Goal Setting and some Tips
Goal setting is ALL about the WHAT and WHY
Ask yourself the question – WHAT do you want? The answer to this question HAS NOTHING
TO DO with HOW you get what you want. It is an unfettered free thinking activity designed to
extract what your really want. It is a big picture about how your life will look like after a specified
time period. Suspend disbelief and self doubt – let your mind wander freely! Go on, try it!
The WHY you want it will provide you with the energy and desire to carry you through the tough
times, and there will be challenges.
Goal setting is NOT about minute detail – it is about BIG PICTURE clear visions.
The detail will come much later in another document ( THE HOW)
BEFORE DOING ANYTHING ELSE WATCH THIS VIDEO
Now read below.
When setting your goals it is good to follow the S.M.A.R.T guidelines
S – Specific – State exactly what it is that you are setting out to achieve.
M – Measureable – Whatever you set for yourself you must be able to measure it
A – Achieveable – Only set goals which are possible to achieve
R – Realistic – Be truthful with yourself, sure set your goals high but make sure that some reality is used.
T – Timely – Put time constraints on whatever you set yourself
A good tip is to write your goals in the Present tense. Doing this makes it easier to visualize the goal.
Visualization of your goals is a great way to energize yourself. Another method of enhancing your visualization is to produce a \’Dream Board\’ This is a board with the visual images of the goal/s that you are going to achieve.
The board is kept in a place that you can view daily such as the kitchen or home office.
Example:It is January 8th 2023 and we have a property portfolio which provides us with an annual income of $150,000. We have no loan debt on our portfolio.
Our average gross rental yield is 8.7%. Our property portfolio allows us to have 2 holidays overseas each year and provide support to our nominated charities.
Ask yourself the following questions to help you to be more specific when setting your goals:-How much passive income do you want at the Medium Term?
How much passive income do you want at the Long Term?
What LVR do you want at the commencement of the Long Term?
At what point if any during the long term stage would you consider paying down your debt?
Would you be considering paying down all or a part of your debt during the long term?
At what LVR would you pay down to?
How many years would elapse for each stage?
What average gross rental yield would you plan to achieve with your portfolio?
What average annual growth would you hope to achieve with your portfolio.
What is your risk profile – low, medium or high?
Are you an active or passive investor?
You may wish to get yourself a copy of the fantastic book written by Dymphna about setting goals. The book is \”Peg in the sand\” and it is obtainable via this link
Regards
Michael and Sara
Ultimate Coaches
