Are you on track for your 2021 goals?!

[Joshua McMillion]

BiggerPockets,

I asked this question to the REI military community; I know I'm curious what others have done to take action!

I wanted to take some time and reflect on how powerful setting a goal can be. I started this year with a straightforward goal to acquire my third investment property and broke up my yearly goal into quarters as a milestone to keep myself accountable and focused. At my current savings rate (I'm averaging 67%), I will have met and surpassed my 2021 goal by August. Recently the tenants in my Louisiana property expressed interest in purchasing the property we wanted to sell. After talking to the real estate agent, also a veteran and awesome, the buyers accepted the asking price and are pending appraisal. The home is forecasted to close by the end of March. It will provide the needed capital to fully exit that market and purchase two new properties in a much better market to springboard generational wealth building.

I contribute most of this success to the mastermind group I joined. Having that weekly push and reinforcement has been a game-changer. Additionally, after reading Vivid Vision, I created a 10-year goal targeted at my military retirement date. Each year I will slowly (I call it the BBQ method) eat away at it, and when I hang up the uniform, I can fully retire! BTW, Episode 448 with Dion Mcneely was ever similar to how I approach REI. It was refreshing to hear others being successful with the same strategy I am currently working towards.

Turning the table, are you on track to meet your 2021 goals? Do you break up your yearly goal into quarters? How long do you plan for?

2021 Goal: Purchase third investment property; Begin saving for a fourth investment property

Q1: Save up half the funds needed for the third property

Sincerely

Josh

[Nathan Gesner]

Congratulations! I'm terrible at setting goals. I understand the importance of them but I'm too busy juggling too many things to dedicate the time. I am also pretty successful doing what I'm doing, so I don't see much need to set goals when I'm already very happy with what I've got and where I'm headed.

That said, I do have some loose goals in my head. My overall goal is to have $300,000 annual income by 2030. I will use $100,000 for living, $100,000 for charity, and $100,000 for investment costs and/or more investments. Pretty basic.

I also have a goal of reducing my workload to 20 hours a week and the ability to work from anywhere. I want to be working on growing the business and my employees instead of dealing with day-to-day stuff my employees can handle. And having the ability to work from anywhere will lead me to my next goal of taking long working vacations to various parts of the world, including a vacation home in Italy.

How do I break it down? I technically don't, but I am focused on building my income, saving, and investing when the opportunity arises. God has blessed me with a successful business and the ability to find deals, so I'm plugging along faster than anticipated and see no need to get obsessive about it. I hoped to buy 3-4 rentals this year; I bought two in January and in March I will close on a property with three residential rentals and 154 storage units! Just those two purchases will bring cash flow as much as my other 28 rentals, so I've suddenly jumped way ahead of schedule.

Anyway, good on you for building a plan and working towards a goal. And thanks for your service. I was a JTAC for 21 years, retired in 2008.