According to a report by the Financial Planning Association of Australia and social research group McCrindle, 63 per cent of people surveyed
had no plan, or only a very loose plan, for how they were going to achieve their financial goals, and 25% did not seek advice from others when making financial decisions.
The Property Mentors CEO Luke Harris said most investors fail because they fail to plan.
“They love the idea of investing and have a desire to build wealth through property to achieve their goals. But they don’t have a clear plan of exactly how they are going to achieve their goals - or by when,” he said.
“And if you don’t take responsibility for making plans to work towards your ideal life, nobody else is going to do it for you!”
With the end of the year fast approaching, setting your property investment goals should be at the top of your to-do list.
Get started goal-setting
One of the biggest stumbling blocks to setting clearly defined goals for your investment strategy is that most people just don’t know where to begin.
“Life planning, goal-setting or whatever you want to call it, is not something that comes naturally,” Luke said.
“It is rarely taught at home, at school or learned first and then mastered.”
To define your roadmap to success, Luke said the first step was to establish a clear, honest picture of where you are now, and where you want to go.
“We call where you are in life right now your Point A position, and where you want to get to, we call your Point B position,” he said.
“Once you know what you are trying to achieve, and what that looks like, then you can make decisions with those end goals in mind.”
It’s vital to be clear about your dreams and goals, how much money you need to achieve them, and when you want to achieve them.
“I call this ‘The three Ds’: dreams, dates and dollars,” Luke said. “Defining your dreams, setting your dates, calculating the dollars…and getting to work ticking off your to-do list!”
“These are the key ingredients to successfully identifying your goals and understanding what you are actually working towards.”
Need some help setting your goals?
Most investors will require someone more experienced than themselves to guide them and to keep them motivated and accountable.
Any property strategy needs to be adjusted over time as you change, and your financial position, goals and confidence levels do too.
Your mentor will be there with you the whole way through your journey, expertly guiding you through the entire process.
If you haven’t met your goals this year then book in a discovery call and get started!
