It’s December and the New Year is almost upon us. Now is the time to start reflecting on the past year, thinking about what you’ve achieved, and shaping your goals for 2018.
1. Evaluate your 2017
- What were your investment goals for this year? Did you achieve them?
- If not, were there roadblocks or barriers out of your control that stopped you?
- Or (and it’s okay to admit it) did you let the year slip by without really taking much action?
- If you did achieve your goals, well done! What was the outcome?
- Are you happy with the progress you made in your long-term investment strategy?
2. Set goals for 2018
If you didn’t achieve your goals for 2017, think about why. Were your goals measurable, achievable, and specific? If not, there is probably not much point in setting the same goals for 2018 without making some changes.
When it comes to investing, set one specific goal – it can be big, but make sure it’s achievable – and then set smaller, incremental goals to support that one goal.
For example, your main goal might be:
“To purchase two investment properties by the end of 2018, each at 10% below market value, that add diversity to my portfolio.”
Your supporting goals could then be:
- Spend at least 15 minutes each day keeping up with national property news
- Spend at least 2 hours each week researching new markets / different property types
- Talk to a range of experts and get as much advice as possible about property investing
3. Write down your long-term strategy
If you’re still unsure where to start with your goals, it might be because you’re lacking the “big picture” view. This is your long-term wealth creation plan.
Put simply, a wealth creation plan is simply a strategy for building and most importantly, preserving your wealth.
For most people, the end goal is to become financially free, so that you’re not tied to a 9-to-5 job and you’re free to live your life how you want.
Think big… where do you want to be in 5, 10, 20 years? For example…
- When do you want to be able to retire?
- At which point do you want to be free from your 9-to-5?
- Do you want to be earning $100,000 in passive income within the next 10 years?
- Is your goal to become debt-free in the next 15 years?
- Do you want to have a $10 million property portfolio?
Draw out a rough timeline of your financial future. This will help you work backwards to plan out your specific goals for each year.
If you need help, join us at a free 2-hour Property Investor Night at a main centre near you. You’ll have the opportunity to book an obligation-free meeting with one of our expert coaches to discuss your long-term wealth plans.
Disclaimer: All information provided is of a general nature only and does not constitute professional advice. Seek advice from licensed professionals to see if advertised results are possible for your situation.