Life is short, how do you make the most of it? For me, it was to stop trading time for money! I made GREAT money in my W2 jobs, but I was strapped to a cubicle and stressed! My family and health were suffering. I was missing precious moments with the ones I loved and didn’t want to spend the rest of my life looking back with regret at the time I lost!
Do you have your goals written out and do you look at them regularly? Maybe you want to earn passive income from real estate investments so you can cut back at work. Or maybe you want to get out of debt, stay home with kids, or finally retire from the rat race. What about traveling the world with your family?
Whatever it is that you have been dreaming about and aspiring to do, this post will help you craft your annual goals to make sure they are realistic, attainable, and measurable.
Smart Goals For Real Estate Investors
One of the biggest and most important parts of goal setting involves self-reflection. You have to look internally to pull your hopes and desires, especially those you previously put aside because you deemed them impossible, to the surface.
First, rediscover your ambitions! Remember those big dreams you had before life beat you down? You need to dream again about the lifestyle, achievements, financial accomplishments, and freedom that you might have believed were possible when you were young. You have the chance to think about what you want in life, and instead of immediately casting those ideas aside as “impossible”, get creative about achieving those goals.
In the next step, focus on your unique purpose, figuring out exactly where you fit in or stand out and use your differences to your advantage. If you are a person who absolutely loves to renovate, you may stand out in the house-flipping business. Maybe you enjoy selling and becoming a realtor is a good fit for you! Others are very detailed-oriented and like identifying problems; they might be well-suited for being an inspector.
If you are someone who likes to invest and help others make their dreams come true of living in a new apartment or opening their storefront, real estate syndications may be the right fit! Everyone is different and you have to discover what fits YOU best and your goals.
Finally, you need to figure out what you want your life to be like. This is the concept behind lifestyle design – you come up with your desired lifestyle and then you start problem-solving so that the results begin to allow the freedom, finances, and feelings you want in YOUR life.
Creating a vision board is an excellent activity to get you started toward designing your ideal life. You can shape your lifestyle through interests, events, education, career choice, relationships, leisure activities, and investments, and use them to create the style and feelings you want to experience.
I attended an event in 2022 and had the chance to get more creative ideas on making my vision board more compelling; this is an ever-evolving process and something that you can refine over time as you reach your goals.
Goal Setting For Commercial Real Estate Investors
The rapid planning method is an effective model for goal setting and it is very easy to remember. Each letter in the RPM model stands for a step:
● R-Results oriented
● P- purpose-driven
● M-Massive action plan
These three steps will help you get from where you are to where you want to go with real estate investing.
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Results Oriented
First, start by thinking about what you really want. Maybe you dream of spending more time with your family, traveling, giving back, or you may want to venture into entrepreneurship. These are your personal goals and you need to get specific.
At first, you may not see how these personal goals matter to or affect your real estate investment plan. However, as time goes on, you’ll start setting up your investments so that they can help support the achievement of your personal goals. You can never start too early.
Purpose Driven
Next, think about this question: what is my purpose? This is something Nate and I think about a lot.
100 years from now, what do you want your legacy to look like? Consider whether your children or grandchildren will be able to share about the impact you made on them. Will they have a legacy passed down to them through your investing, companies, or philanthropic efforts?
Maybe right now your goal is to simply diversify your portfolio by incorporating real estate investments or to help provide communities with affordable housing. If so, every real estate syndication investment is adding toward those goals. It is ok to start small/simple and dream bigger as time goes on!
Massive Action
Finally, create an action plan in which you decide the exact steps you’ll take towards your goals. Make a list of the ideas, events, and connections that may help you achieve your goals.
Don’t hesitate to include seemingly simple activities like calling your CPA friend for a referral or habits such as working out more, complaining less, and having focused time with your kids each night. List out anything you can do and resources you need that would get you closer to your dreams.
If one of your goals is to invest in real estate, without becoming a landlord, Taylored Investments will be happy to explain how syndications work and guide you through the process.
Using the rapid planning method while creating real estate investing goals for yourself will help you narrow down the types of properties you want to invest in and which investment strategy you want to experience!