We know that the first hurdle for new property investors is defining ‘the why’. Helping people set goals for their future is what we do.
Here’s a summary of what we’ve learnt about the power of goal setting from our own experiences, and from helping others.
On the go? Here’s 30 seconds of key take outs:
· Goal setting puts you on the 110 km per hour freeway versus the 80 km per hour main road.
· You’ll reach your destination faster, with fewer disruptions and it’ll cost you less in wear and tear!
· Setting goals frees up time and money. You’ll naturally prioritise activities that matter to you most.
· A mentor or coach can help plan a strategy, to reach your goals.
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Our top property investors are prolific goal setters
“If you want to live a happy life, tie it to a goal, not to people or things.” – Albert Einstein
Defining your goals simply makes life easier. If you’re in the Australian Defence Force, the value of goal setting is drilled into you as a trainee.
If you use GPS to set your destination, to get you to where you need to go via the most efficient route, why wouldn’t you apply the same principle to your life?
3 simple steps to refresh and clarify your lifestyle goals
Take these steps to refresh your goals:
Step #1: Brainstorm your lifestyle objectives
Write down a list of your personal, financial and career goals.
Step #2: Go crazy with a mind map.
Mind mapping is a powerful way to clarify goals. Take each goal and write it in the middle of one page. Circle it. Then ask yourself why; how; and what – with each answer on a new branch. Keep going until you have an exhaustive list. Keep it to one central goal per page.
If you’re new to mind mapping – search online, you’ll find plenty of advice – try this Lifehacker article, How to use mind maps to unleash your brain’s creativity and potential.
Step #3: Define your short term, medium term or long term goals
Beside each goal write down whether it is a short term (0-5 years), medium term (5-10 years) or long term (10+ years) goal.
However you choose to put your goals to paper, or pixels – the act of bringing them to life gives you clarity on your values. It’s a powerful way to squash distractions, so you can prioritise what is important to you.
Wealth is subjective. It is the means you need to enjoy a lifestyle aligned with your values and desires.
Once you’ve defined where you are and what your goals are, it’s time to tweak your thinking. As Albert Einstein wisely said, ‘imagination is more important than knowledge.’
Use your god given skill of imagination: perception is projection
You’re where you are as a result of where you’ve allowed your imagination to lead you. Your imagination – the way you think about what is achievable – is a powerful motivator, or detractor.
Success is only limited by imagination. Participating in a running event is a great example. If you set yourself a pace and a time to finish and you’ve set it a while back and trained toward it, you’ll finish within a few minutes of the goal you’ve set – provided an injury doesn’t set you back. Of course, this is proportional – if it’s an ultra-marathon you’re running, you may be a few hours out!
Building wealth requires a mind-set geared to building wealth.
…“if you think you can or cannot – you are right” – Henry Ford
2 more steps to reach your goals
If you now know where you’re going, here are your next steps:
Step #1: Take purposeful action
Once you’ve defined your path, the power is in your action. The more steps forward you take, the more experience and knowledge you are accumulating.
Step #2: Have a coach or mentor back you
Coaching saves you time and will exponentially increase your confidence and ability. Leveraging your time more effectively from someone who has done it before will help you stay the path.
What are you doing now to prepare you and your family for the future? Do you need help with your financial goal setting?
Believe you can succeed? You’ll take theright actions to get there. We can help.