setting realistic goals

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I am wondering what everyone thinks is good goal to set for weekly weight loss?
currently I have it set at 1lb. Ive lossed 3lbs in two weeks (4" in waist..is that possible). I want to lose approximatly 40lbs (have a bmi of 29.8), and would be great to step it up without making myself crazy.
Im working out 4 days a week....

love to get some feed back

:)

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