How To Create Property Investment Goals For The Year
I love it when a new year rolls around as you get an opportunity to set fresh goals for the new year. Here’s some ideas on how to set property investment goals for the year so by the end of the year you’re closer to your financial goals.
1: Have You’re End Goal In Mind – 1:40
2: Where Are You At Now? – 2:50
3: What’s The Big Thing You Want To Achieve This Year?
4: What Are The Steps Needed To Achieve That Big Thing? – 6:40
5: What Is Your Next Immediate Step? – 9:45
I love it when in New Year rolls around as you get an opportunity to set fresh goals for the new year so that at the end of the year I like to look back and say okay where am I now compared to where I was and it’s always nice to be a bit further along so in this episode I want to talk about how does that property investment goals for the year so that at the end of the year you’re gonna be closer to your ultimate goal whether that be financial freedom or whatever it may be hey I’m line from on-property helping you achieve financial freedom and right now I’m in such a better financial position than I was a year ago so a year ago I was just going through a separation was in you know I’ve been to a lot and was in a real rough situation and 2019 was really a year survival for me but towards the end of the year I really cemented my strategy to grow my finances and spend the second half of the year working out of that and while I’m not in exactly where I want to be I’m in a such better position and 2020 for me is a year of growth and so what I want to do is kind of help you to create a framework and how you can set your goals or your property investment goals specifically for this year so that at the end of the year you’ve achieved something big whether that be actually buying a property and making that big step or whether that be saving a deposit budging whatever it is to get you closer towards your ultimate goal for a lot of people that’s going to be financial freedom that’s definitely my goal or it may just be a certain amount of money in the bank so when it comes to setting goals for the year the first thing that you need to do is really have your end goal in mind so you need to understand where you want to end up because this year is only a small part of your life and it’s only a small part of your finances as well and it’s highly likely that this year is just going to help you get towards a larger and longer term financial goal so you need to understand what that longer-term financial goal is and if you don’t understand that yet then you need to start there I just did a video on how to set your property investment goals for the next decade so if you haven’t watched that one I will link up to it down below go ahead and check that one out we’re talking more detail there about setting those bigger picture goals but looking at this year you need to know what your bigger picture goals are and so for me in that video I talked about my bigger picture goals of buying for investment properties and building for granny flats so having eight incomes in total and ultimately having those paid off and owned it outright so that is my bigger picture goal and what I’m working in and so I need to start there then I need to look at and you need to look at where are you now exactly what is your cash flow situation how much money are you earning how much money are you spending what is your debt situation what is your savings situation as well so getting real on where you’re at now is also really important to try and work out ok I’ve got this big end goal in mind where am I at now and what steps do I need to take in order to get towards that end goal so for me 2020 is a year of growth but it’s really about growing my business and getting myself into a position where I’m debt-free or my business has grown to such a point that I’m financially free through my business and it’s paying off the debt but that may take another year so that’s my goal I don’t actually have any goals to buy property this year so that doesn’t help this video but that is part of my journey and part of my steps towards my goal so this year won’t be about buying property that will likely be next year but I have that realistic goal in mind and timeframe okay so I’ve got the begin goal and then realistically what can I achieve this year given my current situation same in deposit and buying a property when I’ve got debt to pay off is not really realistic for me I also gonna grow my business over the year but because of the work I do take six or twelve months to pay off chances are I’m not going to earn enough this year to completely pay off the debt and save a deposit but I should be able to grow my income that I can save a deposit in the following year so you need to be realistic with your goals for the year and realistic with what you’re trying to achieve and a lot of that comes back to your starting point and where you’re at now so if you’ve already been diligent and got yourself a deposit then it’s quite realistic for you to buy a property this year maybe even build a granny flat as well or maybe even buy to investment properties but if you’re starting from a position where you don’t budget you’re in debt you’re you don’t have a good income you need to be realistic about okay this year I need to learn how to budget pay off debt I need to grow my income sort of thing so be realistic about that and have your big thing in mind of what you want to achieve for the year so that big thing might be saving a deposit or saving X number of dollars towards a deposit or that big thing might be actually buying a property it’s that by the end of the year if I have achieved this big thing then I’ll be happy with my year and the year is going to go through ups and downs you’re going to have trials and tribulations throughout the year you gonna have some good months you’re gonna have some bad months as years always do but what you want to do is try and imagine okay let’s pretend that we’re sittin at the start of next year and we’re looking back over the year what did I achieve that year and thinking about that year am I happy with what I achieved and so for me in my business my focus at the moment is writing a lot of articles and looking at how many I’ve written I look back on the you and say okay how many articles that are right how much income is that delivering for me I don’t remember the trials and tribulations I don’t remember those hard days all those hard articles that were really hard to put out or hard to write when I was really low those nights I was sick and still working anyway I don’t really remember that but I do look back on the in say okay here’s the bank of you know business that I’ve been able and income I’ve been able to generate here’s the big goal that I had and so for me my goal was around my business this year but look at what is your big thing and when you get to the end of the year what do you want to have achieved is that a property do you want to have acquired a property by the end of the year and once you’ve got that big thing in place you’ve got to look at what are the steps that are going to be needed to make that happen this year and then what is the next step so I like to think about okay the big thing for the year so I’ve got my big thing in terms of where I want to be at financially through my business I then know the steps behind that okay how much do I need to actually do in my business how many articles and videos and things I need to put out to likely achieve that financial goal so this is a rough figure it’s got a bunch of estimates behind it but when it comes to property and finances let’s say your goal is to buy a property what are the steps well if you need to save a deposit you know that each month you need to put away a certain amount of money you know that you need to see a mortgage broker you know you need to do suburb research and property research and inspect properties and negotiate you know all the steps that are required to get there or if you don’t know them then sit down and try and work out what those steps are in order to get to your big thing and then once you know those steps go ahead and look at what is the next thing on the list what’s the next thing that I need to do in order to get where I need to be so for me I guess I’ve kind of broken my year into quarters in terms of what my first quarter of the year looks like and really I don’t actually know what the second quarter of my year looks like because it depends how things go but I know in the first quarter of the year exactly what I’m going to be doing what I’m working towards and what I’m hoping to achieve in that quarter and then hopefully I’ll have more time in the second quarter and also more data if we look back on okay what did I do well what did I do poorly what did I learn and I can then adjust from there so I’m looking at the quarter for me but you can just look at what is your next immediate step in order to get you towards your goal and a big thing that you want to achieve by the end of the year so what is that next thing you need to do is it that you need to create a budget is it that you need to put aside a thousand dollars a month every time your paycheck comes in you’ve got to put that thousand dollars aside and not touch it and that’s your goal for the year is that your next step what what is your next step is have you got a deposit and so your next step is I need to choose a suburb I’m going to invest in and so your next step is actually to start researching suburbs and to look into the statistics of different suburbs and where you want to invest is your next step that you don’t actually have a strategy and you need to work out what your big picture is going to be so then you can have a financial goal for the year that’s going to actually move you towards that long-term goal and so if that’s you and you need a strategy you can go through all the videos of mine you can look at that video on how to create a property investment goals for the next decade or you can book in a free strategy session with Ben Everingham and the team over at pumped on property who are buyer’s agents so they offer free strategy sessions you can get on the phone to them talk about where you’re at where you want to be and what sort of strategy might sue you in order to get you towards your property investment goals if you that’s interesting to you go to onproperty.com.au/free strategy and you can learn more about that over there but what is your next step what does it need to be and then take that next step and trust that once you take that next step your future self will be able to determine what the next step is so I’ve got my first quarter mapped out that’s my next step that’s what I’m focused on and I’m trusting that in April future Ryan so me I’m writing by the way I’m trusting that in April I’ll be able to problem-solve I’ll be able to work out what to do for my q2 for the second quarter of the year so I don’t know that at the moment so I’m not gonna bother trying to plan that out but I know my year as a whole and where I want to get to and I know what I can do in the first quarter so I’m going to do that and then once I’ve got more data once I finish the first quarter and I’ve learnt from that what did I achieve what didn’t I achieve what worked what didn’t then I can adjust my strategy based off that so there’s a couple of tips for how to create your property investment strategy for the next year I hope that this has been helpful to you you need that big picture in mind of that longer-term end goal that you’re gonna work towards what’s the big thing that you want to have achieved this year that when you look back you can say okay that I achieved and I’m happy with myself what are the steps to actually get you towards that big thing and then what’s the next step and go ahead and apply it so this this has been helpful to you I wish you the absolute best this year achieving your property investment goals and until next time stay positive