It’s time to start planning on ways to cope with the challenges of tomorrow. Start with your own goals. Set a time frame and financial framework within which you intend to implement action to achieve them. Understand the rules. Learn what to do and what not to do. Like the cop said to the man who asked him: “How do you get to Carnegie Hall?” – PRACTICE, PRACTICE, PRACTICE!
A real estate investing career rarely starts and stops at the same place. It does not follow a straight line. There will be twists and turns all along the way. Markets will change. Your needs will change too. Your financial situations will change. The more you learn and the more confidence you get, the more your real estate investing business will evolve down the path to financial freedom.
17 Successful Wealth Traits
Successful entrepreneurs are different from average people. Here are some time-tested concepts that they share:
- The Key to Becoming Rich Is to Truly Want to Be Rich.
- For the Rich, Financial Success Is An Overriding Priority. The First Obstacle They Must Overcome Is Often Their Own: Fear, Greed, Cynicism, Guilt, Laziness, Lack of Discipline, Bad Financial Habits, Ego, Ignorance and Arrogance.
- The Rich Take Time to Plan Their Financial Objectives First.
- They Are Willing to Sacrifice Time and Effort to Succeed.
- They Gamble on Themselves, and Invest in Others.
- They Are Patient; Willing to Wait for the Right Opportunity.
- The Rich View Problems as Challenges to Learn From.
- They Work for Others Only In Order to Learn – Not for Money.
- The Rich Made Their Fortunes in Their Own Businesses.
- The Rich Have Learned How to Use Credit and Leverage.
- The Rich Don’t Work for Money, It Works for Them.
- The Rich Have Learned Ways to Create Their Own Currency.
- The Rich Find Ways to Protect and Conserve Growing Wealth.
- The Rich Use Multiple Strategies and Entities to Reduce Tax.
- But, They Focus Energy on Increasing Assets Instead of Tax Avoidance.
- They Learn Ways to Compound Assets Using Tax-Free Trusts.
- They Find Ways to Avoid Estate Taxes to Compound Wealth.
Once you’ve gotten your plan down on paper and internalized, and winning principles incorporated into your methodology – START DOING IT! Resolve to find your place among those at the top of the heap whatever the challenges; and to stay there.
Related Article: Creative Options and 0% Financing – Part 1
6 Goal Setting Questions
Here is a broad overview of the goal-setting process. Begin by setting detailed financial objectives – I know at first it can be a time consuming procedure – but it will be your foundation for success. Until you are able to provide comprehensive, accurate, precise, well considered answers to the below questions, you’ll have a tough time achieving long term financial success!
Here are some goal setting questions to get you started in improving your real estate investing business.
- WHAT ARE YOUR LIFE OBJECTIVES IN TERMS OF PERSONAL AND FINANCIAL GROWTH?
- HOW MANY YEARS ARE YOU WILLING TO WORK FOR THESE COMMENCING WITH THIS CLASS?
- HOW DO YOU INTEND TO ACHIEVE THIS? BE SPECIFIC AS TO WHAT YOU’LL DO, AND HOW YOU’LL DO IT.
- WHAT SACRIFICES ARE YOU WILLING TO MAKE IN TERMS OF YOURS AND YOUR FAMILY’S LIFE STYLE?
- DO YOUR PLANS INCLUDE OTHERS IN YOUR FAMILY? ARE THEY IN ACCORD? WILL THEY HELP OR HINDER YOU? HOW? WHEN?
- WHY DO YOU FEEL YOUR OBJECTIVES ARE WORTHWHILE?
Think of goals as promises you make to yourself in private. They’re day dreams put into action. A universal truth is that you’ll rarely exceed your own expectations of yourself. So you have to deal with what kind of a person you want to become – you’ll need to devise sort of an ethical and moral framework within which you want to work so that you’ll feel good about yourself at the end of the trail, once you’ve managed to climb to the top of the financial mountain.