10 Steps Goal Success

Setting successful goals and staying on path are very important. My family’s long term goal of paying for a house with a 10 year mortgage, is what I call a forced savings method. By using my 10 steps of successful goal achievement I will demonstrate how my family are using them and have successfully continued to stay on path to achieving our set goal.

10 Steps

1. Start by writing them down it is as easy as that. Think about what you want to achieve either long term or short term. Writing down your goals is a tested and proven method of effectively declaring your intentions and working towards them.
2. Think about what it is you want to achieve and be specific on the areas you want to make improvements in.
3. It is important to set time limits for both short term and long term. I suggest 0-2 year short term and 2-5 long term time limits.
4. When you have you goals set and written down start thinking how these goals will benefit you and write it down. Use these benefits as a motivation tool to help keep you focused on the goal at hand.
5. Consider all possible paths that can be taken to achieve your goals. Evaluate these paths and calculate all possible consequences that may occur and cause possible obstacles.
6. Take the above five steps and start to prepare and form your plan of attack.
7. Categorize your resources you have and make a list of all additional support needed.
8. Check your life balance this will help you in the process of adding needed balance to your life.
9. Do not just sit there start now by taking action on those thoughts going threw your head. If you do not then you will remain in a state of never achieving anything you have a desire to do!
10. Review your plan and if possible have a close friend have a look at it also, a second opinion. Remember if you do go for the second opinion most times if you have a high goal set people will be negative. Be prepared for criticism when trying to break away from the norm of regular day to day life. Stays focused and make a habit of regularly checking your progress on your set goal.

My Family Goal

1. Find Investment property and pay for it in 10 years and then sell after property is paid in full (long term goal).
2. Use profit made from the sell of property to invest into more properties.
3. Time limit 10 years stated by mortgage paper work.
4. Will improve my family with better financial means.
5. Path to be taken live in the house for 3.5 years and renting it for 6.5 years, renter market already established.
6. Established plan pay mortgage payments and continue to update house to highest standard of living this will increase property value.
7. Resources: use government overseas paycheck allowance that would have been allotted to rent if we did not use it for the mortgage. Either add allowance to your assets or you give it away to the landlord. Other resources include my home improvement knowledge and access to my father in-laws’ home improvements knowledge.
8. Continue to add balance to your life, posting a article later.
9. Action taken and method is in place and now watching our assets grow.
10. Communication is a must with all goals and including our goal. My wife and I are always talking about how we can better our family. At the time of writing this the heating contractors are installing the central heat in our house and will be finished Friday and just two months ago we finished our loft conversion adding another room increasing the value by $30,000 according to our real estate broker estimate. It is definitely an essential and most important step to review and discuss your plan to insure goal achievement success.

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13 Responses to “10 Steps Goal Success”

Jim

Paying of your mortgage is crazy, in my opinion. If you made a minimum payment or interest only payment and used the difference of the payment and invested it properly, you could gain more wealth and more properties 10 times quicker. Equity in a home does not grow, in fact it can only go down. Why risk loosing your equity by keeping it in your house. Your house will go up in value or not, not matter whatb ut that doesn’t mean you have to risk your equity, let the bank take on the risk not you. Do you really want to pay the bank their money instead of investing it? I know I am rambling but I think you may want to rethink your goals and yes goals are a necessity.
Jason

Ok, obviously you did not noticed step 7 that I receive a government housing allowance for my mortgage. So, I can either use this amount for rent or I can use it for a mortgage payment, for which we decided to do. So basically we mortgage the property for 10 years for which this allowance covers and will cover until my Army contract is up. At the end of the contract 40% of the mortgage will be paid for and the remaining mortgage will be paid for by renters, which are already established on the base.

This is not crazy and any reasonable person would say pay your mortgage as fast as possible. Maybe you have forgotten that you pay more than double when you mortgage for thirty years. Real estate in this market grows at 10% and in my opinion that is a good investment. Also this makes it a forced investment since you have to make the payment. In case you have over looked the fact that people have to be made to save, social security for one example! There are so many American people that retire and have saved nothing because they did not have the disciple to do it.

In our case this works for us and if we did not do it the way we have it set up then we would lose the money anyway!
Jim

I apologize for over looking #7. You’re right, if the Gov. is going to give you money for housing, you should most definitely use it.”This is not crazy and any reasonable person would say pay your mortgage as fast as possible.”

Can you give me two reasons why you would want to do this? Brief Reasons why you would not: Loose tax deductionMoney is not liquid (you must refi to get money, pay fees and interest again)Equity does not have a rate of return.I guess “reasonable” is subjective to different people. The wealthiest people in the world do not pay of their mortgage, guaranteed. In fact, many keep a 1 million dollar mortgage, because its the max tax deduction the can make.”you pay more than double when you mortgage for thirty years”I agree, a thirty year mortgage is the most expensive loan you could ever have.

A couple of points to think about: What if you loose your job? In your case you may have a secure job in the gov, but what if… You would have a very tough time accessing your equity with out a job and you would have a high probability of loosing your equity and house if you couldn’t. Not many banks give loans to people with out jobs.

What if you had an interest only loan (fully tax deductible) and you took your equity out of your house every few years and invested it in a conservative investment (another house, savings or a cash value life insurance plan (really awesome tool) ) Instead of leaving your equity stagnate you would be making a rate of return on it. With out getting into numbers (you can do them on your own) I can guarantee you that you could have your house paid off sooner (if that is what you wanted to do) and have more liquid money in the bank at the end of the term. Idea of paying off your house as good is a not completely accurate statement.

Anyway, I think if your money is not working for you, its a bad idea. In fact, you should really have your money doing many different things at one time, it called leverage and it is not risky, actually very conservative.
Jason

Successful goal achievement will vary on case by case basis. My example goal is what works for my family and I was not suggesting that everyone should do this because yes of course if you do not have a secure job or the means to pays your mortgage off at a given amount of time then the risk will be high. The idea behind our goal is that not many people will actually save an extreme amount of money monthly unless forced to do so, which is the case with my family. Using this method we are able to not only pay off a mortgage in a short amount of time but it also makes my family save a lot monthly for which would not do otherwise.
db

Jason I think this is a great plan!

DB
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digitalnomad

Goals are good, but not much good without “objectives”. Goals are end oriented, while objectives are the benchmarks to get you to your goal.

Objectives have to attainable, written, and dated (timeline).

Most folks don’t even understand the difference, and just list a bunch of wishes without knowing how they will attain each goal.

The two are not interchangeable. I have been writing posts on this recently along with Peter Haslam and Steli Efti.

You can links at my blog to follow the coversations.
Halifax mortgages

good way to express your words…\
i also have my steps.to use but they are only 8
so thank for sharing your..if you want success in your goal you have to complete all the 10 steps in other ways u will get lossed
Mortgage Acceleration

Wow, do you find that you could cover the monthly cost of a 10 year mortgage by renting out a property?

I live in Southern California and I don’t think I could even rent my condo to cover the monthly cost of my condo on my 30 year mortgage.
Kevin

The first property I purchased was a three family apartment house. I used credit cards to fund the down payment. When I began to purchase my third three family, I realized that there were a lot of good deals out there and I needed a system to come up with down payments.
Jordans

10 great steps, thank you
some i would like to add to the list, but its a great list either way
Mystic Madness

This is a great read. I have bookmarked you. Thanks a ton.