Anatomy of a plan - Posted by Joel MKE

Posted by Rob FL on June 13, 2002 at 09:31:24:

Actually I’m going to put up 200 bandit signs this weekend so that within 2 weeks all my signs will be torn down and I can order some more.

Anatomy of a plan - Posted by Joel MKE

Posted by Joel MKE on June 12, 2002 at 15:37:12:

Been reading posts on this site and as with anything to start out you need a plan (if you don’t know where you’re going you’re probably already there)

I have a goal - to retire in 8 years when I’m 40, but I’m not sure how to map out the way to get there. There are a lot of variables I don’t know about and don’t know the questions to ask to fill in the blanks not to mention all the blanks I don’t even know about yet.

Does a plan simply consist of, for example, I am going to buy 2 investment properties every year, with a cash flow of XXX each? Or, I am going to flip properties until I get XXX in the bank at which time I’ll switch to buying rentals?

Maybe some examples of the plans that you guys have in place and are working for you would be great to see.

Thanks for your help with this very important first step!

Joel

Re: Anatomy of a plan - Posted by AzBob

Posted by AzBob on June 12, 2002 at 23:52:08:

Joel,
I Looked at Steve’s sight, it is a business plan.
I think what you are asking is how to keep on track. There are many great tape programs available, one of my favorites is Brain Tracy “Clarity of Thought”. What he points out is you have to be clear in your goals, to chart a path. As an example if your goal is to retire in eight years you have to start with a clear defination of “retire”. That will drive your plans. As an example, in 1990 I set a goal to have a home in the country paid for and $2,000 a month in passive (real estate)income. I defined that as “retirement” I was going to “drop out and grow flowers” Got there in eight years and decided I want something different. New goals new plans, but the goal allowed me to know when I arrived.
You must paint a picture in your mind of what you want . . . then you will see the road to your goals.
But . . . enjoy the journey
Best to you,
Bob

Re: Anatomy of a plan - Posted by Rob FL

Posted by Rob FL on June 12, 2002 at 22:07:54:

Jeff does make a good point about setting unrealistic goals and then not attaining them. I totally agree. What I disagree with is in not setting goals.

In my opinion, very little ever gets accomplished without long-term goals, short-term goals, and a plan to achieve them. If you doubt this just look into the workings of any successful company in America or any successful person (be it financially, athletically, politically, academically, etc.).

First you need to figure out what it is you want to obtain (i.e. financial freedom). Then you need to figure out what it is going to take to achieve that freedom (i.e. how much cash in the bank and how much cashflow per month). Then you need to devise some shorter-term goals on how to accomplish this.

I generally sit down around the end of every year and make some goals for the year; not New Years Resolutions that are easily broken, but goals to be accomplished during the year. If you put down you want to go on a diet, then if you screw up one time you break the resolution. But if you put down that you want to weigh 160 by the end of the year, then you can set down systematic goals each month/week to reach that goal. If you weigh 190 on January 1, you can put down that you will weigh 187 by February 1. Anybody can figure out a way to lose 3 pounds in a month. On March 1, you can put down that your will weight 184. Get the drift.

Personally, I write down monthly goals on the last Sunday of every month after reviewing my yearlong goals. I also write down weekly goals every Sunday and also spend about 20 minutes or so planning out my upcoming week compared to my monthly goals. Every night before I go to bed I plan out my schedule for the next day.

For short-term goals, you need to stick with a rule that I call the “11th Commandment.” — “Thou shalt not kid thyself.” Don’t set unreaslitic goals. Set goals that can be accomplished with a little perservereance. Making 50 offers a month might be unreaslitic for a beginner, but making 10 offers a month (or 2 offers a week) might not be. Putting out 200 bandit signs a month vs. putting out 10 signs a weekend every weekend.

It may seem boring and monotonous, but out of 9 goals I set for this year, I’ve already accomplished 3 (including quitting my job) and have 3 more very close. And heck if you don’t accomplish them all, then hopefully you’ve at least accomplished most of them. I usually expect hitting about 2/3 of my goals which ain’t bad in my book. The other 1/3 or so I just re-evaluate and decide whether to try again. change them, or scrap them.

Re: Anatomy of a plan - Posted by Laura

Posted by Laura on June 12, 2002 at 20:04:40:

Go to Steve Cook’s web site: www.flippinghomes.com. His FAQ sections allows you to download Zack W.'s business plan. Be prepared for a well thought out, aggressive plan.

Good luck.

Re: Think Like a Millionaire - Posted by Stacy (AZ)

Posted by Stacy (AZ) on June 12, 2002 at 18:49:46:

Maybe this post will help you:

http://www.creonline.com/wwwboard/messages/arc_2001/arc_16/16233.html

Good luck!

Re: Anatomy of a plan - Posted by jeff

Posted by jeff on June 12, 2002 at 16:32:14:

mi gonna go against the grain of every other post your gonna get here i know, but i gotta be me. people will tell you throughout your life that whenever you want to accomplish something set small goals and then raise the bar everytime you accomplish them. i do understand how this can help people along their chosen paths, but for me perosnally, goals have never really been my thing. i seem to have enuogh will power to continue and prosper in things i enjoy. others may differ, but ill give you an example of me that has nothing to do with investing, what site is this exactly? LOL

a few years ago me and several of my friends started lifting weights. they all kept setting goals that were way too high and wanted to make so many gains in such small amounts of time, but i just enjoyed lifting and had zero goals other than just enjoying whati was donig. these other people failed to meet their predefined goals and eventually one by one dropped out. me and my nongoal establishnig self kept right on going. and here it is 7 years later and i still hit the gym at 3 am every morning. i may not have made the gains that most would consider worth the effort, but ive enjoyed it every step of the way and have no regrets abuot any of it.

the point here is not to tell yuo to stay away from goals, but i wanted you to see how lofty goals can have a negative effect on future outcomes. as long as your goals are within reason and you are enjoying what you are doing, then its all well worth it. my suggestion is if yuo set goals, dont use actual numbers that can let you down, theres nothing worse than disappointment in the arena of accomplishment. if your goals are things such as starting your own company, making offers, visiting open houses, talking to agents, establishing certain connections, etc. then id say go ahead with the goals, these are all things that are cnotrollable and stil push you ahead in life. things like buying a certain number of huoses in the first year can lead to disappointment if the market doesnt cooperate. this goal has alot of outside influence and no matter what YOU personally do, it may or may not be accomplishable. and yes, everythign is accomplishable, but at your curretn stage in life, maybe they arent at this current time. anyone can buy 50 huoses a year if they have 5 million in the bank, but this may or may not end up bringing you profit.

the thing to remember is to set accomplishable goals and know how to handle disappointment when it cmoes along, it will come along. now its time for all the others who have done great with goals to chime in, if goals is your thing then by all means go for it. but it isnt a neccessity in life. if my weight lifting episode hasnt convinced any of you (and it probably hasnt) it has convinced me cmopletely. BTW, good luck with your profit margin, if you enjoy what you are doing, you will succeed one way or another.

Excellent… - Posted by Chris (TX)

Posted by Chris (TX) on June 13, 2002 at 01:16:12:

Excellent post Bob… thanks!

Clarity of Thought must be a newer one, as I’ve not seen it yet… but I have been busy the last couple of years and have not kept up with things like that as I should. I am definitely a fan of Brian Tracy and have several of his sets of materials.

I especially love that part in your post about painting a picture in your mind, etc.,… so true!

Take care,
Chris

A question for you Rob… - Posted by Chris (TX)

Posted by Chris (TX) on June 13, 2002 at 01:04:29:

How do you manage to not feel lousy about yourself if you don’t accomplish a goal, or perhaps several of the goals you set for yourself? (This has always been THE major issue for me.)

And… if I may ask a second question… How long have you been practicing this?

Your method sounds almost identical to what Brian Tracy talks about in his materials. Hmm.

Thanks!
Chris

Re: Anatomy of a plan - Posted by Tim Fierro (Tacoma, WA)

Posted by Tim Fierro (Tacoma, WA) on June 12, 2002 at 22:56:30:

But Rob, why go from 190 lbs to 160 lbs slowly over the course of the year?

Why not do it all that last week during December 25th to the end of the year?

You don’t think it can be done? Next time you hang up your bandit signs, look at the sign under yours. Yep, you know the one.

The one that says ‘Lose 30 Pounds In 1 Week!’.

Realistic goal: Write down phone number for creative weight loss from bandit sign. Call number on December 24th. Lose 30 pounds that week.

Steve’s site… - Posted by Michigan Andy

Posted by Michigan Andy on June 12, 2002 at 21:42:24:

As usual, Steve pumps us full of very useful information. Thanks for the link, Laura (and thanks to Zack - great plan!).

Andy

Re: A question for you Rob… - Posted by Rob FL

Posted by Rob FL on June 13, 2002 at 09:41:49:

I manage to not feel lousy by obeying the 11th Commandment. “Thou shalt not kid thyself.” Setting unrealistic goals and then not achieving them makes you feel lousy. Setting small goals that can be reached by doing just a little extra effort makes you feel good when you reach them. That’s the idea behind breaking the goals down into yearly, monthly, weekly, and daily.

If I set a goal of making 50 offers this month, I know realistically that unless I totally bust my tail that this goal is very high and hard to do. That means I have to make about 1 2/3 offers per day. But if I set a goal of making 15 offers a month, that means an offer every other day. The same analogy works with losing weight – 30 lbs. in a year is alot of weight, but 3 lbs. in a month is pretty easy.

Personally, I’ve been practicing goal setting for about 10 years. Over the years it’s gotten easier and easier. A few years back I had a goal of having 25K in the bank cash. It took me 3 years of failing and re-setting and re-evaluating the goal each year. But eventually I made it and have alot more than that now.

I learned alot about goal setting selling Amway products in the early 1990’s and also from the Franklin Covey Day Planner system.