Our Financial and Property Goals For 2021 (with Simon Everingham)

Ryan 0:00
As we come towards the end of the year, one of my absolute favorite things to do is to look forward into the future and to say, Okay, what are my goals for 2021? What are my financial goals, as well as my personal goals? What do I want to achieve? How do I want to change my life? What do I want to move towards? It’s just this bright future of excitement. And I know that Simon is a fellow goal setter, so I thought I’d have him on to talk about algos what we want to achieve next year. And also this kind of creates, I guess, a timeline for us. We started doing this back in 2018, which I’ll link up down below. But yeah, it’s exciting to do this every year with you, Simon and to look towards the future. How you been man?

Simon 0:44
Yeah, it’s so good, dude. I just love it. Like I hadn’t actually put too much thought into next year, until like, you sent me that email the other day. So it’s pretty cool. You know, like, I’ve just when you think about our initial discussions back in 2018 2019 now and it’s like, well, you know, it’s really cool to say that we’ve done everything that we wanted to in the past, and now it’s just like it dies. What I’m doing right now is just basically predicting my future. It’s not. Well, that’s

Ryan 1:13
it. Like, I guess for me, the last two years have all been about like, get financially stable and pay off debt. And so my focus was just so focused on that, that was my everything that I needed to achieve, at least financially. In my life, obviously, there’s some personal goals as well. But financially, it’s like, I need to get out of debt, I need to grow my income, I need to get financially stable again. And it’s like the last two years have been consumed by that. And I’m now looking down the barrel of 2021, having nearly completely paid off my debt. And having set myself up in my business where I’m financially stable, again, financially free through my businesses and an opportunity to grow them as well. It’s like, ah, the future looks exciting. It’s not like, I have these goals that I need to achieve just to survive. It’s like, Oh, my future can be whatever I decide, what do I want to do? I’m not sure. And it’s similar for you, you had your goals of you want to buy your two investment properties. You want to get your own home. Like you did that like you did it?

Simon 2:11
Yeah, yeah. Yeah, it all came, it all came together. Like my goals over the last few years have been very investment setting myself up, you know, financially, emotionally, spiritually as well. And it’s just about Yeah, continuing on that journey now, which is, is the beautiful thing, man.

Ryan 2:28
Yeah. And it’s a cool position to be in to say, okay, the future looks bright. You know, what, what can we do with that? And how can we do it. So I’ll start with like, some of my biggest goals, I, my biggest goal, still around debt reduction is to have my debt completely paid off by the end of March 2020. So within the first or 2021, sorry, so within the first quarter of next year, I would like to be completely debt free, which I think I may have enough income by the end of the year, that will get paid out in 2021, that I’ll be able to achieve that. But it may not go that way. You know, it might be tight there. But I think I’ll be able to achieve that. It would just be so nice to like wipe the slate clean there also not have those monthly repayments that I need to make as well towards debt reduction, to just be like not debt is completely gone. Now I’m just kind of saving towards my future. So paying off that debt is a big one that’ll happen from the work that I’ve done previously. And we talked about that in a previous video, how we achieve our financial goals. So I’ll link up to that. And then I guess my other two ones are to continue to grow my business and systematize my business so I can start to outsource it and hire people. And then I guess my big kind of lofty goal for next year, which I’m not sure whether I’m going to be able to achieve or not. And that’s actually save a deposit for an investment property.

Simon 3:54
I think you can do it, man, like looking at what you’ve done over the last 18 months. Like, yeah, as soon as that dad’s gone, man, you just kind of be a whole new man gonna come together so quickly. Just Just do it. You know, just say by December 31 2021. You’ll have you’ll have your first property under contract. Yeah.

Ryan 4:12
Okay, well, that’s it. Okay. Also, that might save a deposit.

Simon 4:16
You’re gonna be paying a hell of a lot more money for it in 2022.

Ryan 4:20
Yeah, well, my goal was to save a deposit but you just pushed me to say okay, buy an investment property next year. So like, this is why it’s so good to have people in your life that kind of push you as well because I know that’s achievable for me, but it’s not a goal I necessarily would have set but now that you’ve kind of said it, I’m like, oh, Simon’s laid the gauntlet down.

Simon 4:40
It’s on it’s on by Let’s do it together. Yeah, no, seriously, man, you can’t disappoint yourself. More importantly, you know, you wanted to buy the first one a couple of years ago, but then whatever happened happened and now it’s now it’s time to take advantage you know, like it. It’s really starting to heat up up here right now. And all of the different analysts that we follow, like Phil Anderson, we get like inside information from CBA we get some really positive about dates from the ABS Sqn core logic. And every single one of them is pointing to a much faster recovery than was it initially anticipated during the Coronavirus, and, yeah, like things, things are expected to start to start happening. So for anybody that’s sort of sitting on the fence going, Oh, I really want to be doing this. But I don’t know if I can make it happen. Just Just make it happen, is all I would like to say there, because you don’t want to be that guy that, you know, six to 12 months too late and end up paying an extra 20 to $100,000. For a property for what, for what reason

Ryan 5:47
for the guy who’s six to 12 months late, and then says I missed the market, and I’m not going to invest. And then five years later, you still haven’t done anything. So yeah, all right. I don’t know how I’m going to achieve that. But I do know how I’m going to grow my business and grow my income throughout the year. And I’m already in the habit of paying myself first in order to pay off debt. And so I can just kind of keep those repayments going, but put them into my own bank account instead of paying off debt. And I know I want to invest back into my business as well in hiring people, and stuff like that. And so I’ll have to do the figures on that. And you know, what’s the return on investment there? If I want to buy a property as well, for me, it’s like kind of weighing up, okay. Do I more heavily invest that coin into the business and growing that because the return on investment, investing into a business can be so high? If things go well, versus Okay, do I want to put that into property, which is for long term financial stability? So it’s like, oh, I gotta, I gotta wait. But what about you? What are your goals for next year?

Simon 6:50
Yeah, yeah, well, you know, I’ve got a few pretty solid ones. Next year, I really want to essentially double double my income. So I want to earn six figures with the two at the front is really my my big goal. Once again, I’m sort of in the same position as you, I don’t know if that’s going to be reality. But I’m going to do everything in my power to make that a reality as well. So that that’s really good. But the main reason that I want to do that is so that I can buy my fourth and fifth property. So I’m going to definitely buy my fourth property, that’ll probably happen in the first quarter of 2021. But then I would love to buy my fifth or be in a position to buy my fifth property at the end of 2021, as well. So we

Ryan 7:37
are you setting a goal to buy two more properties next year?

Simon 7:42
Yeah, yes, that’s my goal to buy two more properties next year. Wow. Just you know, this is a strategy shift to my for myself, which we’ll talk about in another video, no doubt about it. But you know, after hearing a lot of these things from people like Phil Anderson, the time is now to collect assets. And you’ve just got to take the advice of your mentor sometimes. And, you know, sometimes that means adapting and changing and moving with the journey. So that’s essentially what I’m what I’m going to be focusing on. So

Ryan 8:14
well, originally, originally, your strategy for goals for next year, we’re to actually knock down and rebuild on one of your existing properties, and then do the second property as well, which will put you in a super strong cash flow position. But from what you said, you know, valuations didn’t come back, we’d want to after the build, because it’s jus luck. And you just would have had to put way more cash into the deal than was necessary, or then you thought was necessary. So he thought, okay, maybe I can deploy that cash better somewhere else?

Simon 8:46
Definitely. That’s exactly, you know, I was planning to convert my portfolio to positive cash flow, Julie income. But you know, cash flow isn’t the biggest issue for me right now. But assets is, you know, I want to have skin in the game, the more properties that I own, the more capital that I own, the more capital that’s going to be susceptible to get to some games as well. So just going to allow me to speed up the journey a little bit. And the fact is that I can come back and knock down and rebuild those houses whenever I want, you know, things aren’t changing there. So, you know, I thought when it was going to cost me too much cash, you know, more cash than it would to buy another property. Online. Okay. Well, it’s a it’s a smarter decision based on where we’re at in the global cycle in a local cycle. With the record low interest rates, with money becoming a little bit easier right now is the Brisbane market starting to take off? These are all the reasons where I’ve needed to shift my strategy to be a little bit more strategic to put myself in a bit of a better situation. So

Ryan 9:46
yeah, and if you’re looking, if you’re looking in a different market with higher interest rates, if cash flow was tied up on those existing properties that you have, then you might have very well made a different decision for next year. But I guess yeah, I’m just Trying to outline to people out there because of the situation. And this is part of goal setting as well is that, you know, sometimes we change our goals, like mid mid stride mid, mid, nearly there to achieve it. And then Okay, we’ve now got new information, we’ve now got a new way of doing things still in line with like, an overarching strategy of what we’re trying to achieve in that long term financial freedom. But yeah, it just is rolling with the punches and the way things are happening and changing.

Simon 10:28
Yeah, exactly, exactly. So they’re the two big well, three big ones. The next is to renovate my own home as well. So once I get a little bit of an additional equity increase, which has just been ridiculous, the Sunshine Coast, I bought my first home up here on the Sunshine Coast in June settled on it in August, I bought it for $560,000, that the market has now gone up a bought that about 30 $40,000 below market value. And now we’ve seen a bit of an increase in the market as well, which is just an amazing situation for myself. So what I’m waiting for is a little bit more of an equity increase. So I can re finance, pull out some of that, some of that equity in order to invest back into the property by doing a renovation, ripping out the kitchen, putting in a new one, ripping out the bathroom, putting on a new one, doing some landscaping, upgrading the house. Because you know, by the end of that number one, I’m going to be super happy and have really not a task to live in. But also I’m expecting to get at least sort of one and a half $2 out of every dollar that I spend from that renovation as well. So it’ll continue to push out that that valuation of the property as well. So there’s a big rise. And then on top of that is just to take a holiday, like I was expected to go on a holiday this year, but didn’t end up happening. You know, it’s got heaps of plays leftover from this year. And I’m the kind of guy that needs that needs to take that time off from work and reset and recharge to get back in that flow state. So next year, I’ll definitely be taking a few holidays, and probably some throughout Australia.

Ryan 12:10
Yeah, that’s exciting, too. I actually haven’t set my personal goals yet. But I do know I want more work life balance and, you know, do more exciting things with my kids and with my partner, and just in life in general. So you know how to have a think about that one. But at least for the financial goals, we’ve got them down recorded and refund to look back at the end of next year and to say, Okay, how did we go? And even throughout the year, how are we tracking it? How am I tracking towards saving that deposit and buying that property? How Simon going towards getting to more which is imagine like three years ago, thinking back three years ago, before you bought your first property that you’d be in this position? You can’t imagine it, can you

Simon 12:51
And that was one of the reasons why I’ve had to shift my strategy as well, because I literally didn’t think that I was going to be in a position to buy a fourth property, like I didn’t think I’d be earning the income, I didn’t think that the opportunity would be there. So it wasn’t even in my scope of reality at the time to make a plan for that. But now it is. So I’ve got to adapt. And that’s why I’ve made the changes as well. It’s not just a situation, it’s another situation.

Ryan 13:16
And that’s the power as well like these cumulation of goals. I’ve we do this each and every year. And some years we achieve our goals. Some years, we don’t but I guess they’re constantly moving forward setting that intention, moving towards it actively working towards it as well. versus if you look at me back, you know, 20 1718 actually didn’t really have any financial goals. And I ended up going back financially ended up in debt. I didn’t have the intention. I wasn’t working towards it in a systematic way. And I guess I paid the price for that. Whereas having those goals, you know, not every year, we’re going to be on the up and up like we’re feeling like this year. You know, troubles come and that happens in life. But it’s cool to see the accumulation of your efforts, Simon over the years, and, you know, I’m feeling proud of the work that I’ve put in and what I’ve achieved as well. So yeah, if you’re out there and thinking about your goals, I encourage you to write them down and to say, Okay, what do I want to achieve in 2021? And if you’re someone who’s like, Okay, I’m, I maybe want to invest in property in 2021. But I need some personalized help. I need someone to help me know, okay, what sort of thing can I buy? Where’s the market at? You know, what sort of strategy could work for me, then Simon and the team over Pumped on Property do offer free strategy sessions. So you can jump on the phone to them, talk about all those sorts of things, they can help you get clear on where you want to go. You can then go out and implement that yourself or you can hire them if you feel like it’s a good fit, and they can help you find the right property for you. So go to onproperty com.au forward slash strategy to learn more about those and to book in a time that suits you. They’re absolutely complimentary. So thanks for doing that Simon and Ben over very briefly. Yeah, that’s it for us. That’s our goals for next year. And while you’re here, go ahead and check out the video we did where we talked about our previous goals for last year and what we did in order to achieve them and you can get some tips for that. So check out that video. Until next time, stay positive

As we come towards the end of the year one of my favorite things to do is to look forward into the future. In this video me and Simon Everingham outline our goals for 2021.

Book a From Property Strategy Session

0:00 – The future looks exciting
2:30 – Ryan’s Goals for 2021
Pay off debt by end of March 2021
Grow my business and start to outsource
Buy a property
6:50 – Simon’s Goals For 2021
Double My Income (Earn Over $200k)
Buy 4th and 5th Property
Renovate His Home
Take a holiday
13:15 – The power of accumulation of goals

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