few career goals include finishing your degree, earning a certificate, or gaining a new skill.

Although your career path will involve unique goals, it’s a brilliant idea to set smaller goals for yourself to make them easier to achieve.

3. Skills
Want to learn a new skill? It can seem daunting when you start with a big goal like learning a new language or mastering a new musical instrument.

Instead of being overwhelmed, break up the big goal into smaller goals. For example, you might try to learn one new song on the piano as a quarterly goal. Over time, you can build the skill.

4. Education
Education can be a lifelong pursuit. Depending on where your curiosity draws you, there are likely countless things to learn.

Consider setting goals to learn one new skill at a time. If you are passionate about a particular area of your education, consider making that a priority.

5. Side hustle
A side hustle can completely transform your finances. Not only can a new side hustle change your financial picture, but it also opens the door to new lifestyle possibilities.

Many people with side hustles will tell you that the side hustle they started ultimately didn’t only transform their finances, but they are in more control of their time & schedule, which is an important aspect of life.

However, building a successful side hustle didn’t happen overnight. And it likely won’t happen overnight for you. So instead, you’ll probably need to hit some quarterly goals along the way to build a successful side hustle.

For example, you might have a quarterly goal of hitting a moderate monthly income. But this goal could play into your long-term goal of building a higher income through your side hustle and having the option to walk away from your job.

How to create quarterly goals from long-term goals

Convinced that quarterly goals are worthwhile? Here’s how to create quarterly goals to help you reach your long-term goals.

First, take a look at your long-term goals. Then, find a long-term plan that matters to you and break it up into logic stages that you can accomplish in a medium time frame.

For example, let’s say you have the long-term goal of building a real estate portfolio that produces enough passive income to fund your life. A great mid-term plan would be to buy your first piece of land and build your first rental property. So you take your big goal of having multiple rental units and break it down into smaller chunks.

One rental property will lead to two, then three, and so on. Before you know it, your quarterly goals have led you to your ultimate dream goal.

Set quarterly goals for financial success

Quarterly goals can be a great way to build momentum toward your long-term plans. Whether you use them to set a strategy for your finances or another aspect of your life, this powerful tool can help you move the needle.

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