By Ozzie Jurock
The start of 2007 is a good time to reflect back on your finances in 2006. Did you have a real estate action plan to create passive income in the future through owning rental property? Did you achieve it? If not, why not?
If you feel that you didn't achieve your goals, I can tell you that - in fact - you did.
According to the commitments you made and the actions you took, you have achieved precisely what you set out do to, or set out not to do - subconsciously (not to do, is also a choice you made).
Of course, for some of you who did not get into action ... it is never too late. The New Year is here - a great time to restart those 'real estate batteries' and attract to you not just the right kind real estate investment but also attract that great passive income we all need for a self-actualized life.
So, before you go out and run hard reacting to life in this fine new year, get proactive - spend some time to review 2006 (yeah - now!) with the goal to create a real estate action plan for 2007.
The key is to look over your last few years' goals to see what worked and do more of it. Also, see what did not work - do less of it - and adjust your new goals accordingly.
We all know we should set goals and a plan. You want a simple loan from your bank? They want a plan. You want to stay employed in your company? They want a budget on time AND hold you accountable. However - for ourselves, the even more important "I, limited" we fail to do it.
So do something. Start by dreaming big. Then, use your dreams to create your goals.
Write them down, and create an action plan based on the goals. It is important to commit yourself to the plan and do the work you committed to do. Measure the results as you go along, make adjustments and re-commit.
Why write it down? Well, the great Edmonton speaker Leland Val van de Wall taught a great summary of University of Los Angeles studies as well as several other studies he had accumulated over a lifetime himself. Anthony Robbins cites Yale University studies of the fifties and it is clear: Students (tracked after leaving university for over 20 years) who ended up as the top producing people, in the top positions (Presidents, CFOs, CEOs, COOs, etc.) wrote their goals and objectives down. They were clear, precise, and measurable. In my own life, having had the privilege of managing sales teams of over 8,000 and top producing teams in the hundreds, leading branch managers and franchise owners, I have found the same thing. Top people dream BIG, they convert dreams into action plans THEY WRITE THEM DOWN, they commit themselves to the plan, they DO IT and they then measure their performance. They adjust to what works and then they RE-COMMIT, RE-PERFORM, RE- MEASURE!!!! Writing it down, focusing on what we want enacts the LAW OF ATTRACTION - THE UNIVERSAL LAW (now featured in the new underground movie, "The Secret") bringing anything that we want to us. Success is unnatural achieved by the minority of people. Average human beings don't like to write things down. And it is hard, we are all so busy, we get into the old re-active mode instead of a pre-planned pro-active one ... and then we say: "I had every good intention." Well, George Inwell said: "The road to hell is paved with good intentions."
This year, NOW, TODAY, take the time to plan, write it down, focus your dreams and goals, set your goals high and get into action ... and you WILL attract anything you want!
We live in a marvelous place ... living in Canada is being close to being in heaven on earth. The environment is majestic, the climate outstanding, and the views spectacular. There is a very special flavour here. In Alberta call it the crisp mountain air, the sweeping wide-open spaces, in BC call it the pert ocean spray, balmy sunsets, beach-roses in February and asters in October. There is a Canadian flavour. A flavour unlike any other.
This is the best place in the world to be. An entrepreneurial, innovative flair, a generosity of spirit, of open arms, an embracing of life in the outdoors and life where stooping to greet the roses is more than just a saying. "Live your Dream. People who say it cannot be done, should not interrupt those who are doing it." (From Chicken Soup for the Soul.)
So, own a piece of this great place. And start by having some meaningful worthwhile goals for you and your family. Not counting every minute of every day, but the important goals.
Any personal goals that are meaningful require creating an action plan designed to spring our goals into life. Particularly passive income goals.
A real estate action plan for the creation of passive income leads the way to a course of action we understand and we can then go on and perform confidently, knowing that we will achieve it.
Human beings are goal-striving mechanisms. From childhood we want to explore, find boundaries and become better at what we do. Proper personal planning allows us to first find a foundation rooted in reality and then create a roadmap to follow. Of course just having a plan is not enough either. Business plan and goal setting are useless unless they are constantly committed to, and reviewed.
Here is the process: Commit - perform - and then - measure.
If we fail to follow this formula, we are more likely to fail as personal managers of our life and of our new real estate action business.
Life is a wonderful journey, whether it is our personal journey or our business one. How we take that journey - consciously planning it and being pro-active in it, or reacting to a daily grind - is our choice.
Goal setting makes our dreams possible. So, this year, do it. Do not just understand that you ought to. Actually, understanding is not learning. There are no stupid people. We all understand that it would be better to have passive income, we all have seen how real estate can provide it ... we have seen it for 40 years. Understanding is not the problem ... planning and doing is.
Use this new beginning of 2007 to measure the performance of your past real estate action plan, your outcome and your actions.
Then plan your next 12 months. Write it all down and then hold yourself (or have someone else hold you) accountable.
The average human does not like to write plans down because plans can be reviewed. So, don't be average: write it down!
OK, what plan should you do if you want to make money on real estate?
Forget the fad downtown condominium market, the fad condominium hotel deals, the strange fractional market, the "get rich quick schemes," it is smarter to invest for the long term. Note, the key word here is "invest."
If the goal is to have $1 million in cash in 20 years, here is how you can achieve it:
So, get into action. After a few years on your way to $4,000 s month, you will have $1,000 then $2,000 and so on. Use the leverage of rental income. A plan like this starts you on the road to real estate investment success. To start creating passive income. Didn't do it in the past? Didn't stick to your plan in the past? Remember that your past in no way determines your future. Get your plan ready ... you have 2 months. And then in 2007, do some learning, hire the professionals, do some research, do not get swept up in the "multiple offer" euphoria. Invest in certainty. Get into passive income - it will set you free.
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