Your Big Why and Planning the Future
A while back at an event I had the opportunity to sit across from some brand new investors. As usual, I asked them what they were investing in; they admitted they were newbies and weren't really sure where to start. We discussed their level of knowledge and expertise and I found the conversation veering away from real estate and more into the lifestyle arena. I started asking them about their “Big Why”—why they want to leave their corporate jobs, what they want to do with their time, and what would make them happy.
We began to place a dollar value on this lifestyle and comfort level. I saw their eyes widen a bit as the reality of what they were up against hit them. I quickly assured them that real estate was a great option to achieve the lifestyle they envisioned if they were willing to work hard and put in the hours, but how? We didn't get into too much detail on site, but we talked about breaking these big goals down into time frames and smaller milestones. We discussed allocating how many and what type of deals would get them to those milestones, as well as what would work for them and how their personalities would help them reach their goal. They made notes about what types of marketing and how many offers they would need to make each month, week and day to acquire enough properties to reach their goals.
Then we went back to their "Big Why" and debated whether it was really big enough. By that I wanted to talk to them about whether their choice to pursue real estate would be big enough to get them out of bed every day? Big enough to make them tackle that daily to-do list? Big enough to achieve those smaller goals, knowing that with each milestone they reach, they are that much closer to the lifestyle and freedom they want? They made a few more notes and I think they had some talking points to consider as they pursue their real estate vision.
So what is your “big why”? Why are you a real estate investor? Is it big enough for you to get out of bed every morning with a smile on your face and ready to face the day? Is it big enough to motivate you after 3 months of busting your ass without finding the right deal? This isn't something you can figure out overnight if you haven't already put in the time, so let your mind wander. Dream big! Dream really big and write it down. Look at it every day and see yourself living this lifestyle. Then figure out how to get there. Be really specific, down to the daily tasks. Now you've put your goals and milestones on paper and created a map that shows you how to get to the big dream and lifestyle you desire.
To be honest, it's not easy. The dream part of this puzzle can be easier than identifying the "Why," especially when you analyze and determine if your "Why" is a solid vision that you can stay committed to. However, I promise you that if you work hard to identify your "Why," develop your vision, and stay focused, you will be ready to achieve the vision you set for yourself.