The first rule in setting and achieving your goals is to be flexible on how you achieve them. For example, when I was getting started in real estate investing I set the following goals that I wrote on April 1st 2008. They were pretty vague as I was just getting started but I wanted to share anyway. At this time please note it was my goal to invest in multifamily apartment buildings. This was before I found the wonderful world of self storage.
- 1st year goals: have over 50 rental units, and $3000 a month positive cash flow
- 3rd year goals, have over 250 rental units and $6000 a month positive cash flow
- 5th year goals, have over 1000 rental units and $10000 a month positive cash flow
April 1, 2014 have over $150,000 a year positive cash flow, with refinancing and trading properties, I should be able to have a company in place and have minimal work to do, and then retire.
Little did I know the journey I would go on in the next few years.
Part of my goal was to have ownership of something. I could only dream of what it would be like to own 250 apartment units. Wow when I own 250 apartment units I am going be so cool I said to myself. However, when it comes down to it, it’s all about the money and passive income that let’s you live your life the way you want. “Let your money work for you not you work for your money”, my Dad instilled in me as a kid.
I am now into the second year of the plan and I do not own the 250 apartment units. However I do own nearly a thousand storage units and another couple commercial properties that have helped me exceed my goal of $6,000 a year in positive income. My recent acquisition of Always Open Storage in Covington, Georgia helped me far exceed my goals. So the point here is to be flexible but keep your eye on your goals and what is most important to you. In my eyes that is health, family, friends, and so on.
I am writing this article on a nice spring Saturday when several of my friends are attending the Cubs game. I feel a bit bad for missing out on the action today but I realize that this summer I will be able to do more fun things because of my ability to give up a few things now so I can have a healthier and happier future. “Live your life like no one today so you can live like no one tomorrow” Dave Ramsey stated.
At times you will need to refine your goals but you always have that end goal of happiness there motivating you on. Each day I always ask myself, did I do all I could today to get closer to my goals?
The next key factor is that you have to be clear of exactly what you want to achieve. You can see by my goals above that I was not all that clear and really had no idea what I wanted to achieve. Those were because I was at the time a novice and had no real training on goal setting. I read in the book titled “Getting Organized in the Google Era” which I recommend to “Know exactly where you’re going-and how you’ll get there-before you start the engine.” A clearly defined goal (and action plan to achieve it) gives context and purpose to everything you do. These are great words to live by in life and goal setting.
When you do not have a clear understanding of your goals it is very hard to tell what is important in life. I suggest writing it down as clearly as possible and putting together a plan of action to get the job done. Try to do your best to make positive steps each day in the right direction and you will be achieving your goals before you know it.