You cannot build a skyscraper on beach sand. It requires a solid foundation of planning and goal setting.
To start building a substantial property portfolio, the very first step should be proper goal setting. Why is that important? Goal setting is writing down your plans on paper.....and something more than that. Even a highly experienced navigator needs a map to navigate his ship, even though he may have the route-map in his mind. It is important to put things on paper. However there is more in goal setting than simply jotting down lines on a piece of paper. Your goals need to be realistic and focused, rather than over-ambitious and vague. I'll show you the 10 step success formula to setting realistic and focused goals that can make you reach your destinations.
1. Decide why you are working, and how you will utilize the money. There is no fun in just counting money. So think, in what way are you going to use your money? This will motivate you to set your goal.
2. If it is possible for someone else, it is possible for you too. Others who have experienced success, had set their goals.
3. Set your goals high. If you set your goal as low as the ceiling, you will reach somewhere below it; if the goal is set as high as the sky, you will reach near the sky.
4. Set realistic goals. Your goals should be high, but they should not be unrealistic.
5. Make sure one goal does not contradict another. For example, you cannot set goals of buying back and living in your countryside mansion, and moving and settling in New York at the same time.
6. Set positive goals rather than negative goals. Decide what you will do rather than what you will not do.
7. Set a series of short term goals on the way to achieving your long term goals.
8. Put dates for achieving each goal. Goals without target dates are vague and valueless. You need to hold yourself accountable for your action plan.
9. Put them on paper. Write down your goals. Remember, even an experienced navigator needs a map to guide him. Pin up these papers at convenient places where you can regularly see and review them.
10. Be as detailed as possible while setting your goals. Vague goals are comparatively difficult to achieve.