Many of us want something in life. But as the rapper Coolio used to say, "Wishing is for suckers." There's a point where you've got to get off your butt, and make your life happen. That means understanding the day-to-day inputs necessary to become the person you wish to become. Most of us toggle on the line between what we want to do and what we need to do. But the same way your body is a manifestation of what you put in your mouth each day, your life is a physical reflection of your day-to-day choices.

Below are some strategies I want to share on how to set goals and reach them. I apply them to education in my book, "Everything You Ever Wanted to Know about College," but they can actually be applied to life. I use these rules in my own life, and when I am at my best, they help me to get the job done.

1) Set long, medium and short-range goals

Goal setting requires that you focus on the long, medium and short-term horizons. Your medium and short-term goals should be pieces of the puzzle for you to fulfill your long-run objectives. Always make sure that you set goals so that your mind knows where you are trying to go. A person without goals is like a sheep out in the pasture just living from day to day. You don't want to be a sheep.

2) Read your goals every morning before you begin your day, and then think about what you have to do ON THIS DAY to reach them

You have to make sure that you keep your mental connection between the long run objectives you are trying to accomplish, and the things that you want to do every day to make them happen. Years are nothing more than a series of days, so if you waste each day, you will end up wasting months and years. That means you would be wasting your life. You should read your goals every morning so that you know EXACTLY what it is you are trying to do and how you are going to work toward that objective on the day that lies in front of you.

3) Write down a careful long, medium and short-range execution strategy to meet your goals

Goals are only the first step toward making your dreams come true. You then have to devise a strategy to turn your dreams into reality. Without a plan, a goal is just a bunch of hot air. Put together your goals, come up with a strategy to make it all happen, and then execute your strategy on a day-to-day basis.

4) Don't be afraid to set high goals, just make sure you fully understand the price that is required to reach them

Everything can be attained by the person who is a) willing to pay the price to reach that goal, and b) aware of what the price happens to be. Many times, we lie to ourselves about how committed we are to accomplishing something. It is much easier for a person to claim to be the hardest working person on the planet than it is for that person to actually follow through on their claim. Also, a lot of people get attached to the dream and don't recognize the level of hard work necessary to reach that dream. It is much more fun and glamorous to pretend to be Michael Jordan than it is to actually make the sacrifices necessary to become a Michael Jordan. Setting high goals is cool, but always be realistic when you think about what you have to do to reach them.

5) Never be afraid to fail, for that is the only way you will ever succeed

The reason that great success is so rare in our society is because most people are afraid to fail. Failure takes away confidence, which makes you not want to try again. So, usually people try and then give up, or they never try at all. The path to greatness is usually paved with failure. That means that most big successes come after you have tried over and over again and failed. You have to know this right off the bat. But the great thing is that if you can deal with the failures and keep pushing, eventually you will get the great success that makes all the failures go away. For example, if a guy is trying to get a date for the prom, he may find himself rejected by 14 beautiful women. But if that 15th woman says "yes", then that makes all the failures go away. However, if he gives up after the first rejection, he will never experience the joy of success that makes all the failures worthwhile. When you start something, plan to pay a high price of disappointment along the way. Consider the price you pay to be the cost of that success you will definitely get at the end if you never give up. The obstacles you face in your life will have a limit. If your determination has no limits, then you will always eventually win most battles.

Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of "Everything You Ever Wanted to Know about College." To have Dr. Boyce commentary delivered to your email, please click here.