How are you tracking with your new year’s property resolutions?
Statistics show that less than 1 in 10 people keep their new year’s resolutions.
Sure, after the celebrations and holidays are over, life can get in the way. Getting back to the grind can get you stuck in the mud. But if your resolutions involved an element of property planning or wealth creation, you are doing yourself a disservice by not following through.
In episode 38, we discuss “Are you being true to your new year’s resolution?”
Listen as David Johnston, Cate Bakos and Peter Koulizos take you through why investors make new year’s resolutions, tips for planning and setting your goals, and what you can do to stay on track to achieving them.
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Resources:
- The critical mistakes of property investment – starting without a plan
- Starting without a plan and an end goal – #3 of the top 7 Critical Mistakes (Ep.33)
- Develop your Property Plan
- Making the first move – why the first property you buy is the most important of all
- Why short-term investing has long-term consequences
- Why buying your forever home now is a smart strategy (and how to choose the right property)
- Why you need to plan for your future home when buying an investment property
- Hold Or Fold: Why Smart Home Owners Should Keep A Cool Head When The Property Market Starts To Dip
- When to hold and when to fold (Ep. 18)
- Why rentvesting is more affordable than buying a home to live in (and why it’s not for everyone)
- House hunting is a compromise so target the most important factors
- How our mortgage strategy helps us to hold properties
- Mortgage Strategy 101 – Ep 3. Holding Property
- Why your Mortgage Strategy is more important than your interest rate! (Ep. 9 )
- Choosing whether to hold or sell investment property
- How to succeed with Property and Create your Ideal Lifestyle
- Mortgage Strategy 101 – YouTube video series.
Covid-19
Show notes
- GOOOAAAL! Goal setting is a fundamental part of the planning process and critical to success. Statistics show that less than 1 in 10 people keep their new years resolutions. Notably, less than 10% of the population retire without needing to rely (sometimes partially) on pension.
- Why do people make new years resolutions? We’re all “busy”, being on break from work may be the first time you’ve had a chance to take stock and talk about it with your partner. You get excited and shoot off an email to an expert.
- You’re finished with your holidays, back to getting kids into school and back into the grind. How will you find the time to meet with your expert, talk to your partner and take action? It requires discipline and it’s a long journey. Before you know it, you haven’t followed through.
- Planning – the missing ingredient. It seems like a good idea at the time when you’re in the mood. But to follow through you need to change your actions and change your thinking. Work out what the goal is and what needs to change to reach this? Saturdays may not be your own for some time, holidays and going out may need to be placed on the back burner to save up. What are the changes that you will need to make and are you prepared to do this?
- Property and diets, one and the same. What makes a successful diet work for someone? Losing weight and keeping it off forever. It’s all about mindset – ‘diet’ is a short-term mindset, what you need is long lasting change, a lifestyle. Permanent change needs to occur and that means there could be a significant sacrifice. Particularly upfront that pays off once your portfolio is humming.
- Set SMART goals – make your goals specific, measurable, attainable, relevant and put together a timeline. Your goals should be short and long-term, relating to investment, lifestyle, property and the flexibility stage of life.
- How do you stay on track?
- Be a believer! It seems like a good idea and ‘other people are doing it’ is not a great reason to invest. You are likely to get turned off by the sacrifices involved and not follow through. Get clear on your ‘why’, why are you doing this?
- Get the strategy right – ask yourself when am I going to get the time to do this? There will be critical decisions to make and you will need to dedicate time to thinking through and discussing with your partner and experts. When you know the ‘why’ it is easier to stay focused on the goal. Note down what are the steps that are likely on this journey and plan the route you need to take. After dedicating the time you will see that you have drilled down 300 random thoughts into 20 clarified goals and steps.
- Arriving on the same page – this goes back to your ‘why’. What are the things that need to be agreed and understood between you and your partner? What options are not viable for you (eg: developing or flipping), what is your strategy for paying down the debt and heading into the flexibility stage of life?
- Review your plan – the reality is that life changes. Throughout your life there will be certain events that you do and don’t plan for, there will be more opportunity as you earn a higher income, but kids get more expensive as they get older. Review your plan often to see if you’re on track or your plan needs to change.
- Apply this methodology to your other goals – whatever they are! It might be spending more time with the gets, getting more active, eating better, the list goes on!
David Johnston- The Property Planner’s Golden nugget: if anyone is making promises or resolutions that you’ll get your act together, you need to think about ongoing time commitments to get it off the ground.
Peter Koulizos– The Property Professor’s Golden nugget: Don’t do your new years resolutions at the new year, do it at a different time of the year. Not when you are on holidays and relaxed and having a few beers and wines, you must put in the effort to plan it. It’s great to have the dream or the goal, but you need to make the time to plan to meet that strategy or goal.
