Measuring success can be a difficult task without having goals. Essentially a goal is a dream with a deadline. A “good” goal takes your purpose and turns it into something concrete and specific. A dream is to “own ten investment properties” where a goal is “I want to own ten investment properties by the time I’m 40”.
Working at Blue Wealth has opened my eyes to the truth about achieving goals. One of the simplest yet most effective tools is the “Smart” principle. When thinking about creating goals (whether they be related to property or not) you must align with the following acronym:
- Specific: Well defined, clear, and unambiguous
- Measurable: Criteria that measure your progress towards the accomplishment of the goal
- Achievable: Attainable and not impossible to grasp
- Realistic: Within reach, realistic, and relevant to your life purpose
- Timely: With a clearly defined timeline, including a starting date and a target date. The purpose is to create urgency.
These principles apply to all things, not just property investment. The problem with everyday investors is that while many have aspirations, few prove to have a solid plan with goals integrated. Take the all too common case Jarod as an example.
Jarrod is a 22-year-old carpenter and has a goal to buy 3 investment properties. He doesn’t have knowledge about the market, where is a good opportunity to invest, what is a good price or how much a deposit plus costs will be.
Even though this goal is specific, achievable and realistic it’s not timely. There isn’t a clear timeline for this goal which includes a start date and a target date. As a result, he may get side-tracked or lose sight of his original goal before his dreams come to fruition. The reality is, that we see this happen day in day out with everyday Australian’s. Many possess ambitions of creating wealth, however, only those that create clear goals and a plan regularly end up achieving them.
You must align with knowledgeable industry professionals, if you are to create clear smart and achievable goals in property investment. Expert experience arms the everyday investor with the ability to clearly identify investment opportunities in our dynamic market. That’s why at Blue Wealth, it is our aim to provide everyday Australians with the education and knowledge to make better investment decision – now and in the future.