How to set and achieve your goals in 2023?

It's goal setting season again!

If you've been thinking about your goals for 2023 you might enjoy this chapter excerpt on goal setting from my book Top Tips After 100 Flips (available on Amazon).

I hope you enjoy!

The world’s top performers all have one thing in common, whether they’re athletes, business leaders, politicians, or musicians — they all set goals.

They have long-term goals to focus on their vision, and short-term goals for motivation and performance tracking.

You’re likely reading this book because you have goals that involve real estate investing.

Your goals start with your ‘Whys’ — which is why it’s so imperative that you write them down.

Let’s use the example mentioned above.

What would it take to achieve financial freedom? How much income would be needed to pay for private schooling, traveling the world, generously donating to charity, and working on projects that you’re most passionate about?

Now try to think about what’s required to generate that much income.

From there, work backward, and break your primary goal down into more reasonable 3-year and 1-year goals.

From there, break things down further into even more discrete quarterly, weekly, and daily milestones and activities.

Be realistic in the beginning; it will take significant effort to gain momentum. Once you have momentum, you’ll find things will get easier, and results will come faster.

Let’s say you determine that $20,000 is your ‘financial freedom’ number. Imagine that you want to reach that goal in 10 years. This is how it might look:

10-Year Goal:

$20,000 passive income

100 Doors (houses or multifamily units)

3-Year Goal:

$2,400 passive income

12 Doors

1-Year Goal:

$600 passive income

3 Doors

90-Day Goal:

$200 passive income

1 Door

Weekly Objectives:

Make 5 offers

Attend 1 networking event

Daily Objectives:

Analyze 10 deals

Talk to 5 wholesalers and Realtors

As you can see, your daily objectives build toward your weekly objectives, which, in turn, build toward your 90-day (quarterly) goal, which, in turn, builds toward your 1-year goal… and so on, until you reach your 10-year goal.

When you complete a 90-day goal, set your next 90-day goal that continues to build toward your 1-year goal. Then, once you complete your 1-year goal, set the next year’s goals until you hit your 3-year goal, and so on.

This stepping-stone-like goals and objectives process keeps you focused on short-term, actionable tasks that over time assist in the accomplishment of larger goals. During this process, it’s OK to make adjustments.

For instance, you might find that by Year 1, you have only two doors. Maybe you’ll need to make more offers. Or, maybe you’ll find better deals in another market.

You might get ahead of your goal by acquiring a duplex, a fourplex, or a small apartment complex.

But don’t be discouraged; make adjustments where necessary, and keep up your progress.

Originally Posted on InvestedX.