S.M.A.R.T. Goals for property investment
Darryl Simms talks about the importance of creating SMART goals for property investment.
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Creating SMART Goals For Property Investment Video Transcript:
In today’s video I will be talking about creating SMART Goals for property investment
SMART being an acronym that stands for:
- Specific
- Measurable
- Attainable
- Relevant
- Time-related
To achieve success in property investment it is particularly important to make sure your goals are SMART goals
So let’s expand on the individual components of a SMART goal
When creating a SMART goal, your first step is to ensure your goal is Specific.
For example, instead of a vague goal like “I want to create wealth” you could change it to,
“I want to create wealth through property investment”
The Measurable component of your goal creation needs to provide a way of quantifying your goal or give you a way of measuring your progress.
For example, your goal may now become, “I want to purchase a new investment property for less than $450,000 within 5 to 10 kilometres of Melbourne CBD”
The Attainable component of your SMART goal ensures that your goal can actually be achieved.
For example, your goal to purchase a new investment property within 5 to 10 kilometres of Melbourne CBD would be unrealistic and not achievable if you only could afford $200,000
For the Relevant component of your goal, you need to ask yourself, “is this the right goal at the right time for me?”
For example, if you are unemployed with no income or savings it would be more relevant to have a goal to secure a well paying job so you can actually afford to buy a property.
The last component of your SMART goal is Time-related where you specify a timeline for when you aim to achieve your goal.
So your SMART goal has now become, “I want to purchase a new investment property for less than $450,000 within 5 to 10 kilometres of Melbourne CBD before the 30th of June this year”
It is worth noting that purchasing an investment property will usually require other sub goals, such as, organising your finance and finding a reputable Property Investment Specialist.
If all this sounds too much like hard work or you are extremely time poor then I have an easier solution for you.
The quickest, easiest and most time efficient way to get started is to book a strategy session with myself at latteproperty.com.au/strategy
That’s it for this video
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Thanks for watching and i look forward to seeing you inside our next video.
Any Questions? Ask Darryl Here
Register Here to share a coffee with Darryl to explore how we can help you.
Click Here to book your strategy session