The Results for IDEAL wealth GROWERS

We are reaching the end of this series of articles and as in many others before, there are two categories of results to look ta.

The IDEAL GROWER system as a whole is looking to help you reach economic and then financial independence and freedom. That comes with the acquisition of multiple single-family residences that are professionally managed, occupied by good tenants that dependably pay for the nice place you provide for them and the fact that your property management team is reacting ASAP when they report an issue. Though that result is different for every person in the IDEAL wealth GROWER program, it can be said that generating about $3000/month with 8-10 financed properties and up to $10000/month with cash purchased properties is realistic. This also means there will be an asset value between $1Million and $2Million Dollars the IDEAL wealth GROWER will own.

Yes, your individual goals you articulated and wrote down when the goals were discussed might be different, but ultimately achieving the cash flow you wanted to reach is the result we are all working on together.

The other category of results I want to mainly focus on in this article comes when you keep working through the GROWER-part of the system. You need to think of it like a cycle that is recurring. My suggestion is to have a mentoring session with me about every 2 weeks (maybe weekly in the beginning).

In the initial sessions, we will focus on identifying the BHAG (Big Hairy Audacious Goal) and then break it down into smaller parts until we identify what the first goal is we need to address. In most cases that turns out to be the property identification and development of an inventory of expenses. That inventory then, as the goal, has to be optimized. So the goal becomes:

“To have the full awareness of all expenses and income, optimized in such a way that a monthly amount of $____ can be saved for upcoming investments and the amount of $_____ can be used for the purchase of the first investment property by _____ (month/day/year).”

The second part might not apply to all mentoring clients but most of the time we can identify an amount large enough to buy the first property within about 6 months from starting the IDEAL wealth GROWER program.

Coming back to the “Results” of the GROWER part of the system, this is what we are looking for? Did you reach that result and how far have we potentially come on the path to purchase that first property.

As you can imagine, it’s not just a matter of reviewing your current finances and optimizing your spending and savings habits, but there are a number of other things to do. Each of those things will inform and support your BHAG and can be considered as individual goals. As an IDEAL wealth GROWER you have multiple goals running in parallel and when we review results in each of our mentoring sessions we have several goals to review and see how they developed.

One really important aspect is the flexibility that is required while cycling through the mentoring work. Each time we review the experiences and results, it is possible that something has developed that might change your goals.

Just imagine you thought that the properties you would be looking for to invest in are mainly in Arizona and Nevada and typically range in price between $150K and $220K. That would mean that you will need between $35K and $50K as a down payment and other costs for each property. As part of our work, you determined what performance criteria you want to apply. As you know I suggest starting with the 1% rule and then apply other parameters from your full criteria list. Let’s say you looked into the locations in Arizona and Nevada you thought it would be interesting for you to be an owner in and find that none offer any properties that meet your criteria. That could be a frustrating experience even though it is a good lesson to learn. For your goals, it would also mean that you would have to identify locations that actually meet your criteria. If your criteria are like mine, I will tell you to just invest alongside me and in those same locations.

The funny thing in this example would be that you would find that the properties I invest in cost between $80K - $150K. That means the down payments are between $22K - $34K. With that in mind and assuming the lower end of that scale, you could get 2 properties when you were only looking and hoping for 1. Naturally, that changes at least the timeline of your economic independence plan. It might also change your perspective. On the flip side, you might be struggling to pull the trigger due to the experiences I mentioned in the previous article. When you see the properties and apply what you deem nice and desirable to you personally, these investment properties might not meet your criteria for beauty and other things, even if they perfectly meet the performance levels we established together.

As you can see, while the overall BHAG related results when ultimately achieved are similar for each client, the path, the journey and the individual step are very different and cannot be predicted. That makes it fun in each mentoring session but also somewhat challenging.

What’s most important by far besides the results is the engagement you need to commit to. Only when you decide that the goal is massive, important, inspiring, and something you really want to accomplish will you find the energy to really go after it and subsequently after all the smaller individual goals n the way. That will also lead to the accomplishment of smaller goals, each with its on intermittent results.

As you may recall from the start of this series, I spoke about the need for change and for each mentoring client to be very clear about his or her willingness to change things. Some of these things are familiar and what we might need to be willing to do is to think bigger, broader, more ambitious. In more cases, the things we need to change are new and require adoption into our lives and our habits.

I have studied change extensively and with emphasis on organizational change especially. What I learned is that the changes that an organization needs to make are always directly related to change that the members of these organizations need to make. The changes are procedurally but most often they are changed in habits that need to occur first. When it comes to change some of the gurus I have always followed are Jim Collins and John Kotter. In their separate ways, they both recommend that part of the process of changing habits and establishing changes is one behavior I try to make sure we apply. It’s: “Celebrate the small wins”.

I mean that literally and always encourage my clients to really do that. Think of something you really like – anything, like a nice glass of wine, a stroll on the beach, listening to your favorite tune. Making yourself or someone else a small gift. Whatever it might be – do it.

In these unusual times, as I am writing this article series encouragement to celebrate even the smallest of occasions and wins is even more important. The positive energy you get from the celebration will power you towards the next small goal. If you want to make it a practice or habit and overcome the hesitation to celebrate when your mind might tell you that ‘it’s not really a big deal or worth throwing a party’, I suggest to start writing a gratitude journal. It’s a simple booklet you can order at Amazon or find in other books stores. You write in the morning what you plan to do and accomplish in your day and at the end of the day you write what you actually got done.

Whenever even the smallest things go right you write a sentence or two about how grateful you are for it. You can also write these for any results you generate in the process of achieving your small goals and ultimately your larger goals till you get to the BHAG.

I have thought a lot about the name I wanted to give to this program, and you might ask yourself why it is called the IDEAL wealth GROWER. Honestly, I believe it perfectly describes what we are growing, that in the process we are growing as people and become who we were always supposed to be when we utilize our full potential. Doing that will create an ideal condition and allow us to live a life that puts us in charge. That’s what economic and financial independence really means. Being in charge and in control.

I encourage you to become an IDEAL wealth GROWER and do a little bit every day to get a little closer to your BHAG. If you like my help through the mentoring program, I would be honored to help you.

In the near future, we will provide you with continuously more content, including a YouTube channel, podcasts, online courses, and much much more.