Investing in real estate is an exciting and potentially lucrative investment option. Even when investing part time, this is an excellent way to supplement your income. However, to avoid common mistakes so you can achieve great success, it is important to learn about proper goal setting.
Real estate investing is hard work, but when done right, it can lead to great things. Unfortunately, many investors dive in without first establishing goals. The outcome is a long list of challenges that are hard, if not impossible, to overcome.
The Value of Setting Goals
Goals create direction and focus. For investing, goal setting allows you to maintain control over the direction of your career and identify benchmarks to determine if you are on track.
- Motivation – Whatever goals you set need to be motivators. In other words, goals need to be things of real importance and value to you, which in turn increases the chance of achieving them. For investing, set goals that are of high priority. This will help with focus and drive you to succeed.
- Make SMART Choices – SMART is the acronym for Specific, Measurable, Attainable, Relevant, and Time bound. By following this philosophy for goal setting, the direction will be clear and defined. Rather than set goals that are vague, you want to be precise. Goals also need to be measurable so you know if you are heading toward success or not. In addition, for investing, goals must be attainable. Otherwise, you will work and never make significant progress.
- Put It in Writing – Always put goals in writing, which helps remember them and makes them more real.
- Action Plans – One final aspect of goal setting specific to investing is that you need to make a viable action plan. Putting goals in actionable steps allows you to see progress along the way. With this, you can make appropriate adjustments while experiencing ongoing motivation.