Time to set your property investing goals with these 7 great tips to get you started.
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In this episode we talk about:
- Council Planning departments
- Real estate development
- 7 Tips for Setting Powerful Property Goals
- 3 great ways to record and track your property Goals
Resources referred to in this episode:
7 Tips for Setting Powerful Property Goals – Podcast Episode 3
This is Everyday Property Investing episode 3. The show empowering everyday people to create wealth and achieve financial freedom, so get on board! Everyone can be a property investor. It just takes a little knowledge, a little support and some action. So get stated with us today!
Kaz: Hello and welcome! I’m Kaz and I’m looking forward to bringing you episode 3 of our everyday property investing podcast series. I’m here with my sidekick Den, how’s it going Den?
Den: Great, thanks Kaz! Yourself?
Kaz: Very very well, thank you.
Den: Now what are we talking about today?
Kaz: Well, today’s episode we’re gonna talk about seven tips for how to set really great property goals. And our quick tip will talk about great tricks to help you keep on track with those goals. So let’s get started.
Kaz: Den, so what’s news with you?
Den: This week well… My parents live in a place that they’ve lived in for forty years and recently the place next door was knocked down and they’re really worried because from what they’d understood the people living who were moving in were very wealthy and they were planning on building a three story house right up to the fence, and they would gonna have a concrete wall right outside my parents’ loungeroom window. They’ve got a lounge room and a sunroom. And rather than having a look at the beach out of their sunroom window they’re gonna have a look at a grey concrete wall. So my parents who are seventy years old were a little bit worried and quite stressed, and they really didn’t know what to do. So what they ended up doing is they had a chat to me, knowing that I’m the son that knows something about property investing and I suggested they get in touch with the planning people at the local council. Now, the planning people were fantastic. They really looked after mum and dad. They explained what the rules were. They explained what was going to need to happen for this house to go up. And ah ultimately, it seems that you just can’t build a nine meter wall right outside someone’s window. There are restrictions on how you build and where you build and I know that not everyone is happy about them. But ultimately what it means is that everyone else in the street seems to get a fair go. So my news from this week is probably really good news to say, you know, the planning departments at local councils do a job for a reason, and that’s to protect people and treat people fairly. So mum and dad were really quite pleased when they’ve found out, you know, you don’t have a right to a view and you don’t have a right to stop anything happening in your street. But when someone’s being reasonable the council seems to fall, you know, in their favor.
Kaz: That’s great, I actually had cause to be involved with local council planning department recently as well and I found them very very helpful so I, I absolutely agree with you….
Den: It’s fantastic. And I think so often you hear people complaining about the council. And what you realized in this situation is these people were really helpful, that were really understanding. And mom and dad appreciated that maybe the decision wasn’t going to go in their favor, but at least they felt that they were listened to and looked after and I think that’s really important.
Kaz: Absolutely. And they know stuff, they really know stuff, don’t they?
Den: What about you Kaz?
Kaz: Well actually this week and I’m really excited about this. It’s the first time ever that I’m actually paying to attend a seminar type event. I’m going to a property development course for the record. I’m really excited about it. Ahm, I’m going to learn all about property development.
Den: So, what exactly are you going there hoping to achieve?
Kaz: Well I don’t really know to be honest with you…
Den: Fair enough!
Kaz: All I know is that I’ve got a, I’ve got a couple of properties, a few properties now and what I, I really want to do something a little bit different with the next one that I buy. So I was thinking of like, doing renovation or a subdivision and building something, that sort of thing. And, and I just don’t know the first thing about it. And it’s one of those sort scary areas where it seems, just all seems so big and hard and you just, you know you don’t really know anything about the rules and, and all those sorts of things. So, I’m heading to this course hoping to just find out, find out what it’s all about. Find out how, if I can be involved in it? If it’s something that I could do and I’ll just wait and see what happens.
Den: I understand because even although I feel quite comfortable in investing and buying properties, you know the idea of development really scares me. That’s the same thing, residential properties for me – no worries; Commercial properties, scary…
Kaz: Yeah, it’s scary…
Den: You know what, and started to think, it doesn’t matter maybe how much experience you’ve got in one area as soon as you look outside – scary. So, you know to do that – I’d be really interested to hear how it goes because I don’t know anything about development. So that’ll be really interesting.
Kaz: Yeah I agree it’s pretty exciting to feedback on that one.
Kaz: Okay, we’ve got a little special announcement to make for this episode, I just want to let people know, if you’re listening to this and you’ve also listened to the previous two podcast but it was just Kaz and no Den, you need to go back and download them again from iTunes because we’ve done a little switcheroo! We’ve gone in and we’ve recorded the first two episodes of EPI, so get in there, download them again and you’re quick to hear Kaz and Den.
Kaz: In our feature segment today, we’re talking about seven great tips for setting really powerful property goals. So den what’s the first tip?
Den: Alright Kaz, tip number one as far as I’m concerned is, begin with the end in mind. So begin knowing where you want to finish up. And this is about making sure that you’re not putting all these restrictions on your goals. So, you think about what you really, really want to achieve and you don’t put limits on what you want to achieve. So it may be you want to live in a certain place, in a certain type of house, in a certain area. It’s really important that you don’t start setting yourself limitations like I’ll never be able to afford it, or it’s way too expensive or it’s way too big or whatever. You want what you really want so go for what you really want. Now, one of the things we’ve talked about with our property investing journey is that we’d both like to retire early. So if we take that as an example, for my mind, it’s not really about retiring early. Retiring early is something that sounds great, that might motivate us. But there’s a reason we want to retire early. It might be because you want to spend time with your kids, it might be because you want more time for yourself, it might be because really, you don’t like your job. There could be all sorts of things like that. So, rather than say, I want to retire early, which might sound like sort of, an appealing goal. You might be able to say, I’m doing this because it’ll give me more time with my family; I’m doing this because if this works, I’m going to have more time with my kids, I’m going to have more comfort, I’m going to have more choice, I’m going to have more freedom. So that’s what you latch on to. So I think beginning with the end in mind, and by being prepared to work out what it really means to you is, is a great place to start. So that’s number one tip; begin with the end in mind. What about number two, Kaz?
Kaz: Number two, is to set short term, medium term and long terms goals. I think it’s really important if you, if you just set that you know, the big, the ultimate goal. Sometimes it can be or seems to be so far, so far ahead in the future that any little progress you’re making towards it just doesn’t seem to count as much and it still seems too far away, and you become a little bit disheartened by that. So it’s really important to set yourself some quick wins you know, set yourself some short-term goals and then reward yourself when you actually get there. So, have a look at, at your goals and say, “Well, if that’s my ultimate goal, what’s a medium term goal on the way there that I can use as a sign post that I’m heading in the right direction? And what’s the short-term goal that I can, I can give myself a reward for, for getting to in, in the short term?” And that might be just in the next six months or whatever, and your long-term goal might be a five-year plan or your ten-year plan. But set yourself goals in a way that means you can get some wins along the way and get some runs on the board and feel good about what you’re doing.
Den: So what are some of the sorts of rewards I could be giving myself? If I’ve get this big goal to invest in property and to save money, what obviously a reward for achieving a short-term goal wouldn’t be an overseas holiday. What sort of things would you suggest? What have you used before to, to reward yourself?
Kaz: Well, that’s a really good question, Den. Ah, we’ll be off to do thing like ah, we, we’ll set ourselves ah you know, a short-term goal and when we make it, we’ll just reward ourselves with something simple like a night out, movies you know, get the grandparents to look after the kids and we’ll go to the movies and have the night to ourselves and, and say you know, wow we’ve achieved something here and just give ourselves a little reward. Yeah just, just little things like that oh hey, I know this is gonna sound really dorky but sometimes it might be a book that I’ve wanted to buy, and I’ve been too much of a tight, tight person to buy it, to fork out, so I say, “When I get to here I’m gonna buy that book, you know. Gosh darn it, I’m gonna spend that twenty dollars and buy that book!” So just little things like that.
Den: Alright so, so the fact is you’re going to spend some money.
Kaz: Yeah..little bit of money..
Den: It’s not as though, it’s not as though you, you will do everything cheap or whatever but you’re going to get some, I mean for me, I can’t really think of too much worse than buying me a book because books aren’t for me, but if you get me a nice bottle of wine I’ll be happy as. So I suppose it’s getting the reward that you like for a reasonable price.
Kaz: Yeah, absolutely. So tip number three, Den?
Den: Tip number three for me is to write down your goals and to make them visible. And I’ll give you an example about this. One of my goals at the moment, is to pay off our house. And what I’ve done is in my study, if you walk into my, my study where my desk is and I have all my stuff, is a big sign on the wall saying “Target = Zero,” and it’s written and it’s clear, and every time I walk into the study I’m reminded that my goal is to pay off this place, and is to own this property. I’ve given myself a timeline, and I’ve made it really clear and I know that I want to own my own home by a certain amount of time, and everyday I’m reminded about that. So I could put that on the fridge, I could put it on the back of the toilet door, I could put it somewhere, but it’s really important, I think, that you write down exactly what you want to achieve, make it really succinct, really short, and then put it somewhere that you see everyday. So you can’t deny, you you’re reminding yourself all the time what your goal is. So, tip number three for me, is to write down your goals and make them visible. Kaz, tip number four?
Kaz: Well, tip number four is to be flexible. So just be aware you know, it’s really important to write down your goals, make them visible, seek those goals, but sometimes you know, life changes and you change your mind. So, you’re not locked into anything and you could reassess and you should reassess those goals at regular intervals and make sure that’s still where you want to head. There’s no point you know, busting your gut to get somewhere and realizing it wasn’t where you wanted to get in the end. So, be flexible with your goals, you are allowed to change your mind. As long as you have goals and you’re moving towards them that’s the point.
Den: Okay, I think one of the things there though that, that I’ll get a warning sign is, some people will say, “I know this was my goal but I can’t be bothered today. I know this was my goal but I’m not gonna do it right now I’ll come back to it.” Now, once you’ve set a goal and you’re really serious about it, that’s still your goal. You don’t put everything on hold and say, “Well, I’ll come back to that in six months time. I want to buy a property but for the next six months I’m gonna spend heaps of money cause I just can’t be bothered and then I’ll come back to it.” So you’ve gonna make sure that you’re, you’re giving yourself flexibility without compromising what you really want to achieve.
Kaz: Absolutely I agree with that. It’s not an excuse to not achieve your goals.
Kaz: It’s just an acknowledgment that life can change for you and your circumstances can change and your goals can be flexible to accommodate that. But it doesn’t mean that you, you know, you don’t have to trying to achieve those goals, you don’t need to, to recognize it. You’re gonna have to work to get to them.
Den: Yeah, and I think for some people who might consider themselves a bit of a “gonna,” you know “I’m gonna do this and I’m gonna do that,” and, and they’re like that what they might find is that they push the flexibility to the point where actually now they no longer achieving their goals, and they just, they want to, but they’re not prepared to do what it takes.
Kaz: So tip number five, Den?
Den: Tip number five, and this is a little bit like my writing down your goals and keeping them visible. Keep track of your goals, know where you are. So for example for me, where I know where my goal is. I also know what the balance is on that account all the time. Another, some people that are really worried about finding out what their bank balance in, is just in case it’s awful, or they’re really worried about going to the doctor and finding out something just in case it’s bad news. As far as I’m concerned, the only you’re going to achieve what you want to achieve is if you know exactly where you are now, cause if you know where you are now and you’re tracking exactly where you are, then at least you know what you’ve got to do to get there. If you don’t even know where you are now, you haven’t got a clue. So keep track of your goals and be a bit ruthless about it. Make sure you check your balance everyday if it’s about your bank balance. Make sure you have a routine that involves you keeping track of what you really want to achieve. So step five for me, keep track of your goals. Know where you are now in relation to your goals. Kaz, what’s number six?
Kaz: Number six is be prepared to do whatever it takes to achieve your goal. Now that’s an important one because you need to recognize that a goal is a goal for a reason, and you’ve actually got to do something to get there. Think about, what are you willing to give to get there? Because you won’t be able to go out and go on overseas holidays every three weeks and spend a lot of money at the casino or whatever, and pay off your mortgage at the same time, unless you’re very very lucky. You going to have to give something to get there and you need to recognize that and be prepared to do what it takes. Is there anything you want to add to that Den?
Den: Well I would say with that, it also reminds me of the idea that you’ll be more prepared to do whatever it takes if the goal is really your goal. If you’re doing something just because someone else wants you to, because your husband or your wife says, “I’d really like you to do this.” It’s far less likely that you’ll be so powerful in doing whatever you want, so make sure your goal is exactly what you really want to achieve, what YOU want to achieve, and I think you’re far more likely to do whatever it takes.
Kaz: Yeah and I think that also comes back to the point that you made earlier about beginning with the end in mind, and knowing what you want to achieve and framing it in a positive way. So the goal wasn’t, isn’t to retire, the goal is to spend some great quality time with family, to travel overseas as a couple. And if you can set up those sorts of visualizations and associate those with your goals rather than just “I wanna retire,” it’s so much more powerful. And when things get tough and you recognize that you might have to give something up to achieve those goals, and you’ve got those positive references in mind, those are the things that will keep you going. Number seven, Den?
Den: Number seven, likely last one. My last tip is to get other people on board. Tell people what you want to achieve. Now you don’t need to go into the deepest darkest secrets of your life to get people on board, but what you can do is say to people I really want to achieve this, I’m looking at achieving this. And it’ll do two things; the first thing is, it’ll start making you accountable for what you say you do. So if you say to people I’m going to – there’s a woman at work I know who is a smoker, and she’s gonna quit smoking, and she’s been going to quit smoking ever since I’ve known her. And what’s happening now is she’s told that many people that she’s quitting smoking, that they now say to her so what are you gonna give up? What are you doing now four years down the track and still smoking? So what it does is it puts a little bit more pressure on you, it gives that external pressure. It’s the same reason people go and see a personal trainer because there’s some external pressure. You become answerable for what you say. That’s the first thing. The other thing is maybe a little bit more spiritual, but I really think if enough people think the same thing, it starts happening. If you really convince people that you’re doing something and that they believe you, you start setting up so the world’s ready for you to achieve what you want to achieve. So two things; first of all, other people get on board and they make you accountable. And secondly, if everyone thinks something’s gonna happen chances are well. So that’s my tip number seven: Get other people on board.
Kaz: That’s great! Thanks Den, let’s wrap up our seven great tips. They are, number one: Begin with the end in mind.
Den: Number two: set your short term, medium term and long term goals.
Kaz: Number three: Write down your goals and make them visible.
Den: Number four: Be flexible; you are allowed to change your mind.
Kaz: Number five: Track your goals. Know where you are now in relation to your goals.
Den: Number six: Be prepared to do whatever it takes to achieve your goal.
Kaz: And number seven, get other people on board.
Den: Alright now, here’s Kaz with this week’s Quick Tip and Action.
Kaz: Ok, today’s Quick Tip I’m going to tell you about three great ways to track and record your property goals. So number one: Excel spreadsheet. You got to love the spreadsheet Den, now come on.
Den: …Oh I love my spreadsheets. I am known as super-nerd by my friends because I love my spreadsheets. So Excel spreadsheet that’s got to appeal to me.
Kaz: Yes, and I work in IT and I think you almost qualify as an IT nerd as well Den. So Excel spreadsheet is a great way to write down and track your goals. You can do all sorts of cool things if you’re a real nerd with it, like make some graphs and stuff like that you know, get it visual, make it look good.
Den: But the fact is, you don’t have to do any of that. You can use it specifically as a spreadsheet that gives you information. You don’t need much knowledge, you can just write it down and keep track.
Kaz: Number two: Mind mapping. Now, you can get free software online actually, and I’ll put a link to it on the show notes, where you can actually download and use free mind mapping software. If you have never used mind mapping software before, it just allows you to brainstorm different concepts and it’s a really good way to record your goals and you could put all sorts of little icons next to them and spruce it up a bit, but once again you can keep it simple as well. But mind maps are also a great way to record goals. And the last one is a website called 43 Things. That’s 43things.com and that’s a website that you can go to and look at, you can record your own goals but you can also look at other people’s goals. It’s a really interesting website. And I actually first came across it probably about maybe five years ago now, and recorded my goals at the time, like my life goals, my bucket list. And, and periodically I go back and I record, you record like actions against it you know, where you’re up to against that goal, or you could say I’ve achieved this now. And you can actually look at other people who also achieve the same goals that you’re after and motivate each other. You can give people a cheer for their goals which is really, really cool. So 43things.com is a great way, it’s free to sign up, to record your goals. Now of course, there are three tips but there’s always a piece of paper and a pen. So, if you’re not all that excited by any of those three concepts, piece of paper and a pen will do the trick just as easily.
Den: Now I reckon a piece of paper and a pen and writing down your goals and sticking them on the fridge is a great way to remind yourself of the goals.
Kaz: Now today’s action, what we want you to do out of today’s episode is to have a sit down, have a quick think about it or even a long think about it, and set yourself one long term goal that’s related to your property investment journey and what you want to achieve. So at least one long term goal and if you’re really excited, by all means, set yourself a couple. Don’t overwhelm yourself but at least write down one long term goal then have a look at that goal, and split up into short and medium term. So that you can actually achieve something along the way, in the medium term or short term, so that might be what can I achieve in six weeks, what can I achieve in six months, what can I achieve in, in six years. Something along those lines but write, write it down. Now the other thing we want you to do is hit a moment to www.everydaypropertyinvesting.com and make sure you sign up for the email newsletter, so we can tell you when the next episodes are available and give you other exciting and interesting tips and also go over to iTunes and subscribe to the podcast.
Den: So next episode, we’ll be discussing different types of investments. And I’ll be chatting to a financial adviser. So if there’s anything you’d like to ask a financial adviser, here’s your chance.
Kaz: You could even find out whether you’re eligible for up to $850 of free money from the government.
Den: Email us at firstname.lastname@example.org. We’ll also have our usual segments including news and tips, so get on over to iTunes and subscribe to our podcast. Until then!
You’ve been listening to Everyday Property Investing, the show empowering everyday people to create wealth and achieve financial freedom. Please note that this show provided general advice based on personal experiences and is for educational purposes only. We’re not qualified accountants or lawyers or licensed to provide professional financial advice for you. We strongly advise that you employ the services of qualified professionals and seek their advice that is specific to your own personal circumstances.
You can visit us at www.everydaypropertyinvesting.com.
See you next time!