12 Tips on Setting your financial goals Part One

I bet you wrote down your goals on January 1st this year.  Is that all?  Did you re-think them this month and write it down again?  If you don’t know what your goals are, how are you going to measure whether you’ve reached them?  And, I would bet that if you didn’t write them down at all, you are in the same financial position as you were on January 1st.  Ouch! Here are 6 of the 12 tips to help you to reach your goals. On the next posting, we will give you the final 6. 

Is it time for a change of strategy?  Maybe so, read on…

Take the most accurate archer, the best in the world. I guarantee that I can do a better job of shooting than he can…IF…you first blindfold him and turn him around a few times. You might think, why that is ridiculous. How is he supposed to hit a target he cannot see? Here’s a better question: How are YOU supposed to hit a target you don’t even HAVE?

When investing in real estate, in order to succeed, you need to set financial goals. Here’s how to go about it.

Make sure your goal is something you really want, not something that just sounds good. People say they would like a yacht. But do you really? Many yacht owners joke that a yacht is a hole down which you pour tons of money.

Be specific. Wrong: I want lots of money. Right: I want to be earning $5,000/month by one year from now. I will do this by Wholesaling “x” number of properties at $3-$5K each.

Be detailed. When the subconscious mind has detailed instructions, miracles happen.

Shoot for the moon, but, at the same time, be realistic. “I want to make $500,000 the first year will most likely take a miracle. Five figures (on the high end)is much more realistic

Make your goal measurable. What gets measured gets done.

Write your goal down. This sets an unconscious process in motion to get your goal accomplished.

Be prepared to review and restate your goals, as you reach a certain level, or your situation changes, and you realize that you have not reached high enough. Sometimes having a trusted advisor or mentor can really keep you focused and on point.

Stay tuned for Part Two where we will give you 6 more Tips to reach your goals in real estate!

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About the Author Attorney William Bronchick

Attorney William ("Bill") Bronchick, the host of Legalwiz.com, has authored six best-selling books and is sought nationwide for his 30+ years of real estate and legal knowledge. He has been interviewed by numerous media outlets, such as CNBC, TIME Magazine, USA Today, Investor Business Daily, Forbes, and the LA Times, to name a few. William Bronchick is the co-founder and past President of the Colorado Association of Real Estate Investors and the President of the Colorado Landlords Association. Click on the "About" link above for more information on William Bronchick.

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