ICOR spends a portion of time every year reviewing and updating our strategic plan. When our founders decided to create a new type of investors association, largely built around and by the people in our investment community, they knew some pretty aggressive goals needed to be set. The ICOR business model required it and more importantly our members deserved to have motivated leaders at the helm. A little foresight goes a long way.
When it comes to counseling our members on how to set goals—we understand a five year strategic plan might be overkill. So we asked fellow investor, educator and REIA director his thoughts on the subject.
Below is an insightful article written by Tom Zeeb of TractionRealEstateMentors.com, who will be joining us in September.
“One of the most important things you can do to establish a successful mindset and path for success is to establish goals for both your business and your personal life.
Good goals should be a bit of a stretch. Just beyond what you think is possible. This will push you to new heights.
Goals cannot be insincere. You need to really want to accomplish the goals you set for yourself. Otherwise it is self-defeating.
You also need to be capable of reaching your goals. Don’t set goals that are so unrealistic that there is no possible way you can achieve them. This will only serve to hurt you mentally and create negative momentum through your discouragement.
Your goals need to be specific and precise. This will help you focus on exactly what it is you are trying to achieve. If you are vague in your goals, you will receive vague results. Don’t just say that you want to “do deals”, say that you want “to do six profitable deals producing $100K in net profits by the end of the year”. Specifying the details and framing them in a positive angle are important to keep you focused on and help you achieve your stated goals.
Notice that we also added a deadline to this example goal. Good goals also have a time-based element. Without a deadline, there is no pressure to reach your target within a reasonable time.
Write your goals down and review them on a daily basis as a way of harnessing the power of your subconscious. The subconscious is a powerful thing and very capable of producing results. However remember that imprecise results will come from imprecise goals.
Good goals need to be measurable. You cannot know if you are succeeding if you have no way to measure your success level. Setting a specific dollar amount or number of deals is an easy way to have measureable criteria in your goals.
You need to have a road map for success to know where you are going. Goals are that road map. And you get to draw the map. Once you define through goal setting where you want to be, it is much easier to figure out how to get there. Work backwards from your goals and the path will become clearer.
Setting aggressive and specific, yet realistic, goals helps focus you in on and clarifies what needs to be done to make success happen.”
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Tom Zeeb has been featured by CNBC, The Washington Post, Kiplinger's Magazine, The Washington Examiner, Financial Lifeline Radio and National Real Estate Investors Association's Magazine among others. He is the President of Traction REIA, the Recipient of the National REIA "Honors of Merit" and the "Award of Excellence" for Best Real Estate Investor Association! Traction REIA serves the Greater Washington DC Metro Area. Check out www.TractionREIA.com and www.TractionRealEstateMentors.com for more information.
ICOR Monthly Meetings...
Tuesday, September 9th
Wednesday, September 10th
Denver Monthly Meeting - Rapid Cash Generation: How to Quickly Make Money Without Money in Real Estate!
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Thursday, September 11th
Northern Colorado Monthly Meeting - Rapid Cash Generation: How to Quickly Make Money Without Money in Real Estate!