Goal Setting for the New Investor
by Tad Lignell, Senior Real Estate Adviser
Goal setting an important ingredient to any successful venture. Goals provide focus and help you to see progress in a measurable way. Whether you’re learning a new language, taking up a new hobby, or in this case becoming a real estate investor, goal setting is imperative to building a successful plan of attack. You can start with your real estate investing goal plan by asking yourself these important questions:
- What is your goal as a real estate investor?
- Do you have the motivation to achieve it? “How Strong is Your Why/Purpose?”
- What will your life look like when you have achieved your goal?
- What obstacles stand in your way?
- How do you plan to achieve your goal?
A plan is nothing more than a “to-do” list, that is prioritized, scheduled, and acted upon. “Plan tomorrow today.” The simple process of thinking through what you need to do and what needs to be done first, second and so on will increase your productivity in a massive way. It will only take a few minutes, but you will wake up with clarity about what you need to do. Strangely, some of the challenges you listed the day before that need to be addressed, you will have thought of the solutions by morning. Also, in not having to think through what needs to be done today when you arise, you will get up with more energy, get started sooner and accomplish more than you can imagine with less effort.
Goals are just about making choices. It’s about saying “No!” to the every-day distractions like television, facebook, your inbox and the many other activities that temp us. It’s about saying a daily “Yes!” to the things you want in life and eliminating the clutter, the distractions, and the irritations that get in your way. It’s that simple, and that hard.
There are three components to a powerful goal:
- It must be inspiring.
- It must be believable.
- It must be one that you can act on.
When your goals inspire you, when you believe them, and when you act on them is when you will accomplish them!
Goals also provide long-term vision in our lives. We all need lots of powerful, long-range goals to help us get past short-term obstacles. Life is designed in such a way that we look long-term and live-short term. We dream about the future and live in the present. Unfortunately, the present can produce many difficult obstacles. But the more powerful our goals (because they are inspiring and believable) the more we will be able to act on them in the short-term and guarantee that they will actually be accomplished.
When times get tough, think of the ant philosophy. They have an amazing philosophy. Ants never quit. If they’re headed somewhere and you try to stop them, they’ll look for another way. They’ll climb over, they climb under, they’ll climb around. They keep looking for another way. They never quit looking for a way to get where they’re supposed to go.
5 Exit Strategies for Property Acquisition by El Woodson, Senior Tax Lien Adviser Tax lien investing can yield different results for different investors. Redemption can occur when either the property owner pays [...]