Property Goal Setting. Moving. Action Plan. house. Worksheet. checklist

Size: px

Start display at page:

Download "Property Goal Setting. Moving. Action Plan. house. Worksheet. checklist"

Reginald Milo Tate
10 years ago
Views:

1 Property Goal Setting Moving Action Plan house Worksheet checklist

2 GOAL SETTING Step 1: Define your short, medium and long term goals Before you begin the journey, you need to have a clear idea of what you hope to achieve. Set aside time to write down your short-term (3 month), medium-term (1 year) and long-term (5 year) property goals. Don t limit yourself, put down everything you aspire to achieve under all three categories like the following example: What do I want to achieve in the longer term (5+ years) 1. Buy an investment property 2. Renovate my current home What do I want to achieve in the medium term (1-2 years) 1. Save $10, What do I want to achieve in the short term (3-6 months) 1. Pay off credit card 2. Start regular saving plan Step 2: Set priorities If, like me you end up with multiple goals it can be difficult to know where to focus. So the next thing would be to look at your list and in each column put a star next to one item. Ask yourself, in each time frame, what goal is most important to me? Step 3: Write them out as SMART goals Look at your three prioritised goals and rewrite them so they are specific, measurable, actionable, relevant and time-based? If your short term goal was to pay off your credit card you could rewrite it as: Pay off the $1500 owing on my credit card by 30 June /+aussiehomeloans /aussiehomeloans

Don t limit yourself, put down everything you aspire to achieve under all three categories like the following example: What do I want to achieve in the longer term (5+ years) 1.

3 Step 4: Determine the smaller actions Once you have your three SMART goals, list out all the smaller actions you need to take to achieve that goal within the timeframe you ve set. Using the credit card debt option, some of the smaller actions could include the following: Set up a regular payment plan to deposit $60 per week into my credit card account. Cut up my credit card so I stop using it Apply for a debit card so I only spend money I have in my account Take my lunch to work 3 times a week (put money saved towards my credit card debt) Learn to use the coffee machine at work so I don t buy two coffees a day (put money saved towards credit card debt) You get the picture. Do a similar list of smaller actions for your medium and longer term goals. DEVELOPMENT PLAN Step 5: Do a personal stock take Take a look at your current position. How do you sit in terms of knowledge when it comes to tackling your property goals? What do you need to address? It s prudent to get a clear idea of what it is you need. If you find this task overwhelming, you might like to try this: Draw up a table with three columns. List obstacles in the left column, possible solutions in the middle and an expected timeline in the right. You may discover that you have more options than you first thought. For instance: Obstacles Lack of real estate knowledge Solutions Read industry articles Seek advice from professionals Post questions on forum Read property news Timeframes /+aussiehomeloans /aussiehomeloans

Cut up my credit card so I stop using it Apply for a debit card so I only spend money I have in my account Take my lunch to work 3 times a week (put money saved towards my credit card debt) Learn to

4 Step 6: Identify action points From your personal stock take, write down a list of actions points. What can you do now? What can you do this month or this year? It s a good idea to create a to-do list of all the actions you can take. For example: This week: Set budget. This month: Meet with a mortgage broker to get a clear understanding of investment options. This year. Start a property investing meetup group for first time investors and hold my first event. Think of these action points as the smaller steps that will take you from your short term to mid term to long-term goals. TRACKING PROGRESS Step 7: Establish system to track progress Once you have fine-tuned your goals and created your list of action points, it is important to monitor your progress and make sure you stay on track. To track progress you could set or phone reminders and schedule monthly check-ins with yourself to review progress to date and make adjustments as needed. And don t forget to celebrate your successes along the way too! All journeys begin with a single step, so print off this action plan and start your property journey today! /+aussiehomeloans /aussiehomeloans

This year. Start a property investing meetup group for first time investors and hold my first event.

5 GOAL SETTING SHORT TERM (3-6 months) Moving MEDIUM TERM (1-2 years) house checklist LONG TERM (5+ years)

6 DEVELOPMENT PLAN Obstacles Moving Solutions house checklist Timeframes

Introduction 4. What is Refinancing? 5. Changing Home Loans 5 Changing Needs 6 Identifying Better Opportunities 6 Additional Home Loan Features 6

Introduction 4. What is Refinancing? 5. Changing Home Loans 5 Changing Needs 6 Identifying Better Opportunities 6 Additional Home Loan Features 6 Contents Introduction 4 What is Refinancing? 5 Changing Home Loans 5 Changing Needs 6 Identifying Better Opportunities 6 Additional Home Loan Features 6 What are the Advantages of Refinancing? 7 1. Consolidating