Posted by: docktohome | November 19, 2010

Know Your Dreams

Before making any choices in life you must know your dreams.  This can be related to anything; personal philosophy, occupational decisions, relationship choices,   eating habits, long term goals, or all of the above.  For the purpose of giving an example, I relate it to my personal career choice.

For me I want to be a successful real estate investor.  When I think about this determination I have to ask myself why, why do I want to be a real estate investor?  To truly be successful you must uncover the source of your reasoning and go much beyond the surface.  If you’re like me when you actually attempt to do this you might find it to more difficult then you anticipated.

If asked that question why I wanted to be a RE investor a surface response would be, “I want to be a real estate investor so that I can make good money.”  Not to say this is a bad response, because it’s not, but these answers must be continuously broken down until you truly know you have reached the root of your reason.  To further break down this response I would next ask myself, “why do I want make good money?”  Knowing the answer to this question is extremely important otherwise there will be no motivation to make it.

To continue with the personal Q&A a response to that question might be; “I want to make good money because it will help me control my time.”  What do I need time for?  Is it to travel, teach, learn, or spend time with family and friends??  You can see how your responses will shape the next question you ask yourself but you must continue to ask why, why, why.  This will help you identify your most basic reasons for your actions and allow you to set detailed short term goals.

This is a process that I think everyone should do and I hope it will help you to look deeper and consider your motives.  You might realize that your motives are wrongfully supported and that you must reevaluate your decisions.  No matter what you find these realizations will give you a sense of personal enlightenment and help you to understand yourself.

–Thanks to my friend Andy for helping me to realize that I need to do this for my own personal life and goals.

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Responses

  1. You are so right on, Diana! My personal experience is that the goals evolve with knowledge. My husband and I joined the HomeVestors (We Buy Ugly Houses) franchise with no real estate experience three years ago. At that time, our goal was to create a certain dollar amount of income per year by our 5th year. Three years in, we have already almost met that goal, but realize there is a much more important goal to obtain. The real wealth is developed by keeping real estate to create passive income. We’re up to 19 properties with 26 tenants who are all paying for our retirement vehicles. The impact to our net worth has been much more significantly impacted by the properties we have kept, than the income we have produced. Of course, without the income, we wouldn’t have the cash needed for the deposits and rehabs, so both are equally important.

    Thanks for your insight!

  2. I totally agree that your goals are something that will change as you learn more. It sounds like you and your husband were able to verbally agree upon a goal and then turn that goal into reality, thats awesome! Thanks for sharing.


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