I truly believe that setting goals is the only way to achieve anything in your life. Because I’m so huge on goal setting, so is my entire company. In fact, if you book a call with my team, we’re going to have you fill out a goals worksheet, we’re going to talk about your goals, and help you map out how you plan to make them happen.
On today’s show I want to talk about setting goals for real estate investing – including five tips for making your goals a reality. We’re going to talk about motives, finding support, the importance of reminders, and so much more. It’s all here on this episode of Investing in Real Estate!
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- Identify your why. Think about why you want to get started in real estate investing.. obviously money is a big part of it, but I want you to go broader for a second. Did you know that for most people, money is not a very strong motivator? A Gallup study shows that out of the top five reasons people leave a job, money is only #4 on the list. For this specific exercise, I want you to think of money as simply a bonus. Other than money, what else could you gain by investing in real estate? Examples are more time with your family, the freedom to travel, the confidence that comes with becoming your own boss. Your why needs to be something deeply important to you, and it has to be something other than money – because this is what will keep you going when things get tough.
- Now that we’ve got your major motivator nailed down, let’s talk about the actual numbers. Number two on my list is: be specific! The core of everything I do in real estate comes down to the Freedom Number. This is a formula I created that helped me go from not being able to pay my mortgage to being financially free. It’s not enough to simply have a goal of investing in real estate – because it doesn’t give you any guidance or clarity on HOW you’ll actually get there. The Freedom Number Cheat Sheet is so powerful because it’s not an arbitrary number. It’s based on your finances and tailored for your specific situation. It is financially intelligent to work with your real numbers and set a specific goal.
- Write your goals down and have visual reminders to keep you on track. Once you’ve got that number figured out, don’t just erase it from your calculator or shut it in a folder somewhere. I want you to see that goal every day as a reminder. Put it on your fridge, write it on your bathroom mirror, make it your phone and desktop background, make a vision board that includes your why – do whatever you need to do to make sure that goal is in the front of your mind every day.
- Find support to keep you accountable. Who do you have in your life that can cheer you on and support you on your journey? Maybe it’s a spouse, a friend, a business partner.. Maybe you don’t know anyone who is like-minded, in which case you should seek out support in real estate meetups, groups like FFA, or by working with a full-service company like ours that will check in with you on how your progress is going. Build a network of people who will cheer you on, people that want to see you succeed.
- Evaluate. Set quarterly reminders on your calendar to check in on your progress. What’s working, what’s not? What do you need to focus on? What can you change?
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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