I sent an email today and I mentioned that you should be ashamed of yourself if you did not know what your target monthly income was. Now ashamed is a strong word but rightly so.
I am such a believer in targets, goals, missions etc. It all boils down to one thing:
Where are you heading?
If your attitude is:
“Oh well, I will see where the wind takes me”
then your chances of success are slim. You can fluke success but in property that is less likely than winning X factor (by the way love the program!).
Since we are now on my favourite program do you think Simon Cowell has targets? I can assure you he did. His target is to dominate the most lucrative time slot on TV and smother the music charts with his artists ACROSS the WORLD!
I would be very scared to read his goals and targets sheet. He might have ideas of becoming the first Entertainment minister and eventual prime minister of the UK. What a scary thought!
When I started out I these were my targets:
By 2001 – to achieve my salary I used to get from work being £1700 per month
By 2002 – to get £5,000 per month from my portfolio
By 2003 – to get £10,000 per month from my portfolio
By 2004 – to have 100 properties
By 2005 – to have a portfolio worth £10m
By 2006 – to earn £20,000 per month from my portfolio
By 2007 – to own 200 properties
By 2008 – to earn £30,000 per month from my portfolio
By 2011 – to achieve 95% occupancy
All these targets were communicated to my team and we all focused on getting there. The key thing about all those targets above were that they were measurable. I could see whether I was getting closer or further away from it.
So if I drifted from the target I would turn up the power. If I was cruising I could take a break.
So do you have targets? If there is anything I must stress about success it is this:
Set targets.
I want you to set a target today that you think you can achieve by the end of 2012 and WRITE IT DOWN. Even if it an email you send to yourself, partner or friend.
The mere fact that you write it down somehow solidifies it and brings it in to existence. Then you just have to tweak your actions so you go about achieving that target. Learn More.