Podcast Summary: The Stacking Benjamins Show - "Create Goals that Stick (with Ret. Lt. Cdr. Gary MacDermid)"

Episode Information:

• Title: Create Goals that Stick (with Ret. Lt. Cdr. Gary MacDermid)
• Hosts: Joe Saul-Sehy and OG Bonnie
• Guest: Retired Lieutenant Commander Gary McDermid
• Release Date: July 16, 2025
• Podcast Network: StackingBenjamins.com | Cumulus Podcast Network

Introduction

In this episode of The Stacking Benjamins Show, hosts Joe Saul-Sehy and OG Bonnie are joined by retired Naval officer Gary McDermid to delve deep into the art and science of effective goal setting. Recognized for his expertise and previously featured on Amazon Prime's Speak Up series, Gary brings a wealth of knowledge from both his military background and his experiences coaching multimillion-dollar businesses. The primary focus revolves around establishing goals that are not only set but also achieved, ensuring they align with personal visions and aspirations.

Guest Background and Introduction

Gary McDermid shares his journey of how goal setting became pivotal in his life, especially transitioning from a structured military environment to civilian life.

Gary McDermid [07:12]: "I didn't know how to set my goals. It was never a choice or a goal for me to join the service. It was just by chance."

Gary emphasizes the influence of his father in his decision to join the Navy, highlighting the importance of intentional goal setting rather than complacently following others' directives.

Understanding Goal Setting

Gary discusses the fundamental differences between setting personal goals and executing tasks assigned by others. Drawing parallels from his Naval experience, he explains how the absence of personal goal setting can lead to a lack of direction and fulfillment in civilian life.

Gary McDermid [10:41]: "Even getting out of the Navy, there's headhunters that target people like me. So when it was like, okay, I need to get a job. How do I even do that?"

He underscores the challenge many face when transitioning from a highly structured environment to one where self-driven goal setting is essential.

SMART Goals Framework

A significant portion of the episode is dedicated to breaking down the SMART goals framework—Specific, Measurable, Achievable, Relevant, and Time-bound. Gary provides actionable insights on how to effectively implement each component.

Gary McDermid [26:29]: "So if you have the end state and it's in your mind and it's going to be achievable, it has to be specific."

Gary elaborates on the importance of clarity and specificity in goal setting, ensuring that each goal is tangible and attainable.

Setting Milestones

Beyond establishing SMART goals, Gary introduces the concept of setting milestones—intermediate targets that pave the way to achieving the main goal. He emphasizes working backward from the end goal to determine actionable steps.

Gary McDermid [29:30]: "Once you've got the goal, then part of the reason that it's achievable is because of this test. So now you want to set the target or the milestone and honor that and then the results and the goal will come."

This approach ensures continuous progress monitoring and allows for adjustments along the way, enhancing the likelihood of success.

Overcoming Barriers: Fear and Procrastination

The hosts and Gary address common obstacles in goal achievement, notably fear and procrastination. Gary shares personal anecdotes and strategies to combat these challenges, emphasizing mindset shifts as crucial for overcoming self-limiting beliefs.

Gary McDermid [35:10]: "There are some powerful mindset shifts that I had to make. I break it down. There were three mindset shifts that I had to make."

He advocates for adopting a proactive mindset, where goals are not just aspirations but actionable plans supported by a structured approach.

Long Term Care Insurance Discussion

In response to a listener question from Bonnie, Gary and the hosts transition to discussing long-term care (LTC) insurance. They explore its importance, especially for late starters in retirement planning, and evaluate various strategies to mitigate the associated risks.

Listener Question from Bonnie [57:19]:

"What are your thoughts on long term care insurance? If one is a late starter with retirement planning with lowish retirement assets..."

Gary provides a comprehensive overview of LTC insurance options, weighing the benefits of self-insuring versus transferring the risk to insurance companies. They discuss cost considerations, the unpredictability of care needs, and the balance between premiums and coverage.

Gary McDermid [64:31]: "It's the exposure that you have now and how much of it do you want to transfer to a third party, if any."

This segment highlights the complexities of LTC planning and offers listeners practical advice on making informed decisions based on their financial situations and health projections.

Listener Engagement and Questions

Throughout the episode, the hosts encourage listener participation, addressing questions submitted via voicemail. Bonnie's detailed inquiry about LTC insurance serves as a focal point for the discussion, allowing Gary to showcase his expertise and provide tailored advice.

Conclusion and Key Takeaways

As the episode wraps up, Gary McDermid summarizes the essential steps to effective goal setting:

1. Do a Sanity Check: Assess your current alignment with your beliefs and aspirations.
2. Define SMART Goals: Ensure goals are Specific, Measurable, Achievable, Relevant, and Time-bound.
3. Set Milestones: Break down goals into actionable steps.
4. Write It Down and Share: Document your goals and communicate them to reinforce commitment.
5. Find an Accountability Partner: Partner with someone who shares a positive mindset and can help keep you on track.

Gary also promotes his book, "Set Your Own Goals or Someone Else Will," available on Amazon and his website, offering a deeper dive into the strategies discussed.

Gary McDermid [42:15]: "Set your own goals or someone else will. But setyourgoalsbook.com is an easy way to find it."

The hosts thank Gary for his invaluable insights and encourage listeners to implement the discussed strategies to enhance their financial literacy and personal growth.

Additional Resources

• Gary McDermid's Book: Set Your Own Goals or Someone Else Will
  Available at Amazon and setyourgoalsbook.com

• Podcast Show Notes and Links:
  Visit StackingBenjamins.com for detailed show notes, links to resources, and more information about the podcast team.

Notable Quotes with Timestamps

1. Gary on Early Goal Setting Challenges:

   "I never personally thought of goal setting other than achieving something. I was always playing by somebody else's rules." [09:31]

2. On the Importance of Clear Goals:

   "If you describe it, how do you even describe it? What does it look like if it's in your head?" [17:21]

3. Overcoming Self-Limiting Beliefs:

   "I had to go through some powerful mindset shifts." [35:10]

4. On Accountability Partners:

   "You want to find somebody with the right mindset, positivity, no negativity." [39:47]

5. Gary's Military-Inspired Strategy:

   "The win is in the activity. So focus on the activity. Set the target or the milestone and honor that and then the results and the goal will come." [32:28]

Final Thoughts:
This episode serves as a comprehensive guide for listeners aiming to enhance their goal-setting techniques and navigate the complexities of long-term financial planning. With Gary McDermid's practical advice and actionable strategies, The Stacking Benjamins Show continues to empower its audience to achieve financial literacy and personal success.