Goal Setting 3: Getting Out Of Your Comfort Zone

REI Wealth Academy Frontseat Education

Welcome back, fellow real estate investors, to REI Wealth Academy. I’m John, just coming back at you. I wanted to talk a little bit more. We’re talking about setting goals. We talked smart goals, smarter goals, how we attach the goals that we have back to the big why and the reason why we are doing real estate investing in the first place, and what type of action sets we needed to do.

One other thing to think about is the idea of a stretch goal. This is something that is … while a smart goal has a realistic piece to it, there’s also the idea that you need to be able to get out of your comfort zone. For many of you getting into this, it’s already going to be out of your comfort zone to pick up a phone, to call a seller, to call private money. Some of these things are going to be stretch goals that you’re going to have. It might just be one phone call that stretches you to begin with. There’s some other investors that are out there that talk about multiplying whatever action or whatever time that you have. If you want to make $10,000, multiple that times 10, and you’re going to have $100,000, and that’s your goal, or you’re going to shrink your timeframe. That’s the idea of the stretch goal.

At starting out, what I’ve found, at least for myself is, while those ideas, it was easy to get excited about some of that, and that there’s definitely a good emotional piece to is, is you still have to back your way out from that and there is a realistic piece that has to come along with that, because you’re still developing the discipline. I was still and am still developing a lot of the discipline of the things that need to get done every day. As my emotional piece of why I’m doing all this and tying my goals back to why I’m doing it, helps me to continue doing the things even on the days I don’t necessarily feel like doing it.

That’s where the discipline really carries me through to make sure I have realistic things that I’m hitting when I record it, and I can look back and say, “Yes. Look at everything that I was able to do this week, this month.” That’s when you start realizing, “Hey. Look how much I’ve already learned.”

As we back out this goal, let’s ask ourselves, where do we want to be in 10 years? That could be questions about what type of lifestyle do you want? These are questions you could have handled in your big why of who you want to be, what type of lifestyle that you want to have. As you define that, at least in dollar terms, you can start backing that out. Then you can start asking the question, based on questions to a mentor, questions from REI Wealth Academy here at the site, or just going on Google and looking up some of the terms and some of the averages that you might, the key performance indicators inside the real estate investing world, what are some of the numbers I should be looking at? How much cash flow could a buy and hold furrow out? How much money will a flip that I’m going to be doing in this market or in that market is going to be throwing out? How many houses do I need to do every single month in order to make that happen?

When you’re thinking about these goals, you have to think about, “Where do I want to be,” let’s say, “in 10 years?” If that’s too far, back it up to five years. “This is where I want to be.” What actions? What big milestones have to be achieved in those five years? How many in three years? How many in one year? How many in six months? How many in 90 days? How many in three months, one month, one week, and then today?

As you’re backing out one big goal, you take it back in bite-sized chunks because, at the end of the day, when you’re eating an elephant, like a big dream you have, you got to eat it one bite at a time and figure out what that means today in order to hit that goal 10 years from now or make a new goal for next week and make a new goal for tomorrow and a new goal for next month.

Then evaluate yourself as you’re going through it over time. That’s going to give you the clarity that you need in order to make sure that you back the way that you need to into it to know exactly what you’re going to be doing today.

Hope this video provided more value for you. Please provide feedback on Twitter or Facebook, wherever that you meet REI Wealth Academy. We are so blessed to have you with us. We thank you for that. This is John signing off, and I’ll see you next time.