15 Jun How Setting Goals Can Make You a Better Property Investor in Germany
This is a continuation of my series on becoming a better investor.
This one for sports fans
“The trouble with not having a goal is that you can spend your life running up and down the field and never score.” – Bill Copeland
And for the rest of us
You should always set goals beyond your reach so you always have something to live for – Ted Turner
The first aspect of goal setting is the sense of accomplishment and purpose.
I love that second quote about having something to live for. In personal finance we often talk about delayed gratification and in regards to goal setting this is often true. Many times, at least in regards to holidays you’ll often hear that the planning portion of something is often more fun than the actual event. While I might not go quite that far it is very true that there is a certain satisfaction of researching, planning for and finally achieving a long-term goal you’ve set for yourself.
The second aspect to goal setting gives you focus!
When I started the Property Guy Germany one of my major goals was to write a book on German property investment. Each day I set a goal of writing so many pages, or words, or researching and covering a specific topic. Having that goal in mind really helped focus my energies.
The third thing about goals is they keep you motivated during tough times.
As with any long-term project, there are times when you begin to question your sanity. Whose great idea was this? When I used to teach Business English many of my students had done part-time MBA. For all of them, they said the best time to study was early in the morning.
The problem is when that damm alarm goes off at 5.30am on a Monday morning motivation can seem lacking!!!!
For me in starting an online business there were times when I wondered what I got myself into. I’m the kind of person who enjoys the technical side of things. I’m much more a people person. So doing the HTML, trying to understand google analytics etc was not something I really enjoy doing.
There were times when I despaired that I would ever figure and slowly over time things (mostly) fell in place.
The fourth and is goals can help you cut through the noise.
We all now live in a world with a gazillion distractions and demands for our time. I never forgot this but someone referred to social media as a fire hose. Perhaps a gushing river might be more apt. I read somewhere that the average FB user has 1500 new posts a day. Then there’s Twitter, Instagram Snapchat and of course email. It’s very easy to get overwhelmed. Knowing what I wanted to achieve greatly helped me in sorting out what information was useful and what could simply be ignored.
It’s a great feeling hitting delete and seeing an empty email box!
The fifth and final aspect to goals setting is they give you clarity.
In this day and age, it’s very easy to get distracted. When I was first building the business I spent a lot of time researching blogs, internet commerce etc. Guess what, with the internet it’s sooooo easy to go some rabbit hole and come out hours later!
One note of caution
Having written all of this the main downside to goal setting is disappointment. Think of Tony Robins, a billionaire motivational speaker. How many tens of thousands have taken have read his books, taken his courses, and perhaps even spent the money to see him in person. I’m sure they all left highly motivate to achieve that BHAG (Big Hairy Audacious Goal) but 3 or 6 months down the road???? This is something you need to be careful.
So dear readers how did you find the right balance when setting goals