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As 2022 comes to a close and 2023 rapidly approaches, now is a great time to start thinking about setting goals for the upcoming year.
Regardless of whether your focus is on personal or professional achievement (or both), setting ambitious yet attainable goals can be a great way to motivate yourself and achieve success. Effective goal-setting is an important step in developing an unstoppable mindset.
You should start by defining what makes a goal ambitious. Evaluate your goals to ensure they are ambitious enough by asking questions like:
Will I need to invest significant time and effort in achieving the goal?
Is this goal more challenging than other goals I have achieved in the past?
Will achieving this goal require me to learn new skills or take on new challenges?
If the answer to these questions is yes, then your goals are likely ambitious enough. Just remember, while being ambitions, it's equally important to make sure your goals are realistic.
While it's important to push yourself, setting unrealistic goals will only lead to disappointment and frustration. Take the time to assess your current situation, capabilities, and resources and set goals that are challenging, but achievable.
Once you have an idea of what your goals will be, you'll want to think about how you can set yourself up to achieve them. Here are a few tips to consider that can help you be successful:
1. Make Your Goals Specific.
When setting a goal, it's important to be specific about what you want to achieve. Instead of saying "I want to lose weight," try something like "I want to lose 20 pounds by June."
If you have goals of getting started with investment properties, it might be something like "I want to purchase my first multifamily property within the next 6 months". (Just make sure fits your business model!)
This specific goal gives you a clear target to aim for and makes it easier to track your progress and the same approach can be applied to any of your personal or professional goals.
2. Have a plan.
Once you have a specific goal in mind, it's time to make a plan to achieve it. This can involve things like creating a budget, or finding a mentor to help you learn a new skill, expand your network or advance your career.
Regardless of how ambitious your goals are, one way to make them feel achievable is to break them down into smaller, more manageable tasks. Taking this approach allows you to focus on one specific task at a time and make progress step by step. It helps to break up the overwhelming feelings that can come from tackling large goals and projects all at once.
Whatever your goal, having a plan in place will make it easier to stay on track and reach your targets.
3. Set a deadline.
Deadlines can be a powerful motivator, so be sure to give yourself a specific time frame in which to achieve your goal. Setting a deadline also helps prioritize tasks and plan ahead for any potential roadblocks that may arise.
It's OK to have both short term and long term goals; just be sure to give yourself enough time to make progress without setting the deadline so far in the future that you lose motivation.
4. Track your progress.
As you work towards your goal, it's important to track your progress along the way. Regularly tracking your progress helps hold you accountable and provide a sense of accomplishment when you reach different milestones.
You can keep track of your progress in any number of ways, such as keeping a journal, using a spreadsheet, project management tool, or a fitness app to monitor your progress. As part of your plan, determine what the best options
5. Be Flexible.
In addition to setting specific and achievable goals, it's also important to be flexible and adaptable in your approach.
No plan will ever go exactly as expected, so it's important to be open to changes and adjustments along the way. Be prepared to adapt your goals and strategies as needed, and be willing to let go of goals that are no longer relevant or feasible.
6. Share Your Goals.
A key factor in achieving ambitious goals is accountability, but that doesn't mean you have to do it all by yourself.
Tell someone else about your goals and ask them to check in with you on your progress. This can be a friend, family member, manager, or even a coach or mentor. Having someone to hold you accountable will help you stay motivated and on track. Even better, when you succeed, you'll have more people celebrate and share in your success.
7. Celebrate your successes.
As you make progress towards your goal, be sure to celebrate your successes along the way.
This could involve treating yourself to a nice dinner, taking a vacation, or even just taking a day off to relax and enjoy yourself. Celebrating your successes & doing something for yourself outside of the norm can help you stay motivated and keep moving forward.
Key Takeaways:
Make sure your goals are SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound). This will help you stay focused on the goal and provide a measurable way to track progress.
Break larger goals down into smaller, achievable steps. This will help you stay motivated and make progress on a regular basis.
Have a plan for how you intend to reach your goal. This will help you stay organized, identify potential obstacles and challenges, and create an action plan for success.
Celebrate your successes!
Setting ambitious goals can be a powerful way to challenge yourself and achieve success in the new year and beyond. By being specific, realistic, and having a plan in place, you'll be amazed at what you can achieve.
As always, be well, be strong, and keep pushing forward!
Invest with Blue Lake Capital
If you are interested in learning more about passively investing in multifamily properties, click here to schedule a call with the Blue Lake Capital Team.
About Ellie Perlman
Ellie is the founder of Blue Lake Capital, a commercial real estate investment firm specializing in multifamily investing throughout the United States. At Blue Lake Capital, Ellie partners with both institutional and individual investors to grow their wealth by achieving double-digit returns by investing alongside her in exclusive multifamily deals they usually don't have access to.
A defining factor of Blue Lake Capital’s strategy is founded in utilizing machine learning/artificial intelligence throughout the course of all acquisitions and asset management. This advanced technology enables the company to produce accurate and data-driven forecasting for all assets on a market, property, and even tenant basis. In doing so, Blue Lake is able to lead commercial investments with the full capabilities of today’s technology.
Ellie is the host of REady2Scale, a podcast that highlights the assets, processes, and strategies for the multiple approaches to successful real estate investing.
She started her career as a commercial real estate lawyer, leading real estate transactions for one of Israel’s leading development companies. Later, as a property manager for Israel’s largest energy company, she oversaw properties worth over $100MM. Additionally, Ellie is an experienced entrepreneur who helped build and scale companies by improving their business operations.
Ellie holds a Masters in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can read more about Blue Lake Capital and Ellie Perlman at www.bluelake-capital.com.