Setting, and staying true to, achievable goals is the first step to a successful investment journey. Here's how to do it.
Blogger: Nathan Birch, founder, BInvested
If I had decided at age 16 that my dreams were unrealistic and impossible, I would never have been able to take the first step, let alone help others to make that same dream a reality.
The first step to success is setting a goal, however audacious it is; A dream, with a mapped out plan to achieve it.
I used to plan my life out in great detail. I made booklets of different things that I wanted to do and how I could achieve them. I wanted to travel the world, be able to do things I wanted on my terms and I wanted to leave a legacy.
I realised there was a lot to do, so I broke it down into smaller goals. I made the commitment to myself to go out there and work really hard in order to one day be able to replace my income. When you want success, or to make your goals happen as much as you want to breathe, that’s when you’ll be successful.
Here are my seven steps for setting goals and sticking to them:
1.Set smart goals and know your why
Specific – Be very specific with your goal. Do you want to own 10 properties in the next 10 years? Measurable – How will you measure your progress? Will you have purchased one property each year, or saved a certain amount by the end of year one? Attainable – Shoot for the stars, but have a plan that you WILL be able to achieve if you work incredibly hard.
Realistic – state what results can realistically be achieved, given available resources. Time-sensitive– be specific about when you will achieve these goals.
Realistic doesn’t mean you shouldn’t set high goals. If your goal is to own 10 properties, then you need to break down the steps that will help you achieve that goal within a designated time frame.
Before taking action, take a moment of self-reflection and figure out why you want to achieve this goal. This focused energy will help you get to the deeper of your goal and help you make the necessary adjustments to refocus your approach.
2. Break it down
Property investment is not an easy road. There is a lot of work involved to make significant head way. It is about committing yourself, making the necessary sacrifices and doing the things that others may not be willing to do, to get where you want to go. Breaking down the process into achievable actions and milestones will ensure you stay on track, while also ensuring you are always heading in the right direction to get to where you want to be.
3. Write it down
A contract isn’t a contract until it’s in writing. Putting your goals in writing will help you stay focused and take steps to achieving your goal.
4. Turn road blocks into building blocks
Let go of the little things and keep going, find a way to get around on it. Working on a positive mindset, through gratitude and other practices, will help you take a problem-solving approach to roadblocks.
5. Form a habit
It takes between 21 and 28 days to form a habit. Whatever you are doing, make it a habit. If you are putting away money each week, be consistent with the day and time, so this can become routine.
6. Review goals and progress regularly
It is important to regularly review your goals and strategy, to ensure you are staying on track. Lots of things come our way that may alter our life or even change our perspective of where we want to be. Having clarity and regularly reassessing goals and action plans, ensures you are aware if you are off course, and can find a way to realign yourself or adjust your goals to where you now want to be.
When was the last time you had a check-in towards what you want in life and where you want to be?
7. Build a delayed gratification mindset
Work for the long term not now. One of the biggest downfalls people have when it comes to setting goals is their eagerness of wanting to reap the reward now. Having a long term goal and sticking to it is so important especially when the reward is greater.
Goal setting is particularly powerful for investors, as it provides focus to strive forward in the direction of where you want to be. Every investor decides to invest for their own reasons. Desired outcomes may range from complete financial independence or replacement income, through to increased cash flow or even family-focused benefits. No matter what the end goal may be, it is important to ensure that action is taken every step of the way, toward achieving that goal.