Where are you going? What will you do once you arrive? Will you set your sights out past the horizon again and keep moving forward? Or, will you congratulate yourself, grab a bottle of your favorite bubbly, sit back and relish in your achievement?
This is a hypothetical question we frequently volley around our office in addition to the pile of cash Vs income stream question. What's the point in getting up everyday, heading out to the office, and working until dinner time if you don't have a goal insight? It might not be financial and that is fine. Any goal will do, but for this blog we are going to focus on financial goals.
I have a goal in sight which I posted about previously. I want to achieve $1,000 per day in net passive income. It's a long way off. Funny thing is I question what I will do when I achieve this dream. I do believe it is achievable no matter how far off it feels today. The reason I know it is achievable is because I have accomplished everything else I set my mind to do; service in the Navy, BS degree completed in 3 years, travelled all the way around the globe, move to California, bought my first house at 31 (which probably does not sound like a huge accomplishment to some, but I was only out of college and working 1 year at that point). So, $1,000 a day is just another goal and through consistent & persistent action it will be achieved.
I've only been in my current partnership for a few months, 8 to be exact. At first, we sat around and thought about buying a house. Then we actually bought one so we wondered if we could buy another. Suddenly, we were wholesaling a few a month. Now, it feels like normal operating procedure to come into the office and buy a property. I fully expect to buy one every day, but I can't imagine how it will feel to have a week go by without anything new on the board. I am always pushing the envelope and expecting a better month than the last. Why not, right? If I did it last month, why shouldn't I do it better the next? I'm always resetting our horizon.
I haven't netted $100,000 on a single deal yet though. But, I have come very close. I wrote this on my goals board over a year ago and am still working towards it. I believe once I do it, it will be much easier the 2nd time around. Kind of like the saying "The first million is the hardest to make." Once you achieve this accomplishment, it should be much easier to reproduce, as if you unlocked some secret code. The first deal is always the hardest right?
Upon achievement of my $100,000 deal goal, will I set my sights on a $150,000 deal? Of course! Eventually, I will expect to consistently do $100,000 every month. It is just the way I think and operate. Just like exercise, repetition is the key to (financial) fitness. I went from doing one deal, to a few deals, to consistently doing several deals every month. I have stepped up my game at every level. Makes me wonder if I will be able to break the addiction once I achieve my net passive income goal? I'd like to think so, but much better people have gone before me and haven't stopped yet. Maybe we need a 12-step program for RE investors?
Quick side note; I was at Best Buy picking up a new I-Phone today and saw a new Lamborghini in the parking lot. I'm just saying...