Importance of goal setting.
It’s time to put property investing to the side for a bit and talk about goals.
Without setting goals, it is pretty much impossible to know where you are heading and how you will get there.
Planning for the future.
A lot of people spend their time planning the weekend, or the next big holiday they want to take. But, how many people sit down and figure out how they will achieve their life’s goals?
While we may spend a lot of time thinking about how much it sucks to go to work day in and day out – that’s as far as our thoughts go. We don’t make an action plan to leave the work force behind – we just distract ourselves by partying on the weekend or by buying new gadgets.
Why not have a good think about the life you wish you were living – and then figure out how to achieve it. It may not be as impossible as you think.
Nathan remembers when he was 18.
Back when Nathan was 18, he made some goals. The goals were all about property investing and making sure he wasn’t a slave to his job for his entire life.
But, he didn’t just leave them aside and hope that one day they would come true. He developed an action plan to get him from one stage to the next. At the time, he says, he didn’t know how he would get to where he is today. But, he took action to build his foundation portfolio and worked hard.
He saved every cent possible by eating on a strict budget. He funnelled his money into buying cheap properties in an area he could see good growth occurring. He slowly got to the stage where he could leave the workforce and live on his investment income.
Nowadays, about 15 years later, Nathan has more than 200 properties worth $50 million. He earns about $500,000 each year in passive income. He achieved his goals – and then went beyond them to set even higher ones.
It wasn’t impossible for him. Here are some of his tips on how to turn goals into reality.
Some steps for successful goal setting.
- Identify where you are today before you decide where you would like to be. You can’t map out a travel route to your destination without knowing your starting point.
- Write out concrete goals – think specific details such as how much you want to earn.
- Think about the different vehicles that could take you there. Each will have its own set of hurdles as well as benefits. Some may be quicker yet involve higher risk, while others may suit your lifestyle but take longer to achieve.
- Create actions that form positive habits – make sure you are doing things that will help you to achieve your goals. Don’t just sit there daydreaming – do something about it.
- Talk to people around you about what you would like to achieve. This helps the goals become reality by holding you accountable to your word. When people start asking you if you have done the things you had planned to it will motivate you more.
- Contact Binvested to take advantage of our goal planning sheets that will help you commit to achieving and reviewing your goals on a regular basis.
Nathan describes his own journey as a slow progression. He cut out the things that were holding him back and welcomed those that were helping him to achieve his goals.
Just as an elite athlete must consistently train and work hard to reach their peak, so must all of us work hard to reach our goals – whatever they may be.
Have you achieved any goals over the past 12 months? Please share your experiences in the comments section below.