So why do some people reach financial targets and others do not? What's the secret of success?

As Andrew and Sophie Courtney found, their goals were too ambitious.

The couple set a goal to achieve passive income through investments. Within three years, the Courtneys bought three properties, including their family home. Andrew Courtney says the purchases did not come without a few headaches.

"In 2009, we bought our second property in Brisbane and it required renovations. This meant we had to take out an additional personal loan of $50,000," he says. "It became a bit of a struggle as we'd almost bitten off more than we could chew. Our driver was to be financially free. Thankfully, we are in our early 30s and working so we were able to take on the risk."

Courtney, a former research scientist, undertook a Masters in Commerce in 2011. "The more educated I became in finance, the more ideas I had about setting goals. Our goal was to generate a passive income of $100,000 through investments. Right now, we are way off that goal." He says the experience has taught him to remain consistent rather than putting in unrealistic timelines.

"We realised this is a long-term plan and not a get rich quick strategy. We are planning to have children and understandably, this will put a spanner in our financial plans. Our goal is more looking like a 10 to 15-year plan, rather than an ambitious five year one. It's OK to take time to reach your goals, provided that you're living a balanced life."

At 38, marketing consultant Jasmine Skee has achieved her biggest financial goal.

"I am proud of reaching my biggest goal of owning my three-bedroom apartment. When I was 26, I bought my first investment property, then sold it and bought another until I had enough equity to buy a home."

"People get caught up in buying a property in the area they want to live, rather than what they can afford. I bought and sold property until I was in a position to buy my apartment."

With other financial goals to conquer, Skee enlisted the help of a financial planner.

"I don't understand the stockmarket. I've found a planner who can take me to where I need to be now and in 30 years. This has taken the pressure off and the responsibility of having to try to understand it all. I'd rather go to an expert and get the help and support."

She says that while she is goal orientated she is not driven by money.

"I'd rather work in a job that makes me happy, rather than take it for the money. I believe if you do what you love the money will follow. I'm a single woman who has created a comfortable and happy life. I own a car, I eat at nice restaurants, take holidays and I try not to shop too much," she says with a smile.

Fifty-four year old Keith Peel is studying a Masters in Applied Positive Psychology. He feels a failure for not having achieved all his financial goals.

"I haven't achieved the financial successes like some of my peers. Even though I don't own my own home, I have achieved an important worthy financial goal to me," says Peel. "And that is the education of my daughters. I put them through private secondary school in Sydney which costs as much as a home!"

He says his studies have helped him understand the impact of money on people's wellbeing. Peel has since published an eBook, called It's Not About The Money  in which he explores the reasons why people achieve or do not achieve goals. He   interviewed 30 financial planners asking the same question: "Why do some people achieve their financial goals more than others?"

Peel found that people who achieve their goals or make progress towards them believe they have some control over their financial affairs. They believe they can learn the skills and abilities to become better at managing money, building and protecting wealth.

"There is an activation point," he says. "They walk the talk and actively engage in understanding their financial affairs and investment knowledge by asking questions, attending seminars and learning from peers and advisers."

These people show much more control to resist temptations to spend unwisely. They set clear goals in small steps and they ask for feedback and track their progress regularly.

"What's most interesting from my research,  is that it's not enough to simply write down a goal. You must believe you can influence the goal and have the ability to learn and make progress. An equally important point is what people value and prioritise and this influences how they approach goals."

Lastly, he says people must be realistic in what they can and can't achieve.

Steps to achieving financial targets

• Set small achievable goals. Goal achievers are realistic optimists in setting small steps and learning from their success.
• Set up default systems to create a habit pathway that builds confidence, for instance, an automatic direct debit each payday to your savings account.
• Make it public. Tell someone about your goals and ask for feedback regularly from a trusted source.
• Practice self-regulation habits in other parts of your life to build willpower. For instance, resist temptation to buy that chocolate bar at 3pm when the munchies hit or limit yourself to one coffee a day.