When setting goals is not enough...

Why do we really need to set goals?
Humans are lazy. If there is no goal, we would do nothing. Or we would do the minimum thats needed to survive. What is your minimum?

Why simple goal setting is not enough?
Because they dont mean much. One needs to be passionate about achieving them.
They should had deadlines. Without deadline, we procrastinate especially if you don't have a boss to keep reminding you.

Set life goal, break it down into subgoals and set deadlines. Create plans and execute. Measure and improve.

Why should the goals be aspirational and uncomfortably challenging?
If the goals are not challenging enough, the best wont come out of us. Also if the goals are low, most likely you will accomplish them pretty quickly. After that you would have nothing to work on and being a human being, you will end up doing nothing (complacent) unless you keep reinventing yourself.

I had a burning desire to go to IIT from my early childhood. I kicked my butt hard to get there. After that I have becoming complacent and have not accomplished anything significant. Had I set even higher goal, I would have been motivated to accomplish more and bring out more out me.

To die happily without regrets what do you need to accomplish in this life?
If I become a billionaire.

Why did you set such an aspirational goal?
So that it brings out the best in me.
Because small dreams and big dreams both cost the same.
Because it allows me to plan with end in mind. It will make priority setting easy. Life if full of choices. Having an aspirational goal will make it easier to pick the choices that matter to you most.
Because in the process I would get to enjoy finer things in life
Because in the process I would have created something useful to the world (you can't become a billionaire  without creating something of value to this world)