Do you have goals? Are they written goals? Do you read them on a regular basis? If not, then there’s a good chance that you’re a wondering generality who gets up, goes to work and then comes home at the end of a very hard day. When asked, you can’t say why you do this day after day. With all the opportunity around you, saying “I do it to pay the bills,” just isn’t a good enough reason.
Think of it this way: Your wife says to you, “Let’s go on a trip.” You ask, “Where are we going? When do we leave? How long will we be gone? How will we get there?” She answers, “I don’t know. It doesn’t matter. Let’s just go.”
See the problem? For any journey to be successful – including your life’s journey – you gotta know a couple of things: First, you need to know where you are. Next, you need to know where you’re going. Third, you need to know how you’ll get there. Finally, you need to have some identifying landmarks along the way to help ensure you don’t get lost.
Said another way, you need a map. Maps help keep you from getting lost. And if you do get lost, you’ll be able to get back on course more easily and quickly if you have a map than if you don’t. Think of your written goals as your map for your life’s journey.
When it comes to real estate investing, it’s common for new investors to not have clear, concise goals. When asked, “Why do you want to be a real estate investor?” many answer, “To get rich, drive an expensive car and live in a mansion.”
Here’s the funny thing. Kim and I know a lot of very successful real estate investors. They all want to be wealthy, not rich. There’s a HUGE difference between being wealthy and being rich. Do you know what this difference is? Also, most own older cars they bought used, and none live in a mansion.
Having written goals is a critical piece of the success puzzle. Without have written goals as your roadmap, there’s just no way to know where you are, where you’re going, or which way to turn if you get lost.
How do you determine which goals to write down? Go to a quiet place with a writing pad. Ask yourself, “What things do I enjoy doing most? What do I want to do with my life? Why are these things important to me?” When you’re done writing, you’ll know which goals are important to you and why. Write these down, then go to work and turn them into reality.
Bill and Kim’s North Georgia Real Estate Investors Association meets on the second Thursday of each month, from 7 to 9 p.m., at the Hilton Garden Inn off Main Street in Cartersville, Georgia. For more info, go to REIoutpost.com.