Goals Are Not Enough—You’ll Never Get Where You Want to Go Without This

Key Takeaways:

– Goals provide direction and purpose for every endeavor
– Goals should be written down, but don’t need to be lengthy or complex
– Start with current financial situation and desired financial end goal
– Time frame influences the amount of initial capital and credit required
– Goals without an action plan are merely daydreams
– Create an action plan by working backward from the end goal to the current situation
– Each step of the action plan must be specific, measurable, achievable, relevant, and time-bound
– Consistent execution is necessary to achieve goals
– BiggerPockets is hosting a 2024 Live Virtual Summit for real estate inspiration and success.

BiggerPockets:

Goals provide us with direction and purpose, acting as the foundation for every significant endeavor. Your goals should be written down, but they don’t need to be lengthy or complex. 

How to Get Started

You can start with just the following items:

  • Current situation: What is your current or anticipated financial capacity within a reasonable time frame? Get preapproved for an investor loan to determine your accessible credit limit.
  • Financial end goal: Typically, this refers to an income goal, like earning $10,000 a month in today’s dollars.
  • Time frame: The less time you have to reach your goal, the more initial capital and credit you will require.

However, goals by themselves are not enough. Goals without an action plan are merely daydreams.

Creating an Action Plan

To create an action plan, start with your end goal and work backward to your current situation. It may take multiple iterations before you bridge the gap between your current situation and your goal.

Each step of your action plan must meet the following five requirements:

  1. Specific: Specify a clear, specific step.
    • Example: “Select a city of investment with a metro population >1M and 2% to 3% annual population growth.”
  2. Measurable: Establish criteria for measuring progress toward the attainment of your goal.
    • Example: “How much cash have I saved or generated from investments in the past six months? How much more do I need before I can acquire another investment property?”
  3. Achievable: A step should be realistic and achievable. It needs to be sufficiently challenging to motivate and push you but not so hard as to be impossible. If a step is too daunting, break it down into smaller, manageable steps.
  4. Relevant: Ensure that the goal matters to you and aligns with other relevant goals.
    • Example: “Interview and identify an experienced investment real estate agent to assist in purchasing a property that aligns with my long-term goal of financial independence.”
  5. Time-bound: A step should have a specific deadline or time frame for completion to maintain accountability and focus on progress.
    • Example: “Complete the purchase of a property within the next three months and begin leasing it out immediately afterward to start generating income.”

Final Thoughts

With a clear goal coupled with an action plan, achieving your goal now depends on consistent execution, not just hoping that “somehow” things will work out.

2024 Live Virtual Summit

Struggling to invest or feeling unsure about the 2024 real estate market? Our first-ever BiggerPockets Live Virtual Summit was created just for you! Led by your favorite experts, dive into four mind-blowing nights of pure real estate inspiration and make 2024 your year for real estate success.

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.

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Property Chomp’s Take:

Goals are an essential part of our lives. They give us direction and purpose, serving as the foundation for every significant endeavor we undertake. While it’s important to have goals, they don’t need to be lengthy or complex. In fact, it’s best to keep them concise and straightforward.

To start setting your goals, you can begin with just a few key items. First, assess your current financial situation or anticipated financial capacity within a reasonable time frame. It’s helpful to get preapproved for an investor loan to determine your accessible credit limit. This will give you a clear understanding of what you can work with.

Next, define your financial end goal. This typically refers to an income goal, such as earning $10,000 a month in today’s dollars. Having a specific target in mind will give you something to strive for.

Additionally, consider the time frame in which you want to achieve your goal. The less time you have, the more initial capital and credit you will require. Understanding the time constraints will help you plan accordingly and set realistic expectations.

However, goals alone are not enough. Without an action plan, they are merely daydreams. To turn your goals into reality, you need to create a detailed action plan. Start with your end goal and work backward to your current situation. It may take multiple iterations before you bridge the gap between where you are now and where you want to be.

Each step of your action plan should meet five key requirements. First, it needs to be specific, clearly outlining a clear and specific action you need to take. For example, “Select a city of investment with a metro population greater than 1 million and 2-3% annual population growth.”

Second, your action plan should be measurable. Establish criteria for measuring progress toward the attainment of your goal. Ask yourself questions like, “How much cash have I saved or generated from investments in the past six months? How much more do I need before I can acquire another investment property?”

Third, make sure your goals are achievable. They should be realistic and challenging enough to motivate and push you, but not so difficult that they become impossible. If a step seems daunting, break it down into smaller, manageable steps that you can tackle one at a time.

Fourth, ensure that your goals are relevant. They should align with your personal values and other relevant goals you have. For example, if your long-term goal is financial independence, interview and identify an experienced investment real estate agent to assist in purchasing a property that aligns with this goal.

Lastly, each step of your action plan should be time-bound. Set specific deadlines or time frames for completion to maintain accountability and focus on progress. For example, “Complete the purchase of a property within the next three months and begin leasing it out immediately afterward to start generating income.”

With a clear goal and a well-thought-out action plan, achieving your goals becomes a matter of consistent execution. It’s no longer about hoping things will work out somehow. Instead, you have a roadmap to follow that will lead you to success.

In conclusion, setting goals is the first step towards achieving your dreams. But it’s important to go beyond just setting goals. Develop an action plan that is specific, measurable, achievable, relevant, and time-bound. With this approach, you’ll be well on your way to turning your dreams into reality. Remember, consistent execution is key.

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