{"id":165252,"date":"2024-01-26T11:07:59","date_gmt":"2024-01-26T18:07:59","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=165252"},"modified":"2024-02-07T03:58:56","modified_gmt":"2024-02-07T10:58:56","slug":"goals-are-not-enough-unless-you-build-an-action-plan","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/goals-are-not-enough-unless-you-build-an-action-plan","title":{"rendered":"Goals Are Not Enough\u2014You\u2019ll Never Get Where You Want to Go Without This"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC3542214416\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Goals provide us with direction and purpose, acting as the foundation for every significant endeavor. Your goals should be written down, but they don&#8217;t need to be lengthy or complex.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">How to Get Started<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">You can start with just the following items:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Current situation:&nbsp;<\/span><\/strong><span data-preserver-spaces=\"true\">What is your current or anticipated financial capacity within a reasonable time frame? Get preapproved for an investor loan to determine your accessible credit limit.<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Financial end goal:&nbsp;<\/span><\/strong><span data-preserver-spaces=\"true\">Typically, this refers to an income goal, like earning $10,000 a month in today&#8217;s dollars.<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Time frame:&nbsp;<\/span><\/strong><span data-preserver-spaces=\"true\">The less time you have to reach your goal, the more initial capital and credit you will require.<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">However, goals by themselves are not enough. Goals without an action plan are merely daydreams.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Creating an Action Plan<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">To create an action plan, start with your end goal and work backward to your current situation. It may take multiple iterations before you bridge the gap between your current situation and your goal.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Each step of your action plan must meet the following five requirements:<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><b>Specific:<\/b><span style=\"font-weight: 400;\"> Specify a clear, specific step.<\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Example: &#8220;Select a city of investment with a metro population &gt;1M and 2% to 3% annual population growth.\u201d<\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><b>Measurable:<\/b><span style=\"font-weight: 400;\"> Establish criteria for measuring progress toward the attainment of your goal.<\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Example: \u201cHow much cash have I saved or generated from investments in the past six months? How much more do I need before I can acquire another investment property?\u201d<\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><b>Achievable:<\/b><span style=\"font-weight: 400;\"> A step should be realistic and achievable. It needs to be sufficiently challenging to motivate and push you but not so hard as to be impossible. If a step is too daunting, break it down into smaller, manageable steps.<\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Example: &#8220;<\/span><a href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" target=\"_blank\"><span style=\"font-weight: 400;\">Secure financing<\/span><\/a><span style=\"font-weight: 400;\"> for the property purchase by saving 25% for the <\/span><a href=\"https:\/\/www.biggerpockets.com\/blog\/down-payment\" target=\"_blank\"><span style=\"font-weight: 400;\">down payment<\/span><\/a><span style=\"font-weight: 400;\"> and improving my <\/span><a href=\"https:\/\/www.biggerpockets.com\/blog\/credit-score-buy-house\" target=\"_blank\"><span style=\"font-weight: 400;\">credit score<\/span><\/a><span style=\"font-weight: 400;\"> to above 740 within the next six months.&#8221;<\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><b>Relevant:<\/b><span style=\"font-weight: 400;\"> Ensure that the goal matters to you and aligns with other relevant goals.<\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Example: \u201cInterview and identify an experienced investment real estate agent to assist in purchasing a property that aligns with my long-term goal of financial independence.\u201d<\/span><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><b>Time-bound: <\/b><span style=\"font-weight: 400;\">A step should have a specific deadline or time frame for completion to maintain accountability and focus on progress.<\/span>\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Example: &#8220;Complete the purchase of a property within the next three months and begin leasing it out immediately afterward to start generating income.&#8221;<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Final Thoughts<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">With a clear goal coupled with an action plan, achieving your goal now depends on consistent execution, not just hoping that &#8220;somehow&#8221; things will work out.<\/span><\/p>\n\n\n\n<div id=\"hero-block_62ee867235a1c\" class=\"first:mt-0 hero-block py-4    has-background has-slate-900-background-color has-text-color has-white-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-2\/3 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-slate-color has-text-color has-large-font-size wp-block-paragraph\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-white-color\">2024 Live Virtual Summit<\/mark><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Struggling to invest or feeling unsure about the 2024 real estate market?\u00a0Our first-ever BiggerPockets Live Virtual Summit was created just for you!\u00a0Led by your favorite experts, dive into four mind-blowing nights of pure real estate inspiration and make 2024\u00a0<em>your<\/em>\u00a0year for real estate success.<\/p>\n\n\n\n<div id=button-custom-event-block_641384b1eb1d8 class='button-custom-event'>\n      <a\n    href=\"https:\/\/www.biggerpockets.com\/events\"\n        x-on:click=\"window.analytics.track('Blog Block | Memberships: 2024 Live Summit', {\n      referrer: 'https:\/\/www.biggerpockets.com\/blog\/goals-are-not-enough-unless-you-build-an-action-plan',\n    });\"\n    class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Register for Free<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/3 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/01\/2024-Live-Virtual-Event-9.png\" alt=\"\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Have you given up on your New Year&#8217;s resolutions yet? Did you achieve your goals last year? Goals are not enough\u2014you have to take action, too.<\/p>\n","protected":false},"author":613715,"featured_media":165254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,7119],"tags":[],"class_list":["post-165252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-development","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/165252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613715"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=165252"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/165252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/165254"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=165252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=165252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=165252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}