Do you have business goals for 2018? Most agents set goals for the number of homes they will sell and the income they will receive as a result. Unfortunately, I don’t believe setting these types of goals is sufficient for keeping yourself motivated when times get tough.
I know I’m stating the obvious, but earning a living selling real estate can be difficult and stressful. Clients can be difficult. Negotiating can be difficult. Prospecting can be difficult. Sometimes even dragging ourselves to the office can be difficult. Every single day we struggle with the fact that even if we do everything right, the results can still turn out all wrong.
As you begin to set goals for 2018, ask yourself what will keep you going when it seems like everything you try turns out badly. Your closing and income goals probably won’t be enough. Instead, set goals designed to help create momentum through financial stability and security. Making enough money to pay your bills won’t create momentum, but saving money, paying off debts and investing for your future will.
In my early 20s, I got some advice from a mentor that has stuck with me for nearly 30 years. I was told that it didn’t really matter how much money I earned. What mattered was what I did with the money I earned. Additionally, I was told that until I was making money while I slept, I would never really be financially secure. My mentor gave me a shove in this direction by setting an appointment for me and my wife to meet with a financial planner.
I don’t remember the financial planner’s name or the company she was with, but I do remember one thing very clearly. I remember learning that if I saved $300 every month from age 23 to 65, and earned 8 percent interest on this savings, I would become a millionaire. I know this is hard to believe, but I mentally became a millionaire during this meeting. I immediately started saving $300 each month, but each time I made a deposit, it felt like $1 million instead of $300. It wasn’t long before we started adding some extra money to our monthly mortgage payment and eventually made the decision to invest in rental property. Our financial lives started gaining momentum, and my wife and I could both feel it.
Don’t set goals for 2018 that are designed to just help you get by. Set goals that help you create momentum instead. If it takes $65,000 for you to pay your bills, shoot for an extra $20,000, which you will save and put to work for yourself while you sleep. By setting goals that create momentum toward financial stability and security, you will always have the motivation to keep going in times of stress and uncertainty. You will also have a unique perspective on how the rejection and disappointments you face daily are helping to create long-term financial freedom.
How much do you need to save every month to become a millionaire? I suggest you figure out the amount, then visualize yourself as a millionaire with your very first deposit.
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