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Aloooooha dear reader! Your dude Brent wants to share the secret sauce (NO not THIS secret sauce, your welcome) of achieving wealth today… and really anything for that matter. It all comes down to what you measure… and most people do it WRONG.

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Motivation

Habits are the compound interest of self improvement.

-James Clear

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TLDR; The best way to achieve goals is to work backwards. Figure out the HABITS you need to have to achieve those goals and then create lesser goals around THOSE HABITS.

So… most people have goals. Goals like ‘I wanna be a bazillonaire’, ‘I wanna buy a house’ or “I wanna go to that cheese rolling contest in England.’ However, to actually achieve those goals you’ve got to think backwards. You’ve got to figure out the habits that you need to form to get there and then set goals based on those habits! The trick here is to focus on the habits… the things you can control in your pursuit of a goal.

Let’s go with a pretty common one (common, but friggen hard these days). Let’s say you want to buy a house. Lets assume you’ve got decent credit and a decent job, but no money for a down payment. What’s the habits you need to develop and set goals around?

1. Save money. Maybe you cut back on eating out and donate plasma (you might have just rolled your eyes on that last one, but I LEGIT know someone who did this to help get their down payment! THAT is dedication.) You could even create a separate bank account to put the money into each month so its easier to see the results.

2. Find a Realtor. You could make it a habit to ask those around you who’ve recently bought a house or work in real estate. Ask those peeps who they recommend until you find someone you like and seems legit. Then ask to have them email you listings in the area at price range you need.

3. Figure out what you like. Make it a goal to review the listings emailed to you each time for a few minutes to figure out what you really like and don’t like in a house, as well as what you need and don’t need! (lets be honest not everyone needs a lawn ok!)

4. Pay off debt. If you have debt payments that are making things tight like a car or a credit card, make goals to get rid of those payments to give yourself greater wiggle room on a house payment. Work backwards to figure out what you need to pay each month to be able to pay them off in the near future.

5. Start making offers. Once you know what you like and you’re feeling ready financially to make the plunge, start making those offers! In competitive areas it may take 50 offers before you get one accepted, so make a goal to make offers on any home that meets your criteria and you could see yourself living in.

If you create these habits and achieve the goals associated with these habits you’ll be well on your way to home ownership. Obviously this is a simplistic example. If you live in like San Francisco, a ‘decent’ job is maybe not gonna cut it to buy a home in the near future, but hopefully you get my drift.

The thing you’ve got to remember is that your habits are the things you CAN control. And oftentimes goals involve things that you CAN’T control. IE if your goal is to get a new beau you can’t just MAKE that happen. You can, however, set goals for how many people you will ASK out in a week (that part is IN your control, doesn’t matter if the person says no… you still asked and so you hit your goal! Easy right?).

For me right now I’m switching my focus to a new Commercial Real Estate asset class. One that I’m sure I’ll detail in another issue, but just know I’m pretty jazzed about it. However, because its new to me its going to take a lot of work to find a new property to buy. I know my criteria already on what I want to buy, just not where. So here’s the goals I’ve made and the associated habits to set me up for success:

1. Figure out which areas I want to buy. I need to do analysis on a regular basis of different areas until I have it narrowed down where to buy. To do that my goal is to set aside time each week to deep dive on areas.

2. Find brokers in those areas. Most commercial properties are bought through brokers, so I gotta find those brokers! How am I gonna do it? I’m going to call on existing property listings… not necessarily for the property, but to build a relationship with the broker. To do that my goal is to create a list of brokers so that I have people to call and pester to get me deals. I want to be able to call at least one broker each day and have that same broker hear from me monthly at minimum.

3. Find banks in those areas. Financing for a Real Estate investment is KEY. I will probably need good loan people in the areas I want to buy to get the best financing. So I need to call small regional banks to get this dialed in. My goal is daily calls to small regional banks in those areas until I feel like I’ve got my financing needs all lined up.

4. Make offers! Once I have my deals coming in I’ve got to make some offers. Just like the above the goal of reviewing deals each time they come in and making offers every time I find one that meets my predetermined criteria.

Once these habits are in place it’s only a matter of time before I’ve got another investment property. I sure hope this is helpful. The real moral of the story is just working backwards and making dang sure your habits match your goals. So time to ask yourself… what is the thing YOU would really like to achieve? What habits do YOU need to create? What are the goals YOU can set for those new habits? If you want to delve into this topic further, I highly recommend the book Atomic Habits by James Clear. If your habits are right, you are well on your way to achieve virtually any reasonable goal you have.

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