It’s that time of year where everyone is planning how they’re going to have “their biggest year ever”. People are making New Year’s Resolutions that they have no idea how to fulfil, so they’ll be broken by the 4th January. Social media is awash with motivational quotes and get rich quick schemes.
But you should know us by now. We only come to you with cold hard facts and sure fire ways to progress to where you want to be in 2023.
Here are our top tips on how to you really set your compass. Set out your crystal clear goals and work towards achieving them.
Your end goal
Starting with the end goal might seem a little strange, we know. However, if you don’t know where you want to be at the end of 2023, you can’t work out how to get there! Are your goals purely financial? Are you looking to leave your corporate role? Is it to subsidise your lifestyle? Are you looking to gain financial freedom?
Break it down
Consider that you have 12 months to achieve your goals and work back from there to refine the best way to achieve them. Do you want to break it down into quarters? Or maybe month by month.
At Brentor, we use S M A R T goals. Specific, Measurable, Attainable, Relevant and Time based. The SMART method helps push you further, gives you a sense of direction, and helps you organize and reach your goals.
Make them achievable
Goals are unique to you and there are many things that will determine them. When setting out the end goal, consider the following points:
• Experience - Have you been doing this for a while but your goals have recently changed and you’re looking to level up? Have you never bought a property? Are you somewhere in between?
• Time - Are you in a 9-5 job and only have evenings and weekends to work on property? Are you working alongside something else but have some flexibility and freedom? Or are you working on property full time?
• Money - How much money do you currently have to invest?
The Plan
Once you’ve done your research, set out your goals and your starting point and worked out the best strategy to achieve them, you can really start to move forward and gain some momentum on the track that is right for you.
Goal setting is really personal to you, so try and avoid comparing yourself to other investors.
If you ever need to refocus or course correct, come back to this process.
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