hi welcome I'm Ken McIlroy today we're
going to talk about chapter two of the
ABCs of real estate investing and today
we're going to talk about the goals now
the reason why I did chapter 2 about
goals is because a lot of people jump
into real estate without really having
in any kind of direction and so when we
set goals and we set benchmarks for
things that we want to do then we can
achieve them without them you're just
haphazardly randomly moving around
trying to buy real estate raise capital
get loans etc you really do need to have
a plan around this and so the second
chapter in the ABCs of real estate
investing is you got to have a goal and
so what I talk about here is that there
are five five specific things that each
goal needs to have and you can use this
at home in a variety of ways so there's
there's five things for goals now the
main thing that every goal needs to have
is it needs to be very specific so I
always start with with this now this is
the how the why the when it's you got to
be very very specific and we're going to
go into more detail on real goals about
this the second thing is they need to be
measurable
the third thing is that they need to be
attainable and also I always like to say
they need to be accountable the third
thing is they need to be realistic and
relevant and the last thing is they need
to have some kind of a timeline on them
so as you can see I refer these as SMART
goals those are the five things that
each goal needs to have is they need to
be specific they need to be measurable
they need to be attainable and you need
to have somebody that makes you
accountable they need be realistic and
you need to have some kind of a timeline
on those so now we're going to talk
about the five things on these goals the
first thing we talked about was they
need to be specific what we're really
talking about here is see how they win
the why the where those kinds of things
when why and where are very important
when you're trying to be specific on any
goals the next thing is the measurable
and this is more about how many and how
much and we're going to apply this
specifically on real things in a little
bit
the attainable
piece of the goal setting is very very
very important because this to me is the
accountability part what what you really
want to do here is you want to have
other people hold you accountable for
this so I always like to say it's not
only is it attainable but is is it
accountable and when you have somebody
that keeps you accountable then for some
reason you start to do it so I'll give
you an example I meet with a coach and a
mentor every month and when we meet we
talk about the things that we discussed
last month so that person's making me
accountable and as I'm trying to move
forward on some of my own personal goals
that person is very very very important
the next piece is is this realistic and
is it relevant very important piece
because a lot of times people can get
all over the map on this issue now is it
something that you really want to do so
can it be done
very important thing because a lot of
people make these big goals and what
they really need to do is they need to
break them down into smaller goals and
and like everybody says even an elephant
you got to eat one bite at a time even
though the overall goal might be
something very large what you really
want to do is you want to break down
these goals into smaller ones so that
you also get a good sense of
accomplishment because if if a goal is
too big and you're not actually meeting
the goal then you get frustrated and
discouraged and sometimes you don't meet
that so the last thing is timeline and
it's funny this is an interesting one
because a lot of people don't have this
so a timeline would be I'm going to do
this in 30 days where I'm going to do
this in one day or maybe maybe you're
trying to lose some weight and you say
I'm going to do this in 90 days
timelines are very very very important
and this is really by when so it's been
said that a goal without a timeline is
really just a wish so without a timeline
you really don't have a goal you really
need to be very specific on this so
please be sure to follow this on all the
things that you're trying to accomplish
in your career personally and certainly
as you're trying to build your wealth so
thank you very much
you