Blog | Personal Finance

Kick-Off 2020 On the Right Foot

Set Your Goals, Make Things Happen

For many people, setting goals is a chore. I have seen many people jump into real estate without having any kind of direction. But what people don’t realize is that if you take the time to do it right, the success you can create is phenomenal.

When we set goals or benchmarks for the things we want to accomplish, then we can achieve them. Without any direction you will get lost and wildly try to buy real estate, raise capital, get loans, etc. When you’re reckless like this, you make mistakes. Potentially BIG mistakes. That’s why you really need to have a plan on how you’re going to start your real estate career.

 

Let’s start with the first criteria every goal needs to have: it needs to be very specific. This is the who, what, when, where and why of your goal. Once you can answer these questions, your goal will start to have a skeleton and some substance to it.

The second component is: the goal needs to be measurable. Include specific criteria that will allow you to measure your progress and know when you have attained your goal. Ask questions such as "How much?" or "How many?"

The third component is: the goal needs to be attainable and accountable. This piece is very important. This to me is the accountability part. You want to have other people hold you accountable. So, I like to say not only is this part about being attainable but it’s about being accountable.

When you have someone who keeps you accountable, you actually do it. For example, I meet with a coach and a mentor every month. When we meet, we talk about the things that we discussed last month. That person is holding me accountable as I’m trying to move forward in my own personal goals. This is a very important piece to the puzzle.

The fourth component: the goal needs to be realistic. This is important as well because a lot of times people get all over the map. Ask yourself: is this something I really want to do? Can it be done?

Many people make big goals and what they really need to do is break them down into smaller goals, that way they are more attainable. Even though the overall goal might be something very large, what you want to do is break it down into smaller pieces that way you get a sense of accomplishment as you complete those goals. When you have a goal that's too big, it’s harder to accomplish anything, which leads to frustration and discouragement, and you don’t need that.

The fifth and final component: the goal needs to have a timeline. This is an interesting one because a lot of people don’t have this. An example of a timeline would be: I’m going to accomplish XYZ in 30 Days. It’s important to keep track of your goals or else you won’t get anything done. It’s been said that a goal without a timeline is really just a wish. So, without a timeline you really don’t have a goal. Make sure to put a timestamp on each thing you want to accomplish and you’ll set yourself up for success.

So, as you can see, these five components create the acronym: SMART. Which is why I refer to them as the SMART goals. These are the five things that make goal setting successful.

Remember, if you start working on your goal and discover that any part of your SMART criteria is either too easy or too difficult, you can modify that part of your goal. Just make sure you keep it challenging but not discouraging.

I've seen the positive effects of SMART goals over the years with a countless number of people, not to mention myself. All it takes is getting started.