In today's blog, let us look back at the year to recognise your progress and achievements, plus the lessons learned, in preparation to make 2024 your best year yet.
I expect that most property investors have not achieved all they intended when they set their goals 12 months ago. This is understandable, due to concerns over falling property prices, which have made many investors nervous and wonder if they should wait until the market bottoms out, and obviously, the relatively high interest rates we have seen throughout 2023 have made it difficult to get many single let properties to stack up.
Have You Achieved What You Wanted in 2023?
I would like to share a concept with you, that I believe is incredibly important when looking at what you have and have not achieved.
As my good friend and favourite author, Dr. Benjamin Hardy says in his amazing book “The Gap and The Gain”, it is very important to not beat yourself up about all the things you have not achieved. Too many people focus on what they have not achieved. Giving yourself a tough time about this, will put you into a negative mindset which then makes it harder to progress. The reality is if you are constantly looking at the horizon, you will never feel good about what you achieve.
However, if you instead look back over your shoulder and recognise all your progress and achievements that you have made, you will put yourself into a much better, more positive mindset, which is then a more empowering position to move forward into the future. I recommend all my students to read or listen to “The Gap on The Gain” and really take the lessons from the incredible book to heart.
By reading this magazine on a regular basis, your knowledge, understanding and belief about what can be done is bound to be much better than it was just 12 months ago. If you have been learning and networking, you are not the same person as you were 12 months ago. Once you recognise this, it is easy to understand and believe that your future self will also be a more successful investor in the next 12 months, if you continue to learn, grow, and build your network.
The reality is if you are constantly looking at the horizon, you will never feel good abut what you achieve
The Six Ingredients
There are six important ingredients to your planning and goal setting for the next 12 months. Towards the end of December, between Christmas and New Year, it is a great time to dedicate a few hours to really be thinking about and planning what you want 2024 to look like.
No.1: The Importance Of Having Clear Written Goals
I'm sure you understand why you should have goals. They give you clarity, focus and direction, so you know where you are aiming, and you can measure your progress. Your goals should excite you and in turn, motivate you to achieve them.
Once you know what you want, you need to really engage in why you want this and what it will do to your life, for you and your loved ones.
Then you can break the goal down into an actionable plan of what you need to do.
No.2: Make Time
I'm sure you're a busy person. Most successful people are, and that's why it is really important to make sure you carve out time to achieve all your goals
Just to be clear if you are already spending some time on your property investing you don't necessarily need to spend more time, but rather make sure the time you do have, you are focusing on the correct activities. There is no point running 100 miles an hour if you're running in the wrong direction.
The key is to schedule time into your diary. Personally, I recommend a little bit of time each day, to keep the momentum going, is better than a bigger chunk of time once a week. What can you do each day to progress you towards your property goals? It's also critical to your success that you work out the priorities and focus on the most important thing first, rather than doing the easy to do tasks just so you can tick off your action list.
No.3: Work On Your Mindset
Your mindset is the biggest factor that will determine your success. Let's be honest, we all have good days and bad days. However, we need an overall positive “can do” attitude. Let's face it, there are lots of challenges in property investing, particularly right now. But that's a good thing. Whilst most investors are sitting back, waiting to see what happens it's the perfect opportunity to get out there and make real progress with your property investing.
One of the biggest challenges that most people face is overcoming fear. Fear of losing money, fear of failure, fear of rejection and even fear of success.
Whilst investing in property can be very scary, most of the things that you are worried about are just in your head, and will never actually happen. The key to overcoming fear is asking yourself the question, “what's the worst that can happen?” And if the worst case scenario is actually bearable, then maybe it becomes easier to take that action and move forward.
For you to change and get different results in your life, you need to do things differently to what you've done in the past. This means stepping outside of your comfort zone, which can feel awkward and uncomfortable, but that is how you make progress. Your success is waiting for you just outside of your comfort zone.
A great question from one of my mentors, Tony Robbins is:
"What would you do? If you could not fail?"
No.4: Improve Your Decision Making
No.5: Build Your Network
I am sure you have heard me say this many times. But your network is your net worth.
The vast majority of people hate the idea of having to go and meet new people and make more small talk at even a social event like a party, let alone a networking event. However, I encourage you to push past this fear that most people have, because the more people you know, in your property network, the better. The bigger your network, the bigger the opportunity you have.
I remember seeing Grant Cardone speak at an event in Birmingham before COVID. His entire 40 minute presentation was about the concept that you must be open If you want to be successful.
Let people know what you are doing. Share on social media, your journey and build your contacts through networking.
No.6: Build Your Motivation
This final point links into number one about goal setting and number three about mindset.
You can motivate yourself by looking at what other people like you have achieved. Because if they have done it not only does it mean that it is possible, but also there is no reason you could not do it as well. So, looking at what other people have achieved, can be a fantastic way to build your belief about what is possible and increase your personal motivation.
"When you know what you are doing, it is very easy and quick, to check what the market rent would be for a property"
If you put these six steps into practice, I guarantee you will be far more successful in the next 12 months than you were this year.
I wish you all the best for you and your families. Enjoy the festive period!
Let us make 2024 your best year yet.
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