When we look back and consider everything we have done all year long, and start planning for what we’re about to do for next year. You can achieve any goal you set your mind to get, but it’s just a matter of how to get there. Let’s explore how you can actually set those real estate goals in a way that is effective, but also in a way that it feels effortless for you to achieve them. Let’s talk about real estate goals for this year.
First things first, you need to get your mission clear out. One thing you always have to consider in your goal setting is your mission. Believe it or not, a lot of people think, “Oh, I want to be a millionaire. I want to get this. I want money.” You, more than anybody, know that money is usually not a driver.
Yes, money helps us get a lot. It also helps us get a nice lifestyle not just for us, but also for our loved ones. Maybe a lot of you hate your job. Money doesn’t become the driver anymore because you hate your job, but at the end it’s what’s giving you money. Money is definitely not a driver. It is definitely something that its value adds to your life, but it’s definitely not a driver.
SMART to achieve your real estate goals in 2021
You need to set your mission straight from the get-go and get that set up right from the beginning. Once you have that mission figure it out. Once what your mission in life is, or your mission in 2021 is, then you’re going to start planning your real estate goals in a way that’s going to feed up to that mission that’s going to help you fulfill that mission in life. The way you’re going to set up those goals is that you’re going to use an approach that’s called SMART. This is what it stands for:
– S means Specific
– M means Measurable
– A stands for Achievable
– R means it’s Relevant because it has to be relevant to your mission
– T means Timely because you have to carve yourself a specific amount of time in order to achieve that goal.
If your goal is to be a millionaire, that’s not a good goal because it’s generic. It’s vague. What’s the definition of a millionaire? Is it someone who has 1 million or is it someone who has 10 million? Is it someone that has 100 million? You have to define that within yourself and you need to be able to specify what exactly is what makes up that goal that you have.
Then it has to be measurable because you need to be able to measure what makes you feel that you have fulfilled that goal. It has to be achievable. No one is saying that you cannot be a millionaire but do you have to set yourself a timeline in order to achieve that? Can you make that happen within a year? Do you think you need two years and so on?
It has to be realistic in that sense because it’s very easy to say I want to make 100 million but can you really go from 0 to 100 million? You need to be able to set that up. It has to be relevant. Again, it has to feed all the way up to your mission. It has to be timely. Did I achieve that within 2021? Yes or no.
A good example of a mission
“I want to earn 1 million to help my family move to a better neighborhood”. That’s a goal. You have a mission. You’re helping your family. That’s your mission. You want to help your family and you want to move them to a better neighborhood because you want them to have access to a better school, and stuff like that.
Then, your benchmark is that you can only do that by having 1 million. You cannot just jump from 0 and then have 1 million. The way you’re going to make things happen is that now you’re going to take this one goal, which is, in essence, fitting up to your mission but then you’re going to break down that goal into 12 different months. You have a timeline, and you have January, and then you have February, and then March, and then so on. You’re going to move on all the way to December. You have December, then you’re going to start defining. You’re going to start breaking that goal into chunks and say, “Here’s what I’m going to do all the way till December.”
You can start in January by saying, “You know what? I’m going to apply for a couple of credit cards because I want to start using them as downpayment for my future real estate investments.” Do you know that in January, you’re going to break down this goal into one step, which is apply for credit cards because that’s what’s going to give you access to that downpayment. Once you do that, in January, February, March, you’re going to start analyzing properties and see which ones are actually good for you, which actually are good for your family, but also, at the same time, good for your real estate investment.
Let’s assume that you want to set up a timeline and say, “You know what? I already have three months to do my research, three months to build my credit, apply for credit cards, and then by April, I will be ready to close that property. Then once you have invested in the property, you have it right there. You have your tenants. You place it. That’s one goal right there.
Your next goal is perhaps, “Hey, maybe I should find a job that ‘s going to help me get there as well. Maybe I need to find a job that pays me better and also gives me better benefits that I could put my family on the same umbrella of good benefits and everyone starts having that good life that I want to achieve.” Then you’re going to set yourself a smaller sub-goal or a smaller goal that says, “By June, I will have a much better job, that it’s going to increase my net worth and allow me the opportunity to borrow even more money for my future real estate investment.
You got your first property by April, and then by June, you got yourself a nice job and then you start planning and breaking down everything all the way until you hit the month of December.
¿Are you ready to reach your real estate goals?
This is how you actually track the progress of how you can be successful in achieving your real estate goals. You have the main goal with the umbrella, and then under each main goal, you’re going to have smaller steps.
There’s a saying that goes, “Incremental change is better than a vicious failure,” and that’s what you’re going to try to do. You have your main mission. You have your main goal in life, in real estate, whatever it is that you’re trying to achieve, and what you’re going to do, you’re just going to have little steps to be closer to that goal.
What you’re going to do is that you’re going to eliminate one obstacle, you’re going to eliminate one step and now, as opposed to having 12 steps remaining, now you have 11. Then once you’ve done whatever is it that you had to do in February and that means you have 10 months remaining to becoming a millionaire and then nine, eight, seven and so on, all the way until you hit that final step that’s going to land you to this $1 million goal or that $1 million brand that you want to get and help your family as well.
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