Do you know the importance of planning?
When we talk about planning, we're referring to goal setting. Yes we know, it's all just too hard. BUT do you understand how important it is to know where you're heading? One of our favourite
quotes is from Alice in Wonderland:
'If you don't know where you're heading, then any road will get you there'.
We're going to assume you understand the importance of goal setting and move onto describe the approach we take.
Step1: Identify five categories that are important to you.
Our five categories are:
* Family and Relationships
* Work/Business
* Financial
* Healt
h and fitness
* Charity
Step 2: Write down one S.M.A.R.T. goal under each category.
S.M.A.R.T. is an acronym for Specific, Measurable, Achievable, Relevant and Time-bound. Here is an example of a S.M.A.R.T. business goal:
On or before 31 December 2011 my business turnover will be $600,000. I will achieve this by providing the very best residential real estate buyers agent service in the industry.
This goal is Specific (eg residential buyers agent service), it is measurable ($600,000 turnover), I have done the forecasts and it is Achievable, it is Relevant to our families personal goals AND it is Time-bound (on or before 31 December 2011).
Step 3: Monitor the progress of each of your goals.
This will determine if you need to change strategy or maybe even re-evaluate your goal.
Now it's your turn. Go ahead and identify five categories that are important to you. Then establish one S.M.A.R.T. goal for each category. As you do this, you must commit to do what ever it takes to achieve your goals - otherwise the exercise is pointless.
Over the ensuing 12 months, monitor your progress. If you need a hand, drop us an email at info@propertybuyersaustralia.com.au.
Next up, we'll discuss the importance of having the correct mindset AND some tactics to make the change.
"Goals are the fuel in the furnace of achievement" - Brian Tracy, Eat that Frog
Here's to your property investing success.
Garry lives on the sunny Gold Coast in Queensland with his wife and two children. Garry is a business man committed to helping other achieve their financial goals.
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