As we all approach a new year a special thanks goes to Joel and his staff for creating such a wonderful site for all of us to lean how to become better investors! And a special think you goes to all the moderators who donate their time and effort in keeping this forum clean, you all do such a great job and only get noticed when you hit the delete key! For those of you that donate your valuable time in helping fellow investors with your knowledge you are the heartbeat and the success behind this great forum. Many of us will be making many resolutions as we enter 2005 and as we should. 2005 will be another great year for investors as we continue to perfect our field. Setting Your Goals for 2005 will bring success if you just simply follow through.
- Which investing strategy is best for you will depend on your personal goals?
- Your basic goals for 2005 should be:
- Determine what you will need to maintain your current lifestyle in 2005.
- What will be your tolerance for risk financially for 2005?
- How you plan to build net worth over time?
- How you plan to get continuous appreciation of your properties?
- How you plan to generate extra monthly income?
- What cash flow do you need to become financially independent?
How do you plan to achieve each goal? During 2005 keep a clear focus on your goals will increase your likelihood of finding the right properties and minimize the risks to the downside of real estate investing in reaching your goals. You can do this by the pursuit of knowledge! Always learning and doing! When you find something that works, repeat it and yet repeat it again. Setting goals is one of the most important vehicles for success as an investor. To succeed as an investor, you need to make a long-term commitment, even if you’re only planning to invest in real estate part-time. Treat real estate investing like a job (you know JUST OVER BROKE). Be committed to your field, cherish it like a newborn that needs love, nurturing and above all needs to be taught. You need to specify your goals and break each into short and long-term. Write your goals down! Revise as needed! Your goals not only need to cover business but you need to cover personal goals as well:
- Health goals
- Education goals
- Spiritual goals
- Family goals
- Vacation and travel plans goals
- Fun and hobbies goals
- Career goals
- Financial goals
- Charitable goals
- Education goals
Goal Hint: Read, Read, Read. You are encouraged to always have a book with you on real estate investing. Read 5 to 10 pages from a real estate investment book each day? With this goal you'd be reading over 5 books a year. 1,000's of pages of knowledge. Vary few will take this level and that's what will separate you from the rest!
Knowledge is power! Applied knowledge is success! The characteristics of a winner are preparation, specialization, organization, intellect and effort. These same self-confident qualities, you, as an investor will bring to your goals. If you want to be a winner, associate with winners. Have a great New Year.
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