A Better Way To Set Goals – Money Mindset Part II

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There are good ways and bad ways to set financial goals. In this episode me and Ben share our ideas on some of the better ways to go about goal setting.

When it comes to achieving the lifestyle that you want, whether it be financial freedom, being a millionaire, a billionaire, whatever it may be, a big part of actually being able to achieve that is setting goals so that you have something that you can work towards. Hey, I’m Ryan from onproperty.com.au, helping you find positive cash flow property. Welcome back to our series on Money Mindsets with the buyer’s agent, Ben Everingham.

Ryan: How are you today, Ben?

Ben: Good day, Ryan. Good day everybody on today’s video.

Ryan: We wanted to take this time to talk about setting goals because me and Ben have a very similar way that we approach goal setting. But we also have very different goals that we have for our own lives. And so, we thought it’d be useful because we tend to approach goal setting different to a lot of the motivational speakers out there or the property gurus or whoever it may be. And so, we thought that this would be a value to you so you can start to think, “Okay, well, maybe there’s a different way that I could set goals for my life.”

I thought it would be interesting to open up and to talk about the goals that we have for our own lives. Just so you can see the differences between me and Ben.

I’ll start with myself. For me, personally, the current goal that me and my family have is that we want to actually purchase a camper van. I’ve got 3 kids, so we’re planning on purchasing a camper van that can basically fit and sleep everyone and we’ll be using that on the weekends or sometimes during the week to go away. We’re not going to live in it. We will still live in our house. We don’t have overly ambitious goals or dreams of ever owning a mansion or anything like that. When it comes to the house that we foresee for ourselves in the future, we’d love to have a block of land and build a tiny house on it.

I don’t know if any of you have seen tiny house sort of things out there, but basically, small houses that they build on wheelbases so they can get around building code. So, for me, it’s not the big mansion or anything like that. Our goal is actually to go smaller and we actually have a house that is bigger than probably what we would like at the moment. At the moment, we’re aiming for the camper van and that sort of lifestyle and things like that.

And in terms of my business, my goal is not to be a millionaire or anything like that, but just to – I already earn decent money and I earn enough to get by and to fund a lifestyle and things like that. So my current goal with that is just to get a more passive income from my business so I don’t have to work as much. And in saying that, I could work just one day a week in my business and maintain it, but I want to be at the point where I’d have to worry about my business less.

That’s kind of where I’m at. I don’t have big ambitious goals, just more passive income and a cruisy lifestyle for me and my family.

Ben: Cool. We definitely got some different goals. I might have come across as a tool bag right now. Basically, I’m horrible at setting long-term goals and I’ve known this for the last 10 years. I’m really good at setting immediately specific goals. Outside of overseas travel and adventures overseas that I want in the future, the only goals that I really have for myself, personally, are ever only 3-12 month goals. At the moment, my goals are to finish off the construction of our home, which isn’t a tiny home.

Ryan: It’s a mansion on the water or something?

Ben: It is a waterfront property on the Sunshine Coast. It’s going to be really nice. We’re building that one at the moment. We spend a huge amount of time – the thing about me and my wife is she’s an interior designer. She thinks that houses and furniture are just like clothes and you should change them every 3 months. Everything in our life looks nice, but it comes with a cost as well, I suppose. We are building the house and that’s our big goal.

We’ve organized a New Year’s Eve party at our house, which hopefully, you’re coming too, Ryan, I’ve added you on Facebook. I don’t think you’ve accepted the invite yet.

Ryan: I think I might be in Sydney.

Ben: Yeah. Okay, cool. But we need to be in the house by the end of the year, which is a big goal for the builder as well. My wife, we just bought her some [inaudible 4:13] since she’s going to be onsite every single day from now until then. So that’s the big goal. I’ve also booked an overseas trip to America later in the year, in November, just for a week. There’s 14 of my mates going over, so it’s going to be sort of a bit of a boys’ trip.

I’m definitely a person that loves spending time with family and friends. Like, that’s pretty much my foundation. So, at least once a year, I try and do something cool with friends. Normally, it’s one or two people. It’s like herding cats these days as we get closer to 30, but for some reason, the time was right. I sent out a message and everyone’s jumped on board, so that’s going to be a lot of fun.

In terms of everything else at the moment, the most of my goals are just about helping more people through the business at the moment. Getting another business that we’ve got set up. It’s just broken even after 5 months of running it now. So getting that into a position. My mom actually is my business partner with that one. So she’s got a passive income stream now from that business, which is recession-proof, which was my big goal – to give her financial security into the future. So she’s going to be continuing to build that with us.

The poor thing hasn’t had much of a life in the last 5 months. She’s been working pretty hard. You know, just focusing on the businesses, as you said. I love what I do and I really get a kick out of it, but I have also been working really hard lately and would like to go back to trying to find a balance of maybe 40 hours a week over 4 days or something like that so I can spend more time with my family. Which is the original reason I started this business.

Ryan: Yeah. So we have different goals in terms of the financial scope for the goals. Yours are probably significantly higher than mine in terms of the financial scope. But I think at the end of the day, we’re kind of aiming for similar things; which is happiness in our lifestyle, time with friends and family, etc. We’re just going about it in different ways. Whereas, you’ve got a waterfront property, I want a camper van.

Ben: I want a camper van, too, man. A few of my mates have got them and they are – they best like, we’ll go down to Byron for a weekend or whatever, just on a little surf trip and I fully get where you’re coming from. Part of our long-term goals on my vision board are definitely jumping in the van with the family and going around Australia for 6 months or 12 months before the girls get into high school. But that’s kind of pipe dream stuff at the moment and, obviously, I don’t have a business that works without me at the moment. So I still got to be here and I still got to be very present in it all the time.

Ryan: Okay. We thought we would start out with that just to give you guys an idea that we are very different in terms of the goals. But we do actually have quite a similar approach to goal setting, funnily enough. We just want to talk about that now, in terms of our approach to goal setting and what we found useful, not just for ourselves, but for our clients and our customers and things like that. Let’s start by talking about the goal-setting approach that most people have and that is, you know, “I want to be a billionaire. That is my goal.”

“Ben, I’m going to be a billionaire.” And look, we laugh at it and it’s funny. But a lot of people do kind of set this goal for themselves. Whether they actually think they’re going to achieve it or they just say it. They might say, “I’m going to be a billionaire.” They might say, “I want to be a millionaire. I want to have $1 million in the bank.

I want to earn $100,000 a year in passive income.” A lot of people just set these goals in terms of the finances that they want. But I feel like the problem with this is that they don’t actually think about the life that it would take to achieve that goal. So let’s use the billionaire idea for an example.

There’s a lot of people who say, “I want to be a billionaire.” There’s a song about it, you know? I’m not going to sing it. But what people don’t realize is, okay, yeah, it’s probably achievable for you to be a billionaire, but are you willing to run businesses like Richard Branson does? Are you willing to take the risk that someone like Richard Branson would? To work as hard as he would, to have so many people under you, to be responsible for so many jobs and to live a lifestyle where you’re flying all over the world every week for business.

You may be away from your family. Are you willing to have that lifestyle where you’re working 100-hour weeks? And I think the answer for most people is “No”. They love the idea of being a billionaire, having their own private jet, but they don’t actually want the work that comes with it. Would you agree?

Ben: 100%. The more that I’ve worked towards my financial goals, the more I realize, you’ve really got to be putting it out there and you’ve really got to be doing the time to step up to that level where you’re talking about tens of millions, hundreds of millions of dollars. There’s not many people that fall into that sort of cash flow or those styles of businesses without sacrificing a significant amount.

Ryan: Yeah. I listen to a lot of podcast and a lot of stuff about startup companies, companies like Uber that have grown be worth billions of dollars. But the intense work ethic that comes with these people, like their life is work. The sacrifices that these people make in terms of their friends, in terms of their family was never something that I was willing to do. I think we want to talk about this first because when it comes to goal setting, it’s important not just to set some arbitrary goal, not just to set some financial goal that you want to achieve.

But you need to actually think about, “Well, what lifestyle do you want once you achieve your goal?” But I think even more importantly, what sort of lifestyle do you want leading up to that goal? Because that goal may take you 10 or 20 years, which is a good chunk of your life. What are you willing to do? How hard are you willing to work? And you need think about what kind of work is it going to take to achieve the goal that you set for yourself.

Ben: 100%. I listen to this amazing podcast recently by Lewis Howes. You know Lewis Howse, hey? The only marketing guy in America. He did this 7-minute podcast on legacy and it was like identifying where you would like to be and what you’re prepared to do to get there, but also to reflect back and go, “What is my ‘why’ now and if I work towards this goal, what am I going to leave looking back in 10 years’ time on the pursuit of that goal?” and that’s a huge thing. If I look back at the last 10 years, I burnt a heap of bridges from a career perspective trying to get to where I wanted to be and I look forward now and I’m like, “I do not want to create that sort of future moving forward either.”

So a big part of it is not just what it is that you want to do, but why do you want to do that and what type of contributional legacy do you want to leave? For your family, what sort of businessperson do you want to be? What type of ethic as a human do you want to have in the way that you lead your life and what sorts of values do you want to take in the pursuit of those goals as well. I don’t know. That’s just, for me, an interesting thing that I’m starting to wrap my head around as well.

Ryan: Well, that’s totally defined my goals and who I am is like the “why” behind it in terms of spending time with my family, spending time with my kids. Like, I homeschool my daughter at the moment. We’ll probably homeschool my son next year, so that takes up a big chunk of my time. My “why” has kind of always been my family. This will lead really well into the next thing because a lot of people might set the goal for what they want to achieve.

Let’s say, you want to be financially free so you can spend time with your family or can spend time playing golf or whatever it is. Often, there’s 2 ways to achieve that goal. One, you can do some sort of business or heavily invest and work really, really hard, save heaps of money, invest a lot and get to a point where your investments are earning so much that you don’t have to work and you can achieve the goal that you want – the time with your friends, the time with your family, whatever it may be.

But sometimes, there’s also an alternative path where you may work a little bit or you work something on the side, but you can still kind of have that. Like I work online, the business and the websites that I have and that I run, I can work at anytime. And so, I’ll do school with my daughter in the morning or if it’s school holidays, we’ll go out for coffee like we did this morning and I might start work at 10:00 or something like that.

I’ll do a bit of work for the day and then finish up in the afternoon and have enough time. I don’t have any commute time; I can work on the road if I wanted to. We went on holidays to Sydney, I had a little bit of work to do so I did it then, but we’re still away.

I could have achieved that goal through investing and building a huge property portfolio that would fund that. But I’ve also achieved it through just working a bit on the side and having a business that creates that life. I guess I just want to let people know that sometimes, to achieve the goal and the lifestyle that you want, it’s not always you have to have heaps of money behind you. There’s sometimes other ways to do it.

Ben: Yeah. And when you fundamentally look at what’s really important to you in terms of your goals for the future. You’d be surprised. I was having this conversation with you before we started filming and I could lead the most amazing lifestyle if I didn’t have any cost in my life and $100,000 a year. You know what I mean? And I’m talking about any cost in my life. Like, that’s a pipe dream, but owning a home outright with $100,000 a year in play money would, for me and my wife, [inaudible 13:34] be perfect. You know, that’s such a nice lifestyle.

That’s an overseas trip a year. That’s some nice clothes. That’s not really saying “No” to many things. Being able to see family and friends when you want to see them. It’s surprising because in the past, I was like, “Oh, I need to be earning millions and millions and millions of dollars every year to lead this lifestyle.” But the reality is when you reduce it back down; I’m not a hugely material person.

I just love living on the water because that’s what I did when I was at uni and I’ve always wanted a house on the water. But in terms of the other stuff, like, nothing else is really that meaningful to me. So when you take this stuff out of your goals and just focus on the lifestyle you want to lead, [inaudible 14:12]. As you said, to spend the time with your family, to do those small trips, to get the camper van and do the surf trips or whatever it is you want to do with your family. It’s actually very achievable.

Ryan: Yeah. I think sometimes people do get so caught up in you know, “I want the big house.” or “I want the big car.” but they don’t actually think, “Okay, well, what impact is that going to have on my life? Will that actually make me happy?” I know that a baseline that we often provide to people if they don’t know what goal to set for themselves is just income replacement. So, what are you earning now? Why don’t you try and replace that income?

What’s your thinking around why you think that’s a good goal for people or do you even still think it’s a good goal for people to look at that?

Ben: Look, when people come to me and they’re earning $300,000 per year and they’re spending $300,000 per year. I’m like, is income replacement really the goal or could you live the lifestyle that you want to live for $150,000 a year, save or invest the $150,000 and not have to go to work in 10 years’ time? So income replacement, for me, is still the goal, but it’s all relative. Again, so many people that I talk to everyday have these massive goals that it’s kind of like they’re setting themselves up for failure. Like, they’re setting themselves up because it is only a dream and if they ever really start working towards it properly. Having such a big goal stops you actually taking the activity that you need to do today to achieve it.

Replacing $100,000 income over 10 years is super easy to do. It pretty much means buying one high quality property every couple of years, getting good growth over that period of time. This is from a property perspective and then, potentially selling 2 or 3 of those properties at the end of that time and paying the others off outright. There’s so many simple ways to achieve that goal if that’s something that you wanted to do.

And I just feel like a lot of the people that I talk to that are still working for other people are just so focused on something big out here, it’s like they forget to just do the activity day in, day out to actually set the foundation up to achieve those things in the future.

Ryan: Yeah. I think a lot of people, they don’t realize that going from an employee earning $100,000 or $300,000 a year to being a business owner or an investor who earns $1 million a year, there’s a lot of mindset shifts that happen to actually get you to that point. And it’s actually tends to be a different person or someone who thinks about the world very differently who earns that amount of money.

They work very differently to the person that is an employee that earns $100,000 a year. And I think a lot of people, they set these big goals of $1 million or whatever it may be, but they don’t realize that they actually need to change themselves and who they are in the way that they think about the world if they want to achieve that. And I feel like a lot of people aren’t necessarily willing to do that or don’t know to take that approach and to say, “Okay, it’s not just a matter of me saving a little bit more money or not buying my coffee everyday, it’s actually a matter of educating myself, changing the way that I think about money, changing who I am in order to achieve that.”

I think a lot of people set the goal; don’t really strictly work towards it and maybe just hope that they’ll win the lotto someday or something like that.

Ben: 100%. And the thing is, if you were capable of earning $1 million a year, without sacrificing 200 hours a week to do that, [inaudible 17:41] you know what I mean? Maybe you’re not doing it because you don’t want to do it, you’ve got no interest in it. But maybe you have an interest in it and as you said, until you make that – like, money comes relatively okay when you’ve got that mindset which is contribution rather than taking all the time. When you’ve got the right business model or job that allows you to do that and that’s all well and good for me to say.

I mean, if I was listening to myself 10 years ago, I’d be slapping myself in face because that’s so easy for me to say these things now because you’ve got a great business model that works for your and I’ve got a really good business model that works for me. But also, I’ve got to take into consideration the 10, 15 years of sacrifice that I personally put in to get to this point as well. And the sacrifice that I still put in every single day in terms of losing that time with my family and not focusing on health and other things like that as well.

There’s give and take all the way through, but what I’ve realized from getting to a point which I thought I’d wanted to get to for such a long period of time is that this stuff doesn’t mean anything. It’s about lifestyle, family, friends and all the stuff that you always knew you cared about, you might have just sacrificed a little bit of to get to where you wanted to be. And then, once you get there, you realize it’s about the simplest things in life that make you happy, really.

Ryan: Yeah. And one of the reasons that I like to recommend income replacement or just look at what you’re earning and then look to replace that income is I feel like it doesn’t have as many hurdles or as many mindset changes as trying to 10x your income or something like that. For a lot of people, that’s achievable.

It’s not necessarily going to deliver the dream lifestyle that they want, but I feel like if you can actually do that and if you can achieve financial freedom by replacing your income, that then frees up your time to think about things beyond that or to think about investing beyond that. Because I do remember being an employee and being stuck in just like how much I earn the next pay that’s coming, where’s that pay going to go? You’re kind of consumed by your payday and consumed by managing that money.

Whereas, when you can get out of that, even if you’re not earning as much as you would like, it does free up your mind. You don’t think about your job anymore or the payday. Like, you think about, “Okay, I’ve got this money. What can I with it or what can I do to generate more income?” That freedom of mind, freedom of choice with what you can do with your time is just really valuable. And so, I only recommend that for people who really have no idea where to start.

I’m like, “We’ll just start with your own income and look to work to replace that.” Because after that, you’ll find yourself so much freer to move forward if you want to. Or, if you decide you’re happy and you want to get a camper van and go around the country or something on that income, then so be it. You’ve achieved your goal. It’s fine.

Ben: Yeah, 100%. Look, we talked about before we started this conversation a little bit about our personal approaches to setting goals. Because we’ve talked a lot about our stuff, but one thing that I used to do a lot of was I would sit down and I’d just write literally 50 goals and there’d be like 50 goals to achieve in the year and I’ve achieved 10 of them.

Now, I’ve just simplified everything in my life. I’ve got maybe 5 or 10 goals and half of those goals would be related to family, friends and holidays so they’re not things that I have to work towards. It’s just at some point in the year, I’d like to do a10-day holiday with my family, you know what I mean? And that’s the fun stuff. All of these goals are pulling me forward. I write those goals out based on things that are important to me from a values perspective. I just check them on – I’m a really visual person and I think 70% of Australians are visual.

What’s the point of writing down a goal on to a list and putting it on your wall when you could put 10 photos on the wall that represent those 10 goals and that’s something that I’ve started to do. And the simple act of looking at those goals consciously, unconsciously once every couple of days keeps them top of mind and for some reason, when it’s top of mind, you move towards them. That’s my goal-setting strategy these days and the actually activity that I take. I only do that once a year.

I love January because that’s when I get to re-do that. It’s something that I have a lot of fun with. It’s so much simpler than the way that I used to do it. I used to put a lot of pressure on myself to achieve them and I used to set deadlines on everything. Sometimes in business, you’ve still got to do that to motivate your team. But you’re self-motivated to achieve something; I don’t think it needs to be as complicated.

There’s a lot of other ways that people do them and a lot of people put so much pressure on themselves as well. When a goal isn’t working for you, I used to achieve it anyway. These days, if I don’t want to achieve something or I’m just not interested in it anymore, I just cross it off and move on. It’s just about being happy and about balance as well.

Ryan: Yeah. I think we’ve talked a bit about the way that we think not to set goals and a better approach that we think to it to be more realistic and to think about what you really want and what you’re willing to do to get there.

Let’s talk, before we close off, about how that affects your property investing. Because I feel like this is a really important concept that people need to understand. It was because like, I got an email the other day that was like, “Hey Ryan, what do you think about me buying this type of property in this particular suburb.” That was the question. I saw many people, like I saw my parents do it as well, there was a property down the road for sale and they’re like, “Is this property good? I think so. I’ll buy it.”

They approach property investing without their goals in mind. So they don’t think, “Okay, what do I want to achieve and what’s the best property? What’s the best area? What’s the best state to achieve that?” They start with the property and say, “Okay, here’s a property that I found. What do you think? Is it good? Isn’t it good?” But really, it’d be a better approach to step back. To say, “What is my end goal?” and then to work from there and to say, “Okay, what’s step one to get me towards that goal? And what’s the next property going to be?” Do you agree?

Ben: 100% agree with you, yeah. I get probably get 5 to 10 calls and emails every single day basically going, “Hey, Ben. On that webinar or on this video, you said that you’d answer our questions. Here’s my question…” I love that stuff the same as you do. It’s like, “Hey, Ben, can you help me do some analysis on this property?” and I’m like, I’ll help them. I’ll do the analysis, but there’s no context.

It’s kind of like the first probably 4 properties that I went out and bought, I bought them just because I had a gut feel or because I wanted to go buy a property. A lot of those properties were close to home or close the place I was living. The thing is, when I had no strategy, every property in the market potentially looks good. Especially any property that looks cheap to you or looks like it’s providing an above average rent return looks attractive.

I was like a kid in the candy store when I first got into property. I was like, “That looks awesome, that looks awesome, that looks awesome!” Fundamentally, luckily, I just bought a few of those properties in Sydney because like everyone that bought stuff in Sydney, that’s all you had to do 5 years ago. But what I’ve learnt now is that when I start looking at property now, that is like the last thing that I do – physically start actually looking at properties – because I know that by me setting a very strict criteria – my personal investment criteria is if I don’t make $100,000 on the property on the day that I buy it, I do not buy it.

If I don’t get a 6%-7% rent return on the property, I do not even consider it. If I can’t add $50,000 to $100,000 of value over the first 2 years of owning that property to the property, I just don’t buy it. If it’s not in a metro area and all these other overlays that I’ve learnt over time. And that makes it really easy to look at property because all of a sudden, you’ve gone from every suburb in Australia to some very specific suburbs in Australia.

And even within those suburbs, like there might be one property every 4 months that comes up that meet those criteria. So it becomes investing – investing in property is less of a gamble and more of, “Hey, this is a process and you’re building in the things that if the worse case scenario happens, you’ve still got a strategy where you’re going to be okay.” That’s what I’ve learnt.

Ryan: Yeah. You’re talking about all the different criteria that you have, but really, that criteria comes out of (a) your experience and what you’ve already done in property; but (b) your goals as well. Because you know how much time you have, you know what you want to achieve, you know how many properties you want to buy. And so, you’ve set that criteria for yourself because you know that that criteria gives you the best chance of achieving your goal. And so, I think people need to think about that, “Okay, set my goal first.

And then, do something similar to Ben.” Maybe you’re not going to make $100,000 from day 1 when you buy a property. Not everyone can do that, but you set your goal and say, “Okay, I want to achieve X amount of income per year and financial freedom or passive income. What’s the next property that’s going to help me get there? And what strategy is going to help me get there? Is it going to be negative gearing because I’m in a high tax bracket? Is it going to be positive cash flow because I want to mitigate my risk and I want that cash flow coming in in case I lose my job or something like that?” You know, you can start to think about what strategy do I want? And then, after strategy, you can move towards suburbs, you can move towards properties and things like that. But I think your goals really should drive the way that you invest, rather than you invest and you just hope for the best; which I think a lot of people do.

Ben: Can I add something to that? Because you’ve just absolutely nailed it on the head. When you identify what your goals are for the future and then you develop a property investment strategy for the next purchase and next maybe 5 purchases over the next 10 years – and the thing is, when you get to the second or third purchase, so many things are going to change and you’re going to know so much more that your strategy will change and that’s completely fine.

But by having that fundamental strategy locked in in place, I find it so easy to know what my next step is going to be. And so, instead of focusing my attention over here, there and everywhere, it becomes very clear what you need to do.

And as you’ve talked about and I’ve talked about before, picking the right property is only 20% of the gain that you’re going to actually get through the property. 80% of the gain is by having the right strategy in place and then identifying the right suburb. So it sort of counterintuitive to start by investing in property by not looking at property, if you know what I mean, like, logically. But by knowing where you’re going, knowing the strategy, knowing the markets that can help you achieve that strategy and the property type within that, it makes finding that very specific property so easy.

And I suppose, again, understanding where you are and where you want to be and finding a way to systematically bridge that gap, it just chunks down things into small little bits and then you can just focus on that next step and that next step and knowing that you’re going to line up to where you want to be. And that is what a strategy [inaudible 28:48] is really about or that is what a good strategy, long term, is why it’s worth it’s weight in gold.

Ryan: Yeah. And we’ll definitely let people know about how they can get a free strategy session with you in a second, but I just wanted to say that what I found as well is when you have a strategy that you set out before yourself and you know what step 1, step 2, step 3, step 4 is going to be. If you know that, “Okay, if I just follow this in the next 10 years, I’m going to achieve my goal.” Then, all of a sudden, the things other people are doing, which usually you would be swayed by, you know, Sydney just had its boom so you’re like, “Oh, I wish I invested in Sydney.” or you’re like, “Okay, that person made $100,000 in back deal building a duplex.

Maybe I want to go ahead and do that to make $100,000.” Well, if you’re like, “Well, here’s my goal. I know I’m going to achieve it by doing this anyway.” You’re less likely to just shift gears to the next thing that you see. I often call it “shiny object syndrome”. Because you just see something over there and you’re like, “Oh! Look at that!” and you don’t get deep enough into it because something else pulls you away. Like, “Oh, look at that one!”

So, I think having a set strategy, it gives you a better chance of achieving your goal because you know you can just move towards it and you’re less likely to get distracted by this next greatest thing or this way someone made $100,000. And you’re also less likely to be jealous of those people as well because you’re like, “Well, that’s great for you. I’m really happy for you. I’m still working towards my goal. I know I’m going to achieve it.”

Ben: That’s the cool thing about the property industry. There’s 50 different ways to achieve the exact same thing and 50 different sprookers talking about 50 different ways to achieve the same thing. And what none of those sprookers tell you is that they’re able to do what they did because they just bought 10 negatively geared properties 20 years ago and now they’re financially independent because like everyone, they’ve made 10% per year for that period of time.

A lot of the strategies are more business models as opposed to what that person may or may not have done in their life. From meeting a lot of these people behind the scenes, they’re incredible people with really smart strategies, but they’re also very smart businesspeople targeting a niche in the marketplace.

It’s just important to remember, as you said, that to be confident once you do set that strategy and to have faith that it will, if you execute the strategy correctly, get you in the position where you would like to be.

The thing about life is that we want certainty and then we want uncertainty and it’s a constant shift between the two. So it’s like I’ve just bought these awesome properties in growth markets and now, I’m going to renovate them and add a bedroom and I’m going to add a granny flat in the backyard. And that’s a really cool property to hold, but then, I’ve gone and done that strategy. So now, I want to try  and take on all this risk and do duplex or a subdivision or a townhouse project. It’s like, if you just done 5 of the granny flats over a 20-year period, you would not even have to think about retirement. And it’s just all those little things.

It’s just the confidence because a lot of people make you feel like you’re doing the wrong thing, but the proof is in the pudding from the people that have actually gone out there and already done it.

Ryan: Yeah. So I think we can wrap it up there. The biggest things that we wanted you to take away from this was; (a) be very careful with the goals that you do set. Don’t set things that are unrealistic or something that’s not actually going to help you achieve the lifestyle you want. Think about what you actually want your life to look like and the work that you’re willing to put into that. And then, after that, that’s going to affect the strategy that you choose, going to affect what suburbs you look at, what sort of properties you look at, etc.

And if you need help setting those goals for yourself or you need help working out what strategy is going to help you achieve those goals, then Ben is graciously offering listeners and viewers of On Property a fee strategy session with him where he’ll talk you through that. He’ll look at your current situation – where you are now, where you want to be and what are some ways that you can move forward to achieve that. And then, obviously, Ben works as a buyer’s agent as well, so if you guys are a good fit, then he can actually help you move forward on that strategy. Or, there’s no pressure, so you can always go on your way as well and just use the advise that Ben gives you.

So if you feel like you’re one of those people and you’re ready to invest, but you just need some help setting those goals or setting that strategy, then check out the free strategy session with Ben. You can go and book a time over at onproperty.com.au/session. There’s an option there where you can go ahead and book a time with Ben. Just chat over the phone and he’ll really help you. I know that he’s got some great insights. He’s helped a lot of people from On Property.

People that I’ve spoken to and they’re like, don’t know what they’re going to do. They’re about to sign up with this property company that just sells new builds that makes big commissions that I probably wouldn’t recommend. And then, I’ve seen them go to Ben, buy multiple properties with him and then end up in a great financial position at the end. Definitely go ahead and check that out – onproperty.com.au/session.

And in the next episode, we will be going into more detail about choosing that right investment strategy for you. So we’ll be talking a little bit more about that in the next episode. Thanks, Ben, so much for your insight and for talking about goal setting today. Thank you, guys, for tuning in. And until next time, stay positive.

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