Success is never bred from talking. Nor is it achieved by wishing, hoping, or even believing. Dreaming and having a goal is important, but ultimately, success is achieved through massive action. Adjust, review, learn from past mistakes, and then take massive action again.
I am so often amazed at the number of people who talk about ideas that actually translate into nothing. Saying something doesn’t make it real without action. For instance, I’ve often heard folks say things like:
- “My business is going to crush it.”
- “This year, we are going to do a TON of business.”
- “I am going to be a millionaire.”
- “My house is going to be HUGE.”
- “I’m going to earn a whole lot of income.”
All these statements haven’t defined anything. Some of the statements are vague. Others have an overstated sense of pride or ego, but contain no real information. And all of them don’t actually explain what or how that will make things happen.
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State the Goals Plainly
Make the goals so clear and simple that anyone can understand them. When the goals are clear, you’re able to create a clear path to get to them. They make sense to you and could be easily explained to others. These goals should also be in alignment with what you actually want to do.
Clear goals might look something like this:
- Acquire 10 single family residence (SFR) rentals in the next 12 months in the $100k range, netting roughly $200 a month cash flow
- Flip 12 properties in the next 12 months, with an average net profit of $25K per property
- Review three or four turnkey companies and pull the trigger on purchasing two turnkey properties within 12 months
- Buy a first investment property by house hacking a duplex that is roughly 2 beds/2 baths and around 1,000 square feet per side, renting for at least $900 per month
- Increase revenue $120K for the year, or $10K per month, by doing one additional wholesale deal averaging $10K per month
- Work towards dream home: 4,000 square feet, near the mountains, no more than 30 minutes from the office, priced around $500k, requiring at least $100k or 20% down payment
- Stabilize financial situation by having 12 months of cash reserves, equaling $100k in the bank
Write Them Down
Review your goals with regularity, preferably every day. Understand the goal and be so excited and driven to solve that problem you wake up and go to sleep at night thinking about the goals. Be obsessed with them. Talk about the goals, how you will achieve them, and what it will mean to you once you have achieved it.
Formalize a Clear Plan to Achievement
Once you have laid out the goal, make sure to take a step back and process through the problem. If your goal is to save up to $100K in reserves, then how much do you currently have? How much are you contributing to this goal per month?
Aren’t making additional $5K per month you decide you need to save consistently? Stabilize that income. Understand your next quarter pipeline. Review your current monthly budget. Don’t have a budget? CREATE ONE! Once your budget is laid out, ask yourself: How can I affect my spending while still living a similar lifestyle?
All of these questions come around the original goal, but now are tactical instead of strategic. Once you have the strategic objective, the problem is now what action to take to have the desired outcome.
Get Help From Someone Who’s Been There
If your goal is to own, say, 100 houses, you need to speak with someone who has actually owned 100 houses. There are so many people who have opinions about how to get you to where you want to go. That’s not inherently helpful. You want to receive mentoring and help from someone who has a business that looks like what you want your business to look like.
I distinctly remember early in my career meeting with a mentor and him laying out how his business looked. He had many “legs to the stool” within his business, including a brokerage, rentals, fix and flips, and lending. These are all amazing parts of his business and an inspiration to my business and goals to this day. What I learned very quickly, however, is it’s one thing to have many great or significant goals, but each of them requires your attention and time. It’s so easy to underestimate them and then fail to achieve any of them.
What I suggest is that you pick one goal and work like hell at it. Make it clear. Have a process or plan to follow it. And once that goal is achieved or that part of the business is running, then move to another different or bigger goal.
Track Results and Hold Yourself Accountable
If you aren’t tracking your way to your goal, it’s not really a goal. And it surely isn’t important to you. Your goal is meaningless, and you should reevaluate it.
Track what is happening. If it’s that savings goal, and it’s month three, do you currently have $15K put aside towards that $100K goal? Why or why not? What is stopping you? Is it the income, or is it that you’re blowing too much money on other things?
Make adjustments. Spend less. Review and calibrate your actions to get the results you desire. Don’t make excuses. Share what is happening with close friends or mentors who understand and are helping hold you accountable as well.
Most of all, don’t simply talk about it. Talk is meaningless. The result is what you have from action you have taken. Success of the goal equals how well you have planned, reviewed, executed, and taken the proper steps to achieve that goal. Thoughtfully select, plan, and execute those goals.
What is your massive goal and what are you doing to ensure you achieve it?
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