Before you reach your destination, you need to know where you’re going. So many people decide to get into real estate investing to make money with really never having spent any time getting specific about what making money in real estate means to them or what becoming a successful investor means based upon their definition. And without a goal, it’s challenging for us to hold ourselves accountable or spot when we’re off course. Setting the goal will allow you to prioritize things and gain focus. In addition, having a goal will enable you to create clear markers to gauge decisions of whether this is the right decision for you to make or not. Goals are important.
Avoid This Mistake
One mistake we at CashFlow Tribe see far too often is that goals are often too vague. Inexperienced or newer real estate investors will generically state goals without fully understanding or appreciating the time and effort required. We’ll explore and help you discover your goal in future exercise that’s coming up soon. But it’s important to understand that your goal needs to be driven by your why. If you do not see how your goal allows you to satisfy your why you’ll never put in the hard work necessary to achieve that goal. So if you currently have a goal that involves investing in a specific market or using a particular strategy, I challenge you to set it aside for now and start first on locking in discovering your why.
Armed with your why, your primary motivation, now it’s time to talk about goal setting. It’s vital to note that goal setting is crucial for your success. Whether it’s real estate investing, building a personal brand, creating a business, or doing anything, you need to have goals. When you have a goal, it gives you something to work towards and keeps you moving. If you are not moving, you’re stagnant. Put another way, if you’re not growing, your dying. Unfortunately, far too many people feel like they are going through the motions, sleepwalking through their day, incapable of making an impact, held back by others with no support. What’s often missing for them is having a clear why and a goal they want to achieve.
Goals Create Momentum
When you have goals that you start to achieve, momentum can be created, motivating you to do more. When that flywheel keeps spinning, watch out as you will be unstoppable. When you reach that point where you are growing, push
Your goal needs to be clear and specific, not vague and lacking direction. When it comes to measurable, you need to be able to track your progress to stay motivated. How do you know whether you are winning or losing? Achievable, is it in your power to accomplish this goal? Realistic – given the available resources and time, is the goal something you can do? Finally, when it comes to timely or time-bound goals, what’s the date you want to achieve said goal?
Goals Sometimes Change
The only constant in this world is change. The same applies to our goals. You may need to go through a refinement or evolution process in regards to your goals. As you gain more experience and your life changes, your goals will sometimes change as a result. For example, you might start with one goal of quitting your job to gain more flexibility. In time, that goal might change to replacing your monthly income through passive means (real estate, stocks, crypto, a side hustle). Another version might be replacing your monthly income via creating a sustainable business where you have complete control. Ultimately, what I am trying to say here is that you have options.
What is important to note is that we all have different goals depending on where we are at in the journey. Some people want to bring in an additional $5000 a month; others wish to pay $10,000 a month. Some people want to quit their job, working for an employer they dislike or a job that doesn’t fulfill them. Others want to retire themselves or others in their life, like their parents, early. So what we want will vary.
As we achieve our goals, it’s essential to focus on setting the next ones, to give ourselves something to work towards. So crush your goals in the year ahead and make 2022 your best year ever. Discover your why and set goals the right way. If you act now and be super intentional, you can be on the path to making 2022 your year. These last couple of years have been challenging for many people. With the world slowly getting back to what it once was, now is the time to capitalize on opportunities that may be coming your way.
CEO, CashFlow Tribe