Lessons from the Pros

Featured Article

How to Achieve Your Goals in 2012

The New Year brings us the opportunity to reflect on the past year and to be excited about the year to come. There is a feeling that we have a fresh start. However, I don’t personally believe in New Year’s Resolutions. I believe in reviewing and setting goals at the first of the year. A goal is defined as: The result or achievement toward which effort is directed; aim; end. So what do you want to do differently this year? What dream has been eluding you? How will you reach these goals? On that note, I would like to share with you a few things I’ve found to be productive in my goal setting and my goal accomplishing.

  1. Set your goals: be specific and intentional. I set mine by category: Personal (Family, Health & Fitness, Spiritual, Relationships), and Business/Investment
  2. Set time frames: All goals need structure or real life can often get in the way. To build a solid foundation for these goals, construct a schedule. However, as Laura Berman Fortgang says, ‘As you move along, don’t judge the time you’re using or try to measure whether it’s productive, just get absorbed in the activity.’
  3. See the goal in your mind’s eye and break it down into steps. Breaking the goal down into manageable steps is the key. Have a plan with the steps and milestones outlined (this can be revised as you go along) take a step, reach the milestone and repeat the process. Breaking the goal down into bite-size chunks makes it feel more manageable and gives you successes along the way.
  4. Be don’t Want to Be. As you start to make progress toward that goal, know from that time forward you are the goal. For example, if your goal is to buy and sell your first piece of  investment real estate and you have accomplished the goal of purchasing the property and you are now rehabbing it, don’t say ‘I am trying to be a Real Estate Investor’ – you are now a Real Estate Investor.
  5. Share your goals. It is proven that when a goal is spoken, it has a greater chance of being achieved. Networking in all aspects of life is important, especially in the Real Estate Industry. Because, as investors, we don’t collaborate with others very often, it is very important to get out with like minded people and share your goals and experiences.
  6. ‘DO IT NOW’, as the late W. Clement Stone (the man behind PMA-Positive Mental Attitude) advised, and miracles will happen.

Now let’s put these theories into action. Say you want to get started as a real estate investor for example. This is an example of the steps you would take.

  1. GOAL: To buy one property and resell it with a profit of ___________ (you fill in your number) – be very specific.
  2. TIME FRAME: Purchase a property within 4-6 months and have it on the market by early fall.
  3. STEPS:
    1. Interview a few brokers
    2. Start getting a list of properties to look at
    3. Use the tools provided in class to start analyzing the properties
    4. Make offers that work for you
    5. Close the deal
    6. Get the property ready for the retail market (fix up)
    7. Market the property either For sale by owner for a few weeks, or, if not sold, list with broker
    8. Celebrate!
  4. BE AN INVESTOR: As you are implementing the steps, if someone asks what you do say, ‘I am a real estate investor currently engaged on a project’.
  5. STAY INFORMED: Attend Real Estate related seminars and your local Real Estate Club. Join me for the online class in February which includes office hours.

I hope these guidelines help you take that next step, whether it’s buying your first investment property or moving you to the next level. I am excited to be part of your team as you reach your goals in 2012.

Great Fortune,

Diana Hill – dhill@tradingacademy.com

DISCLAIMER This newsletter is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results. Reprints allowed for private reading only, for all else, please obtain permission.

Join over 170,000 Lessons from the Pros readers. Get new articles delivered to your inbox weekly.