Setting Your Financial Goals

Setting Your Financial Goals

by William Bronchick, Esq.

I bet you wrote down your goals in January 1st this year. Is that all? Did you re-think them this month and write it down again? If you don't know what your goals are, how are you going to measure whether you've reached them. And, I would bet that if you didn't write them down at all, you are in the same financial position as you were on January 1st. Ouch! Is it time for a change of strategy? Maybe so, read on... Take the most accurate archer, the best in the world. I guarantee that I can do a better job of shooting than he can...IF...you first blindfold him and turn him around a few times. You might think, why that is ridiculous. How is he supposed to hit a target he cannot see? Here's a better question: How are YOU supposed to hit a target you don't even HAVE? When investing in real estate, in order to succeed, you need to set financial goals. Here's how to go about it. Make sure your goal is something you really want, not something that just sounds good. People say they would like a yacht. But do you really? Many yacht owners joke that a yacht is a hole down which you pour tons of money. Be specific. Wrong: I want lots of money. Right: I want to be earning $5,000/month by one year from now. Be detailed. When the subconscious mind has detailed instructions, miracles happen. Shoot for the moon, but, at the same time, be realistic. “I want to make $500,000 the first year will most likely take a miracle. Five figures (on the high end)is much more realistic Make your goal measurable. What gets measured gets done. Write your goal down. This sets an unconscious process in motion to get your goal accomplished. Write your goal in positive, not negative, terms. Write down what you want, not what you don't want.Wrong: I want to leave my present job. Right: I want to replace my current income so I can work from home. Include a deadline for achieving your goals. This prevents procrastination. It also separates your goals from your dreams. Having pictures of the things you will have and do with the money you make helps. Use a scrap book with color pictures of cars, homes, vacations, etc. you want. Your goals should be action-oriented. What steps do you need to take to reach your goals? Break down your goal into manageable steps. With each activity, ask yourself: Does this activity take me closer to my goal? Keep your goals to yourself. You avoid any negative people around you who might sabotage your efforts. Some people cannot stand to see you succeed. And some spouses hate the idea of making a change, believe it or not. Motivational tapes and CDs, played in your car on the way to work, can help dramatically. The ones by Nightingale-Conant are especially good. Be prepared to review and restate your goals, as you reach a certain level, or your situation changes, and you realize that you have not reached high enough.