“If you don’t know where you are going, any road will get you there.” – Lewis Carroll
New Years Day is fast approaching…
Have you started thinking about your goals for 2024?
To help you come up with actionable goals that you can make steady progress on throughout the year…
Here’s an excerpt on goal setting from ‘Top Tips After 100 Flips: Real Estate Investing Tips, Advice, And Lessons Learned‘
(The full version is available on Amazon and Kindle.)
The world’s top performers all have one thing in common, whether they’re athletes, business leaders, politicians, or musicians — they all set goals.
They have long-term goals to focus on their vision, and short-term goals for motivation and performance tracking.
You’re likely reading this book because you have goals that involve real estate investing.
Your goals start with your ‘Whys’ — which is why it’s so imperative that you write them down.
Let’s use the example mentioned above.
What would it take to achieve financial freedom? How much income would be needed to pay for private schooling, traveling the world, generously donating to charity, and working on projects that you’re most passionate about?
Now try to think about what’s required to generate that much income.
From there, work backward, and break your primary goal down into more reasonable 3-year and 1-year goals.
From there, break things down further into even more discrete quarterly, weekly, and daily milestones and activities.
Be realistic in the beginning; it will take significant effort to gain momentum. Once you have momentum, you’ll find things will get easier, and results will come faster.
Let’s say you determine that $20,000 is your ‘financial freedom’ number. Imagine that you want to reach that goal in 10 years. This is how it might look:
- 10-Year Goal
- $20,000 passive income
- 100 Doors (houses or multifamily units)
- 100 Doors (houses or multifamily units)
- $20,000 passive income
- 3-Year Goal
- $2,400 passive income
- 12 Doors
- 1-Year Goal
- $600 passive income
- 3 Doors
- 3 Doors
- $600 passive income
- 90-Day Goal
- $200 passive income
- 1 Door
- 1 Door
- $200 passive income
- Weekly Objectives
- Make 5 offers
- Attend 1 networking event
- Daily Objectives
- Analyze 10 deals
- Talk to 5 wholesalers and Realtors
As you can see, your daily objectives build toward your weekly objectives, which, in turn, build toward your 90-day (quarterly) goal, which, in turn, builds toward your 1-year goal… and so on, until you reach your 10-year goal.
When you complete a 90-day goal, set your next 90-day goal that continues to build toward your 1-year goal. Then, once you complete your 1-year goal, set the next year’s goals until you hit your 3-year goal, and so on.
This stepping-stone-like goals and objectives process keeps you focused on short-term, actionable tasks that over time assist in the accomplishment of larger goals. During this process, it’s OK to make adjustments.
For instance, you might find that by Year 1, you have only two doors. Maybe you’ll need to make more offers. Or, maybe you’ll find better deals in another market.
You might get ahead of your goal by acquiring a duplex, a fourplex, or a small apartment complex.
But don’t be discouraged; make adjustments where necessary, and keep up your progress.
(Check out ‘Top Tips After 100 Flips’ on Amazon or Kindle.)