Today, I just signed two Promissory Notes that I cannot afford to be foreclosed on. They are both Promissory Notes on my life.
No, I didn’t take out a loan with a Loan Shark with my life as collateral! Well, unless I consider myself to be a Loan Shark. I have been accused of being my own worst critic, but I have no intention of busting my kneecaps if I don’t pay off these two Promissory Notes.
First let’s explain what a “Promissory Note” is.
A promissory note is just that, a Promise to Pay that is agreed to between two parties where the party of the first part agrees to pay the party of the second part certain items agreed to in the note on a specific date or on demand.
A Promissory Note is typically used in financial transactions such as loans. When you take out a loan with a bank, for example, that institution is giving you something of value, usually money, for a period of time. You are responsible for paying that loan back in a defined period of time. You sign a “Promissory Note” often just referred to as a “Note” promising to repay that loan (in full and with interest, typically) back to the bank by a certain date. Most notes also stipulate that you can be forced to pay the entire amount of the Note “On Demand” if certain parts of the note is not paid as agreed.
OK, I’ve into more legalese than you probably ever wanted to know. But understand a Note is a PROMISE to DO SOMETHING agreed to by multiple parties. The person promising and the person holding that person accountable.
Signing a Goal Promissory Note with Yourself
I created and signed two Goal Promissory Notes with myself. I have two goals that mean a lot to me. As I discuss in my Goal Setting seminars and a crucial part of the SMART Goals concept, Goals Must Be Measurable.
What Gets Measured, Gets Done!
When you create a Goal Promissory Note, you do a few things –
1. You set a clearly defined written goal.
It is a good idea to completely read any Notes you sign. You want to understand what you are promising to do, right? When you create the Promissory Note, you define the specifics to your goal that you will be working toward so you can clearly understand it.
2. You create a Binding, Legal Document.
Yes, it only legally binding between you and yourself. But who better to hold you accountable.
3. You are making a Promise to Yourself to Perform!
Promises are important. You will keep your promises, especially to yourself.
I attended a presentation by the President of a “Credit Retrieval Agency” who stated that the very first task on their list when trying to get someone to pay on a Note that was delinquent was to phone the payer and ask,
“Mr. Smith, We know that keeping YOUR PROMISE is important to you. We are calling to ask when we can expect you pay the amount you PROMISED TO PAY, when you signed the Note to “so & so company”.
He stated that they had a very high success rate with just that one call. Why, most people are honest people and most believe Promises Are Important.
I Promise to Achieve My Goals
Now that I have created AND SIGNED, yes signing is important as well, my Goal Promissory Note for both of my goals I am on my way to being successful at achieving them.
My two goals I set today are:
A. On May 1st, 2015 I will get on the scale and it will read One Hundred and Eighty (180) Pounds.
B. On December 1st, 2014 I will launch my podcast on goal achievement strategies on iTunes.
I’ve attached my two hand written Goal Setting Promissory Notes so you can see the format I use.
Goal Setting Promissory Note Commitment for Weight Loss Goal
Goal Setting Promissory Note Commitment for Podcast Launch
I am committed to launching my podcast to share with you how to set goals properly and how to overcome the negative programming you may have received as you grew up and matured. I know I have had negative programming that I had to replace with positive programming. We will be able to work together to become successful and achieve the goals we set.
If you would like to learn more, please enter your name and email address below and I will alert you when my podcast launches. We can work together to Achieve Your Goals.