Hi everyone and a Happy and Prosperous New Year
I thought I would raise the subject of setting your goals and plans for the new year. I am not talking about New Years resolutions that are generally flippant and don’t last. I am talking about serious planning and goal setting for the coming year and up to 10 years into the future.
I have spent the last few days reflecting on my achievements from 2005 and setting new goals and plans for the New Year. I find it an incredibly powerful and worthwhile exercise. I actually set my goals and plans in a very formal way. The finished typed document is rather detailed and is about 6 pages in length. I spent about 25 hours on it this year. The most productive time spent at anytime during the year by my measurement. I also produce a type written evaluation of the previous year and my performance. This year has special significance because I will be losing my job next week due to a workplace injury that has lead to my medical retirement. Pretty scary after 26 years with the same employer !!
Without going into too much, Last year I achieved the vast majority of my goals and have held myself accountable for those I didn’t meet. Last year I set a monetary goal that I exceeded three fold(was my goal too conservative?)
I have set milestones to meet this year and it will be a bumper year with a projected profit in the vicinity of $800k (subject to market conditions) from existing properties I own (Is my goal to hopeful?).Last year one of my goals was to make contact with every real estate in my area, get to know them on a first name basis and contact them weekly, check the internet for suitable deals daily and read all the printed adverts I could find.
Well, I found 2 deals that would have otherwise escaped me.
No 1 deal netted me a taxable profit of $29k inCGT in 47 days and deal No 2 was an unusual property that was poorly marketed by an interstate RE on behalf of a National corporation. I purchased for $375k and since settlement have a 5+5 lease at $52k indexed with the leasee paying out goings. Bank valuation was $585K.In 2006 I plan to buy 1Million dollars worth of real estate.
The reason I wanted to discuss goal setting was that although the vast majority of you probably do set goals, some of you may not.
If you do, do you write it down? how detailed? What are you planning to achieve this year? I know that without doing this exercise each year I would be financially ruined instead of freed.
Would anyone else like to share thier plans/goals etc.JTW
I just finished reading “Secrets of Property Millionairs Exposed” and they all say they list personal and financial goals but offer no actual practicle examples. I too would love a “template” to get me started.
Amanda
“It is better to be inconspicuously wealthy, then to be ostentatiously poor…”Thanks to sorted
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi Redwing,
I might have missed something because I am almost computer illiterate. Where is the rest of it? Or is it just one page only.AmandaBS, you don’t really need any template,the magic of it is in the appreciation process (planning your plan) and the fact you write down what you are going to do, and how you are going to do it and commit to a time frame. The better the plan the better the result. Just start typing
If you would like a copy of the template/format I use , let me know.
One Page Only
I posted some info regarding Setting Goals in another thread started by Don in Forum Frolic that you may find interesting, for some people though the preference is to have a template that sets out the different areas you can establish your Goals in, hence the sorted link
I think its Outstanding that you surpassed your Goals three fold..
In previous years I have written Goals whether they be Financial, Health etc and been able to reveiw them continually as they were posted in a work/property Diary
Now I’m using a PDA and though a great tool..just isn’t the same as having things down on paper[glum]
Dazzling has posted his Goals here on previous occasions and then gone back and reveiwed them
Wasn’t there a quote about “the Life that is unexamined is not worth living” or some such thing, as well as “If you dont know where you’re going, thats where you’ll end up (Nowhere)” all pointing to the benefit in setting and reveiwing Goals/Life
6 pages is w..a…y too long for me, I’d be lucky to get one out, your template sounds interesting though, can you PM or e-mail me?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThanks Redwing for the great link. It will get me started and I can modify from there.
Amanda
“It is better to be inconspicuously wealthy, then to be ostentatiously poor…”Gidday Redwing,
I had a look at the forum frolic link and that article about goal setting was great.I know 6 pages sounds a lot , my first plan was only 1page. Now I get into the detail of budgets, how I am going to achieve things, timings, resources required, financing arrangments, different options,specific taskings etc. before you know it there are 6 pages.
Like I said, better the plan the better the result.I’ll e mail you a copy, I just have to cull the personal detail, as I don’t store it as a template. I will get back to you in a day or 2.
JTW
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