Moving forward but still not clear what your goals are or what they should be? In this session we’ll discuss how you define what your goals need to be in order to start working towards achieving them!
Welcome to instant coaching on demand. This is Coach Julie Harris with him and Julie Harris realestate coaching today you're asking about goal setting you know you need goals but you don't have any please help or some iteration of that question. So we're going to talk about that today. I've included some links of things for you to be listening to and P.D.'s to download. Scuse me to supplement you with the answer to this very important question. So first of all congratulations for recognizing that you know you need goals and that you don't have any and that you don't know what to do about it. Maybe you've never been a goal setter before and that's OK That's why you're here. So we're going to talk about that and I'm going to give you some very exact directives about what to do about this and how to handle this question. So get ready to take some notes and again I've included some links the real estate treasure map is one of the things that I almost always post because that does give you some direction and there's a lot of discussion in the treasure map about goal setting and I even pulled out an excerpt for you to click on to make it even easier for you. The particular section about goal setting in five areas of life. So that's a coaching call for you to listen to you can click on the link right here. And I have your daily minimum standards for you to listen to that coach and call as well because that helps you with some specific financial standards and goals on a daily basis that will start to kind of reign you in and get you focused and then another interesting series of coaching calls for you to listen to ten things that will make you rich in real estate. That's going to assist in focusing you on your goal setting
and we have an example dream board since we're talking about dreams and goals. Excuse. I've given you a sample of what one of our members one of your colleagues has done so let's talk about goal setting what is a goal a goal is a dream with an action plan. What's the difference I mean it kind of sounds like a dream to me right. So just write down in your notes that the difference between a goal in a dream is a goal is a dream that has an action plan behind it and it is a smart goal. S M A R T To help you remember that goals have to be specific and I'm going to give you three examples in a moment specific measurable actionable realistic and timely. OK. And you've got to have all of those elements. So maybe I have a specific goal of being and be a basketball player. OK Well is that realistic. Probably not.
I'm five foot five and you know mid forty's and I might want that with all my heart and soul but probably not realistic. Right. So it's got to be all of these things specific measurable actionable realistic and timely. In other words smart S.M.A.R.T. and will that it also needs to be posted because visual goals are so much more effective than simply writing them down and socking away or just thinking about them or getting ready to maybe a goal set or one day to make sure you've written that down so let's do some examples. Almost everyone says I want to make more money. OK I'm pretty sure I've never had a coaching client or a member of this premier coaching
series here. None of she cries and said I want to make less money of course everybody says I want to make more money or I want to make more money more easily faster with less stress whatever iteration of make more money you'd like to use. Well how much money more would you like to make five dollars five hundred thousand five million and why. So just making more money or even saving more money is not specific. So we start with specific now. Let's say you want to make more money. Well why is that are right. Well maybe you have some debt to pay off. Maybe you don't have at least six months reserves. Maybe you'd like to have five years of reserves. Maybe you'd like to save the down payment for your dream home. Now we're getting more specific. That's an actual dollar amount. Measurable. OK measurable is not just so I'd like to have enough money to buy a million dollar house. It's how much money you need to buy that million dollar house. OK want to put thirty percent down measurable is three hundred grand not just what would be nice to be able to buy a big house. Actionable. Is this something you can see yourself doing well this is a little bit more nebulous Maybe you need some mindset help to be able to really visualize that realistic. You know if it's I wanted to have a suite of private jets and you know a whole bunch of million dollar properties or whatever. OK maybe it's. Maybe it's realistic maybe it's not but you've got to put it through the filter timely this means you've got to have a deadline on it. So let's just simplify all this back to the original question I want to make more money with a real estate treasure map which I've included here. The link for you to click on and the section about goal setting will help you figure out what does that mean make more money. Well what would the income have to be for you to meet or exceed your goals in five areas of life and pay all of your required monthly bills. Remember even if you have everything paid off as some of you do congratulations you still have to pay for your insurance your property taxes gas for your car groceries for the table all of those types of things. So that's your first not to crack as they say OK but then beyond that after you've done your goals in five areas of life. What's going to cost you. There is a dollar amount there's a specific number there. So then you would divide that by your average net commission it tells you how many transactions you've got to do in order for you to meet or achieve that. So. Let's make it even more micro maybe your goal is to have six months of reserves. Well if it. If you need ten thousand a month to pay for everything that's going to be sixty grand I'm getting specific sixty grand is measurable actionable. I'm going to save ten percent off of every single commission Jack until I've got sixty grand socked away in my rainy day account my reserve account realistic ten percent off of every check absolutely realistic timely. Well that depends on what your habits are now if you're a new agent of never done a deal. Late we have to look at a time frame together and maybe your time frame is going to be different than somebody who's already got a pretty consistent cash flow but simply has not ever saved ten percent off the top of every check so timely would be something like I will have my six months of reserves which equals sixty thousand dollars as a result of saving ten percent off the top of every track it by eighteen months from now and the date of that is this you put it on your calendar you start tracking it on your wall you fill in the amount as you save it. You visit that bank account every day or use something like Mint dot com to check in on all of your investments. OK But again it's a smart goal specific measurable actionable realistic and timely. So let's use another example to apply our smart rules and again there's a lot of things for you to listen here you have to do is just click on these links and make sure you've done your treasure map you've listened to the goal setting and you. You know look at that example of what a great dream board looks like and by the way those of you who do dream boards make sure when you're achieving those dreams actually really do work extremely well when you do something on that board take it down and replace it with something else. Keep your your goals fluid so that as you achieve them. You are replacing them and not becoming complacent. OK So let's take another example in a player smart rules to that many people especially at the beginning of the year say. To lose weight. The most common New Year's resolution in the country right now I want to lose weight. Well so is that like you know eight ounces. Is that eighty pounds what is it make it specific
measurable super specific rate it measurable could mean something like you want to change your B.M.I. You know you're basically fit but you just really want to get tone and lean actionable. OK now we've got to get serious. Right. So after we've defined it maybe wanted simply lose ten pounds that specific and measurable actionable. How are you going to do it.
It's not enough to just say I want to lose ten pounds. How many people fail at the whole I want to lose weight thing because they're not specific about it and they have no actions behind it that would mean it's just a dream and it's not a goal. Remember a goal is a dream with an action plan. So I want to lose ten pounds here's how I'm going to do it. I'm going to go on a run every morning. See I'm not making it so complicated is that I've got to get a trainer and figure out how to Pam and go to the gym and sit in traffic. I'm going to go run every morning before I start my day. Four days a week. I'm going to go to the gym on Saturday. OK something like that. I'm going to have an accountability partner that calls me at six am every day when I'm supposed to be out jogging make sure that I'm doing it. I'm going to set my tennis shoes underneath my bed so that my feet hit reminding me that I'm going to go on a jog this morning. I'm going to weigh myself in every day and I'm going to track it. I'm also going to stop eating. Let's say going to cut out at least fifty percent of the carbs from my diet. I'm getting super specific I'm keeping it realistic. I don't have an elaborate workout plan I have something that's realistic that I know I'll do. It's timely I'm going to lose that ten pounds by let's say my birthday next year. OK
That becomes a SMART goal specific measurable actionable realistic and timely the difference really isn't. The accountability guys some of you have been goal setters because you don't want this part of it you're good at the dream part but when it comes to the accountability and the action ability of it of course it gets harder but I promise you when you do your dream board and you make your goal your dreams and just smart goals. There's so much more likely to happen again. It's kind of be careful what you wish for because it will come to fruition.
So the same thing can be said for our third example paying off debt. I want to get out of out of debt. Well do you even know what that number is
some of you are chasing down past recession stuff that's still lingering maybe you out there as in you're on a payment plan. Maybe you've got some credit card debt that you would knock out. Maybe you're down to just paying your car off. Maybe you're down to paying your house off your rentals off something like that but you've got to put a dollar figure on it and you can just say I got to get out of debt. Well that's just a dream right. So how much is it figure it out down to the interest that you're paying and what the payoff date is if you don't do anything and you know really current numbers here. So it shouldn't be specific to pay off debt. How much and to whom and what interest rate if you use the Dave Ramsey total money make over which we highly recommend you're going to pay off your highest interest rate items first. OK. Which is usually anything having to do with taxes followed by high interest rate credit cards hard money loans various things that you guys are working on. OK So be specific measurable and again if you ride it out how many good jillions of dollars are you going to pay if you pay all that interest or if you pay it off. You can call any of these entities and say all right. If I pay this off within eighteen months. What is the payoff amount accounting for any penalties or interest or fees or anything. If I do this that I'm supposed to take twenty years to pay off or never in the case of credit card my pay this off completely in the next eighteen months. What's the. Amount. So that's measurable actionable. What are you going to do to get it paid off. Well I'm going to save five ten fifteen percent off of each transaction and you can see how that's also going to affect the number of transactions that you may be requiring yourself to do which leads you into taking action on all of those things because you do. OK so timely I will have it done. I will have this debt paid off by fill in the date and you know what it's OK if that's three years from now as I know you have a date in your working towards it. You will do it. I can virtually guarantee it. As long as you go through this process. So I've given you three examples of goal setting saving more losing weight paying off debt all that kind of thing. And again your topic today has been I know I need goals but I don't have any please help. And I've given you the links to the treasure map to the specific coaching call on goals in five areas of life. I've given you a coaching call about a daily minimum standard. We've given you some coaching calls about ten things that will make you rich in real estate and I've even given you an example dream board so this should get you unlocked from that question. I need goals but I don't have any what do I do and simply follow the homework that we give you in these coaching calls. So it has been my pleasure to be your coach to answer this question for you. What do I do about this goal setting thing of course you can always bring your questions about this or anything else to our weekly call make sure you know how to do that and I shall see you on those future calls have a great week. And let's get to work on these coaching calls implementing so that you can actually have some goals and not just have them. But meet or exceed them in the coming months and years. Talk to you soon.
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