So you want to be a successful real estate investor? Well, you must have goal setting online. To have the best chance of achieving your goals be SMART goal. Now, not the definition of Webster smart but smart as an acronym for specific, measurable, achievable, realistic and timely. I want you to write these five words on a piece of paper, because all of your goals should be checked to ensure they comply with the standard intelligent.
So, first let's see the S in smart special meaning. Your goals should be specific and say exactly what you want to happen. Being specific is used to apply their efforts to effectively and clearly defined what they will do. The details of its objectives are what, why and how. Ask yourself this question: what will you do? Answer this question with action words such as learning, buying, creating, and so on. Why do you want to achieve this goal and what you want to achieve now rather than later, and finally, how. How are you? You must ensure that each goal you set is specific. Rather than setting a vague goal like I want to invest in real estate, set a specific goal, as I want to own two rental properties all cash flow $ 250 per month after all expenses. See how to be more precise planning can be much more accurate.
Okay, now to the M in intelligent, this means measurable. Goals that are too large are difficult to handle and if you can not manage your objectives them is not so simple. Measurable aspects of goal setting focuses mainly on short-term goals when it relies on you to achieve your long-term goals. Take, for example, our previous specific objective of having two apartment buildings each cash flow $ 250 per month after all expenses. To achieve this goal, it is necessary to establish measurable short-term goals, such as obtaining financing, localization properties, rehabilitate if you are worried, heck you might even have to learn how to analyze a rental property know although cash flows. See how, even if our goal was specific objectives still need more accurate short-term to increase their chances of reaching the goal. The last point I want to address measurable goals is that you must have a meter to measure against. Establish concrete criteria for measuring progress. This will not only keep you on track, but to achieve these goals in the short term, there is the excitement of knowing that you are one step closer to your overall goal.
Now, the A in intelligent, it means reaching. If you set goals that are too large or too far out of reach, not really commit to trying to reach. For example, setting a goal of buying 100 rental properties in the next 12 months, or to generate $ 250,000 in rental income over the next 12 months for most of us is not feasible. Goal setting like this, you can begin excited and ready to go for them, but after a while your subconscious will remind you that this objective is simply too to make and will become increasingly focused on achieving your goal and before long you stop treating everyone. The goal must be quite difficult as you have to work for it, but not so difficult that you have no chance of doing so. When you reach a goal that is exciting and is pumped to reach the next. This is the attitude we need to have, not a continuous list of unfulfilled goals. Building Momentum with achievable goals is a sure way to reach the most difficult goals over time.
The penultimate letter R stands for realistic. Now, realistic does not mean easy, but it does mean feasible. If you have $ 500 in your name and your goal is to buy 30 properties next week is probably not a very realistic goal. This could be done, perhaps, but it is more realistic than realistic, yes. Set goals that require effort, but if they are too difficult to just open the way to failure. Furthermore, the objectives of setting the hand are too easy simply to show that he is confident and that you are not very capable. Set the bar high enough for the realization feels like an achievement.
Finally, we come to the T, which means time. This is pretty self explanatory. By setting goals must have a point of arrival or delay. That's next week, next month, in two days, no matter what the case should not be a time limit associated with the target. When it is not set a deadline that is not truly committed to achieving your goal. Without time there is no urgency to start taking action now.
So, first let's see the S in smart special meaning. Your goals should be specific and say exactly what you want to happen. Being specific is used to apply their efforts to effectively and clearly defined what they will do. The details of its objectives are what, why and how. Ask yourself this question: what will you do? Answer this question with action words such as learning, buying, creating, and so on. Why do you want to achieve this goal and what you want to achieve now rather than later, and finally, how. How are you? You must ensure that each goal you set is specific. Rather than setting a vague goal like I want to invest in real estate, set a specific goal, as I want to own two rental properties all cash flow $ 250 per month after all expenses. See how to be more precise planning can be much more accurate.
Okay, now to the M in intelligent, this means measurable. Goals that are too large are difficult to handle and if you can not manage your objectives them is not so simple. Measurable aspects of goal setting focuses mainly on short-term goals when it relies on you to achieve your long-term goals. Take, for example, our previous specific objective of having two apartment buildings each cash flow $ 250 per month after all expenses. To achieve this goal, it is necessary to establish measurable short-term goals, such as obtaining financing, localization properties, rehabilitate if you are worried, heck you might even have to learn how to analyze a rental property know although cash flows. See how, even if our goal was specific objectives still need more accurate short-term to increase their chances of reaching the goal. The last point I want to address measurable goals is that you must have a meter to measure against. Establish concrete criteria for measuring progress. This will not only keep you on track, but to achieve these goals in the short term, there is the excitement of knowing that you are one step closer to your overall goal.
Now, the A in intelligent, it means reaching. If you set goals that are too large or too far out of reach, not really commit to trying to reach. For example, setting a goal of buying 100 rental properties in the next 12 months, or to generate $ 250,000 in rental income over the next 12 months for most of us is not feasible. Goal setting like this, you can begin excited and ready to go for them, but after a while your subconscious will remind you that this objective is simply too to make and will become increasingly focused on achieving your goal and before long you stop treating everyone. The goal must be quite difficult as you have to work for it, but not so difficult that you have no chance of doing so. When you reach a goal that is exciting and is pumped to reach the next. This is the attitude we need to have, not a continuous list of unfulfilled goals. Building Momentum with achievable goals is a sure way to reach the most difficult goals over time.
The penultimate letter R stands for realistic. Now, realistic does not mean easy, but it does mean feasible. If you have $ 500 in your name and your goal is to buy 30 properties next week is probably not a very realistic goal. This could be done, perhaps, but it is more realistic than realistic, yes. Set goals that require effort, but if they are too difficult to just open the way to failure. Furthermore, the objectives of setting the hand are too easy simply to show that he is confident and that you are not very capable. Set the bar high enough for the realization feels like an achievement.
Finally, we come to the T, which means time. This is pretty self explanatory. By setting goals must have a point of arrival or delay. That's next week, next month, in two days, no matter what the case should not be a time limit associated with the target. When it is not set a deadline that is not truly committed to achieving your goal. Without time there is no urgency to start taking action now.
