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Steps To Success For The Novice Landlord

Posted on May 29, 2012 by admin

When you finally have a little money saved and you’re thinking about investing it for your future, the road to prosperity can take you in many different directions. There are so many different ways to make money and so many ways to invest it for the future. Whether you’re just considering purchasing your first rental property, starting a business or looking at other types of investments to build your wealth, it’s a great idea to start with some personal finance building blocks. In this “Steps to Success” blog series I’ll offer you some of these different ideas to get you started. In each post I’ll give you two new ideas to try to help you enrich your life. Yes, most of it is about personal finance but you’ll soon see that many principles can apply to any part of your life. The REAL secret to success is balance after all.

In this first post, I want to focus on making a plan for what you want in life. Once you have a vision of what you’d like to accomplish and have, we can look more at the specifics of how to get there. Here are two ideas to get you started.

 

goals-destinationGOALS

When you’re planning your financial future, you hear about setting goals all the time. The reason is, it’s hard to get there if you don’t know exactly where you’re going. I think one of the reasons that people don’t take this step is that there’s too much information about the best way to set goals. When I type “setting goals” into a Google search, there are 179,000,000 results and everyone has a different opinion. “Write them down, make them S.M.A.R.T., dream big, start small, be specific.” Suddenly just setting a goal seems like a big deal.

The truth is though, if you want to get ahead and be successful, you have to set goals. When you set a goal it gives you a vision and it also gives you the motivation to achieve it. There is also a great boost of self confidence when you accomplish your goal and that in turn keeps moving you in the right direction, towards the success and wealth that you desire.

The best tip that I ever learned was from Jeffrey Gitomer who is a leader in the Sales industry. He recommended using sticky notes, writing down a goal and posting it to your bathroom mirror. Small goals, big goals, short term or long term, any kind of goals. Personal goals, financial goals…they don’t have to be written a certain way or in a certain format. The point is you see them every day and they take root in your mind. As you accomplish your goal, you move it from your bathroom mirror to your bedroom mirror and take great pride as you watch that bedroom mirror fill up.

I have followed this advice for a couple of years now and it’s worked very well. I’ve accomplished many of my goals and it DOES feel great to see that bedroom mirror fill up. It also feels great on the inside to know that I am steadily moving forward in the direction of my dreams.

Give it a try! And by all means, tell me what you think.

DREAM BOARDS

I am a big believer in the dream board and I recommend it to everyone I know. Dream boards are a collection of images that help you visualize the life of your dreams. It might contain images like your lakeside mansion, your ideal fit body, your dream vacations and your perfect job. There’s no limit to what you can put on a dream board. They’re your dreams…go wild!

dreamboard-300x192Dream boards are different than goals as you don’t really need to have any idea how you’re going to achieve it. Just looking at it every day and imagining yourself living that ideal life puts the universe in motion to bring it to you.

Dream boards are fun to put together. I use a plain cork board from Walmart and look through images on Google. When I find one I love, I cut it out and add it to the board. Once you start you’ll come up with all kinds of ideas and big dreams. I keep my board in my home office so I see it every day.

Once you have your board, all you have to do is put your imagination to use and imagine yourself living that life right now. Add a little unwavering faith that it’s all coming to you and feel happy about your present life every day.

It’s just that easy…try it!

I really hope you’ve enjoyed the first blog in this series. It’s a little different than just talking about rental properties but there’s a method to my madness. I think beginner investors and beginner landlords are often overwhelmed and become paralyzed by a lack of confidence in themselves and their abilities. Starting off with some ideas that help your mind, your attitude and your outlook will make those big challenges seem more achievable. I often think, “there’s more to investing than just money and know-how”. There are other things you can learn about yourself, how you think and how you handle what life throws at you that can really make a difference in your life. To your success!


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