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Why Setting Goals in the New Year Doesn’t work
Welcome to 2019.
This time of year you see everywhere about how you MUST, COULD or SHOULD start to set your goals for 2019. I’ll explain why setting goals in the New Year dosent work.
During the month of January, you feel the pressure more with conversations with your friends and family with the same questions they ask you: have you set your goals for the year, what are your plans for this year?
But all you can say is either NO, have a blank look on your face like you are a possum in headlights or you come up with an excuse you have been too busy and will get to it soon.
Either way you feel guilty!
But you shouldn’t.
Setting goals and planning for the future is not a once a year thing let alone just doing it in the new year. Dreams and goals are like relationships, it’s ongoing, needs constant maintenance and improvement, just because it’s the start of a new year, doesn’t mean that you have to set all of your goals then, these are some of the reasons why setting goals in the New Year doesn’t work.
The Problem with setting goals in the New Year
The problem most people have with setting goals at the beginning of the Year is that their expectations are so high. They get excited about the year ahead and feel like they can achieve anything. This is why setting goals in the New Year doesn’t work. Often these types of goals are: • Unrealistic • Not achievable or real • Too many goals are set at once • It puts lot’s of pressure on you • You don’t consider your current daily life routine and expect it to change instantly along with everyone around you • You put all your energy in the first month and by the second month you are over it
Here is an example why setting goals in the New Year doesn’t work.
You want to lose 10kgs in the next 2 weeks so you look good throughout summer and you are not going to eat any junk food just healthy living. In this one sentence, you have created a minimum of 5 goals without even knowing it… • Lose 10 kgs in 2 weeks • Need a fitness plan to achieve this • Don’t eat junk food • Eat only healthy food • Look and feel good
I guarantee, after just 4-5 days you will be back to your normal routine and it will have all been just too hard.
This is why setting goals in the New Year doesn’t work
5 Tips to Help You Make Goal Setting Easier for 2019
So here are our 5 top tips to help you set some goals for 2019
Don’t set too many goals at once By setting too many goals at once you will get overwhelmed and end up not reaching any of your goals or worse, you don’t achieve your first goal. Set a couple of easy goals you can achieve now or over the next month, this will help you build your confidence.
Don’t expect too much of yourself We underestimate what we can achieve in a lifetime and overestimate what we can achieve in a year, for example trying to be a millionaire property investor in one year when you don’t own any property.
Set a combination of easy and hard goals (that are realistic) By setting easy and hard goals it gives you that feeling of accomplishment when you achieve your easy goals and helps you strive and work harder to achieve your hard goals. Remember goal setting isn’t just about big goals, the little ones count as well.
If you haven’t or don’t like setting goals set intentions instead Intentions are flexible and ever-changing and can change easily over time. Still, write your intentions down but this way you will feel less pressure to achieve your goal. If your goal is to purchase a rental property by the end of the year, and your intention is to learn how to do it the right way, then by the end of the year if you haven’t purchased a property but have learned how to do it properly then your intention of purchasing a property is still on the cards and you now have learned how to do it properly.
Don’t be hard on yourself Setting goals and dreams is great, however, for some, it can be hard and painful especially if you didn’t achieve your goals last year and or something set you back example a death in the family or ill health. Rather than creating a goal, focus on what makes you happy and or what you enjoy doing. Make sure you do that one thing every day or once a week. This way it doesn’t feel like you are goal setting rather focusing on enjoying life so you can build your confidence, health and wellbeing back to where it was before. You can then add more goals as time goes by.
Goals are not one dimensional
Goals are always changing, and you need to change with them as well. Don’t just set goals because you feel you have to, goal setting is an ongoing process that you continue to build upon. Some goals will come and go, some goals will never be achieved for whatever reason and some goals will be accomplished so easily you forget the hard work you put in.
The one message I would say is don’t stress about whether you have set goals for this year or not, it takes time and you need to make sure you are in the right mindset and in the right space (couch, beach, nature etc) to create new goals or build on your existing. Sometimes setting just one goal may take weeks because it may involve other people and certain circumstances.
Too many people get fixated on their goals
Remember life is a journey, too often we get fixated on the big picture rather than enjoying the ride that is right in front of us, this is why setting goals in the New Year doesn’t work. Check out our other blog here on Reasons People don’t Acheive their Goals.
When do you set your goals? Leave a comment below to let others know.
Yes, the media is taking away your financial dreams of owning a home, having financial freedom and living the life you want (based on the fact you are willing to work for it, not given it).
The media dictates our lives and tells us what we need to know and what we don’t, how we should live our lives and what we should or shouldn’t be doing with our money and where we should or shouldn’t invest it.
And lately, it seems to be getting worse.
Don’t get me wrong the media are great for reporting news, information and world events and I watch or read the news every now and then to keep up with local and world events.
But what is happening is that the media are more than ever making the decisions for us.
They push on issues we don’t even care about (but act as if we do care), they are spreading news that is more one-sided, using their own opinions and assumptions and also using a lot of “click bait” (tactics to make you watch or listen when actually the story is nothing like what they mentioned).
They are losing the battle with the online world and pushing even harder to get your attention.
So how are they hurting your financial dreams?
Right now, there is massive fear in the market around housing or becoming a property investor.
With all the law changes and other potential tax changes, becoming a landlord just seems too hard especially for first-time investors or those with a few properties who might look at selling up.
The media is lapping it up time and time again resulting in you not being in the property market or stopping you from learning how to purchase your first home or an investment property.
Landlord, has become a dirty word
Landlords are seen as money hungry, nasty people who don’t look after their tenants.
The media happily pick up any story that portrays a situation where a landlord is in the wrong, making it look like all landlords are like this.
It’s a shame because 95% of landlords are not and like any industry, there are cowboys and cowgirls out there.
The same thing is happening in Australia right now
A 60 Minute story ran in Australia saying that the property market will crash by up to 40% next year, how is that for fear mongering.
Australian property investor and commentator Michael Yardley recorded a podcast and come up with these lines, which shows what is happening in Australia and NZ being influenced by the media.
“Investors are making investment decisions based on the media, not on property fundamentals.” “You don’t make 30-year investment decisions based on the last 30 minutes of news.” “Don’t make long-term investment decisions based on short-term market factors. It’s not time to change your property strategy.”
If you don’t start or continue your learning to invest in property you will still be left in the corner with everyone else who said,
“No its too expensive”
“There are too many law changes coming”
“Property prices are going to massively drop”
How many times have we heard this, hundreds or even thousands of times?
Those that sat on the fence back in 2009 and onwards listened to the media and did nothing, they now have paid the price of missing out on capital gains that others have got from investing in the market with a long-term approach.
Those that made the gains didn’t listen to the media they just kept on doing what their financial goals were and invested in themselves and property.
This day and age we have never ever had it any better than where we are right now
We have access to so much information at our fingertips that we could become an expert in anything we want.
We have access to finance, credit cards, internet, apps, Amazon, Uber, Apple, Android, Airbnb, air travel, low-interest rates, medicine, all sorts of products are available locally and globally, anything you want you can get it, right now!
But I think that has become one of the issues with people’s attitudes towards wealth creation, listening to the media and building financial security.
If I can’t get it now then it’s too hard or I don’t want it or we just moan, complain and say its someone’s fault.
Don’t be that person, fight and make a life for yourself and your family, it might take time, it might be hard work but what is the worst that will happen?
Your financial freedom is waiting for you, don’t let it slip by.
There are many reasons people fail to achieve their goals. Im sure you or someone you know has used the words “goals” or “goal setting” with disgust or apprehension.
Chances are that the more you loathe words like “goal,” “plan,” or “goal setting” the more disappointments you have and will experience in your life.
Perhaps things did not go your way when it truly mattered to you, or you had believed that you had a fail-proof system in place to provide yourself with the structure required to succeed at a particular goal.
And yet, some unexpected event occurred and knocked you off-balance, diminished your confidence, made you start to think maybe those people were right I can’t do it or I would fail and that it was a stupid idea.
Now it starts to set in, goal setting and planning to achieve my goals is a waste of time, I’m stupid, useless and I’ll never be good at what I want in life.
These are the reasons people fail to achieve their goals.
However, don’t be dismayed these types of setbacks happen to everybody.
This is no excuse to stop trying.
If one plan fails, or you do not achieve your goal then all you have to do is make some slight adjustments, or move on to a new plan/goal that will take the new circumstances into consideration so that you are still moving toward your goal.
Long-term planning and goal setting is something that anybody can do if they sit down and put their mind to it.
All you need is a place to start.
Pick a category of your life that you want to make a plan/goal for.
It is wise to make goals for all areas of your life that affect you, they don’t have to be big goals, small goals are good to start with.
A good place to start is using the “Wheel of Life” which include:
Family and friends
Spiritual and personal growth
Fun and leisure
This is a really simple and easy what to see how each area of your life is working on a scale from 1-10.
Meaning 10 is amazing and I don’t need to change anything and 1 meaning it’s not working at all something needs to change.
A wheel needs to be completely round to work at its best, if it has a few kinks it will slow down and not perform as well as it could.
You don’t have to be a 10 in all areas, but it helps you understand what area in your life does need more work on your behalf.
Whether your goal is relating to your personal life or professional life, choose the specific category that you want to work with.
Next, visualize where you want to be in relation to that goal in the future.
Make sure that you have a diary that you can use in order to go into as much detail as you possibly can when it comes to this arena of your life throughout the course of the year.
If your goal is, for example, to lose weight, you will need to determine a healthy and realistic end-goal. The master goal, so to speak.
At the end of the year, how much weight, exactly, do you want to lose?
Do you want to lose 25kg by the end of the year? If so, then great. Put it down as your end goal.
Next, you are going to want to begin breaking that big end goal down into smaller, more attainable goals that you can work on right away.
So over 12 months you need to lose around 2kg per month and if you break that down per week that’s around 500grams per week. This goal now sounds achievable and realistic.
Plus you want to take into account planning meals every day that will help you to accomplish your goals, and to set up a weekly workout schedule that will provide you with the activities necessary to lose weight. Also speaking with a nutritionist or using a personal trainer to keep you motivated and on track will help to achieve your goal.
By breaking your bigger goals down into smaller ones that you can follow throughout the year, you will be more than capable of achieving anything that you set your mind to.
By making the goal seem smaller you are more likely to achieve it, therefore, giving you that added confidence that you are on track to achieve your overall main goal.
Reasons People Fail to Achieve Their Goals
But goal setter beware, these are the reasons people fail to achieve their goals
Just because you set a goal doesn’t mean you will achieve this goal.
Remember it’s a goal, a destination, how many times have you gone to work set out what you want to achieve for the day and end up not achieving anything you wanted.
You had unexpected meetings, everyone wanted your help and you had clients come to the office unexpectedly.
But you still went back to work the next day, you didn’t belittle yourself, you know things like this happen and you carry on.
So why don’t we do this when we set our own personal goals
Because you don’t have a personal boss, to either fire you or tell you off for not completing your work on time or at all.
At work, you have schedules and deadlines to meet, you are accountable to certain staff members.
In your personal life you set the deadlines you set the timeframes, and if you don’t…. well are you going to fire yourself?
This is the main reason people fail to achieve their goals.
You are just not hard enough on yourself and there are no consequences to your actions.
Imagine if you set a goal and you had to achieve that goal, and if you didn’t you would have to pay $10,000 to the IRD in tax for not achieving that goal!
I bet you would achieve that goal, right, absolutely.
Reason people fail to achieve their goals is there is not enough PAIN in that particular area of your life to achieve that goal.
Sure some goals are shorter, easier, longer or harder than others but they all boil down to how much pain NOT ACHIEVING that goal will mean to you.
Tip to help you achieve your goal
So next time you set a goal make the point of identifying what will happen if you don’t achieve that goal.
A good idea is to tell someone, partner, friend, coach/mentor or someone you trust that this is your goal and if you don’t you will do this and or these will be the consequences.
It’s amazing how our mind works subconsciously when there is something on the line.
Try it next time you set a goal, because if you don’t you will be another statistic in reasons people fail to achieve their goals.
In our Property Investment College Coaching Program, it’s not all about property, it’s about a balance of property, life and enjoyment we get from achieving not only our property goals but also our personal goals. Hence that’s why we teach powerful motivational and peak performance ideas and principles that go hand in hand with your property investing. If you truly want to be a successful property investor learn to achieve success in your own personal life as well.
Should you invest in high yield properties in small towns
Why be wary of high yield properties in small towns
With yields in major cities at historical lows, we are regularly asked about investing in high yielding properties in small towns.
Before I discourage you in any way, may I say that small town investing can be even better than the cities providing the population in that town is growing, the economy and employment opportunities are improving and that the investor vigilantly watches the property cycle.
However, many investors mistakenly focus purely on the cheap prices and the high yield.
Cheaper does not necessarily mean better.
I would like to highlight the risks that investors in small towns need to remain aware of.
High yielding properties in small towns can be wallet eaters.
They literally eat the money out of your wallet, year after year.
You might be asking, “How can this be because doesn’t high yield mean high cash flow?”.
Well, not if that cash flow gets eaten up by high costs, vacancies and poor tenants. Let me explain.
Example of high yielding properties
I had a quick look on Trademe and found a property in a small town in Northland with a population of 1,658.
There’s a three bedroom weatherboard house on an 800sqm site listed for just over $150,000.
What’s more, the medium rental in the town is $290/wk. Wow, sounds great!!
So let’s say you buy it for $140k and rent it out for say $300/week giving you a gross yield of 11%. Amazing? Maybe … maybe not.
Work out expenses in terms of “weeks of rent”
Be aware that costs as a proportion of rents are higher in small towns than in the cities.
A new stove, for example, costs $800 anywhere in NZ.
If your rent is $500/wk, then with less than two weeks rent you can buy that stove but if your rent is $300/wk it will require almost three weeks rent.
Let’s look at the example of re-concreting a driveway. (Admittedly, it might cost a little less for a concrete driveway in a small town)
City $15,000 / $500 = 30 weeks (Just over half a year’s rent to pay for the driveway) Small town $15,000 / $300 = 50 weeks (Almost a year’s rent to pay for the driveway)
And now for the killer.
Not only are maintenance costs higher as a proportion of rent but rates bills are generally extraordinarily high in small towns.
Let’s compare two properties, one in Rotorua and one in Auckland.
2017 Rateable value Rates bill % of RV #weeks rent * Rotorua property $206,000 $2,529 1.2% 8.4 Auckland property $590,000 $1,811 0.3% 3.6
* Rent calculated at $500 in Auckland and $300 in Rotorua
Finally, in small towns, you will have far less selection of good tenants, potentially higher vacancies and higher ongoing maintenance issues.
So what initially appeared like a great yield is no longer so.
Low capital growth
More than these deceiving yields though, the nail in the coffin for small town investors can be from the capital growth.
In areas with low population growth and low economic growth (ie low employment), capital growth will be poor.
Using landlords.co.nz & interest.co.nz statistics, let’s compare our small Northland town with Auckland and our other major cities over a 24 year period.
Average Value 1994 2018 % increase
Small Northland town property $44,000 $130,000 295%
Auckland property $159,000 $850,000 535%
Hamilton property $120,000 $540,000 450%
Wellington property $130,000 $545,000 419%
Christchurch property $118,000 $450,000 381%
Dunedin property $108,000 $389,000 360%
Cities will generally achieve a much higher capital growth.
Summary for high yield
Don’t get sucked in by cheap and supposedly high yielding properties. Small towns can be great to invest but, but as for the cities always look for strong population and economic growth.
As always, buy properties in areas with latent value.
As a final word of caution, remember that cheap for cheap’s sake is not a road to property investing success.
At Wealth Ladder we teach and coach property investment online so you can study at your own pace, including one on one coaching and monthly group coaching.
Six reasons it’s important to get your property ownership structure right
If you’re planning to buy one or more properties in New Zealand, your property ownership structure is the way you hold the title to your investments. Examples are:
● Individual – you own the property in your own name
● Partnership or joint venture – you jointly own the property with one or more other individuals
● Company – your property is owned by a company in which you hold some or all of the shares
● Look-through-company (LTC) – your property is owned within a ‘transparent’ company structure where you (and any other shareholders) report profits or losses in your personal tax return
● Trust – your property is owned by a trust managed by you or others.
It’s crucial that you get your property ownership structure right, especially if your goal is to build up a portfolio. Here’s why:
Your property ownership structure can have a big impact on the amount of tax you have to pay on any income you derive from it. For example, if you buy property through a company it will pay tax at the corporate tax rate of 28%, rather than at your individual tax rate (between 10.5% and 33% depending on your income).
If you’re buying in a partnership or joint venture, the tax outcome may be different for each of the owners.
2. Asset protection
Many property owners choose to hold property within a trust or company to protect their assets in case they get into financial difficulties. For example, if you set up a business venture that fails, your home and other personal assets could be at risk if they’re held in your own name. Using a trust or company could help you ring-fence assets in case of personal bankruptcy.
You can use a family trust to protect your property for your chosen beneficiaries (e.g. your children) and safeguard it against claims from others, such as ex-partners or members of your extended family.
Buying and managing property is already very time-consuming. Adding in a company structure, partnership or trust can add layers of extra administration, which can be expensive (and a lot of hassle).
What’s more, choosing to buy property within a company can make it more difficult to get a mortgage. Some lenders may not have the capacity or knowledge to lend to a company – or may insist on seeing tax returns and financial statements for your company even if you have set up a shelf company for the purpose of buying the property.
Once you’ve tied up your cash in property, it can be both expensive and time-consuming to access it if you need it later, especially if you have exhausted your borrowing capacity.
If you’ve structured your purchase through a company or a trust, releasing your equity can be even more complicated and may even be impossible if the trustees or other shareholders do not agree to sell or refinance the property.
Carey Brunel from HomeLoan.co.nz says “Pooling resources with others, such as your partner, friends or family members – can make it easier to buy a property, but it can also lead to problems”. Be careful.
If you are going to buy property jointly, it’s absolutely vital that you have a proper legal agreement in place, detailing how income and costs are to be split, how the title of the property will be held, how responsibility for the debt will be split and what happens if one party needs to sell.
If you’re building up a portfolio of property, you may be able to leverage the equity in the properties you already own as security for each new property acquisition. This is a popular strategy that investors use to grow their portfolio more quickly, but it has risks.
● If you can’t keep up repayments on the new property, you risk losing those you already own.
● The more you borrow from a single lender, the more control they will have over you. If the overall LVR of your portfolio is high and you decide to sell a property, the lender may force you to use some of the proceeds to pay off some of your other mortgages.
● The more complicated your ownership structure is, the harder it will be to refinance, should you need to.
Choosing the right structure
The most suitable property ownership structure for you will depend on a number of factors, including:
● Your financial circumstances
● Your income level and tax rate
● Whether you wish to own it individually or jointly
● Whether you wish to protect your assets for specific family members
● Your family members’ income and tax rate
● Your long-term property ownership goals
● Your long-term wealth-creation strategy
For this reason, it’s really important that you seek professional financial and legal advice on structure before buying your property.
How to Purchase an Investment Property Like an Expert
When looking to purchase an investment property I see far too many people buy with their own heart (emotion) and not the emotions of the end tenant or purchaser.
You see, to purchase an investment property is not the same as purchasing your own home, and therefore I see so many landlords with only one investment property because they brought with their heart, not their head.
Most people generally who have purchased a home, then use the same strategy to purchase an investment property.
Then they wonder why the property is not performing and end up selling it or worse continue to lose money and decide that property investing is not for them.
If you truly want to learn how to purchase an investment property you must think like a property investor, not a homeowner and evaluate potential properties in a way that you can understand the risk, identify true value, have done your research and know the area well.
Here are my three top tips to help you purchase an investment property like a true property expert.
Always buy with emotion, not yours but of your end user
We have already briefly mentioned not to buy on emotion.
Just because the property has a new bathroom or kitchen or has a lovely pool out the back or a walk-in wardrobe that you have always wanted in your own home. Buying on your own emotion is a recipe for disaster and you will end up paying more for the property than what it is worth.
Having said this you should always buy based on the emotion of your tenant.
That means you must understand the needs of your target market. Some examples might be; all day sun, a large garage and lots of off-street parking.
Do your research
All top investors do their research and have become experts in their field.
What I mean by this is they choose an area, a strategy and focus on that. They seldom go from one area to another to find an investment property.
They become so proficient in one area that they know more in that area better than the real estate agents.
Once they have great proficiency, of course, that area can then be expanded.
Nowadays it’s a lot easier to complete your research than it used to be because of the internet.
There are a lot of websites like Trademe, Homes, Google where you can find a whole lot of information regarding last sale price, current value, street views and aerial views.
But not even the internet can take away the importance of physically inspecting many properties before putting in an offer.
At Wealth Ladder we follow the 100-10-1 rule.
Look at 100 properties put in 10 offers and buy one property.
This may seem like a lot of work but if you are a newbie investor and you want to buy a quality home below market value, you must follow this rule.
I wanted to share with you what I did at one of my investment properties the other day that might shock you!!
But first, let’s go back a few years to my student days.
As a student, I would wash houses and clean windows inside and out for some extra money. I got pretty good at it, with plenty of referrals coming in as it was always about trust.
Yes, it was hard work, but life is when you are a student.
But not only did I receive payment for my work, but my customers would feed me as well.
No, I wasn’t poor to the extent I couldn’t afford food, but training to be a top NZ swimmer you needed all the fuel you can get, so I was always up for some home baking, sausage rolls, sandwiches and cakes, and I generally ate the lot.
Though I think it was more of the company that my customers liked about me being there.
It was always great to pass the time with them talking about past life adventures and what is happening in the local area.
Though now I’m not a student, I don’t need to worry about food for training and I don’t need the money for washing houses and windows.
But I still take the same stance for my properties that they should have a good wash of the outside walls, guttering’s, including the windows (if tenants haven’t done this themselves), at least once a year.
I see so many properties that need a good clean and it takes little time and money to do it.
Seriously, all it takes is these 5 things to wash a house and the water is FREE!
Hose – tenants may have one to use or take your own
Water – from the outside tape
Bucket – everyone has a bucket
Handy Andy – great for houses, cheap and makes the property shine
Readers will know, I am a huge advocate of understanding the property cycle and so you might be surprised to hear that I actually fully endorse what Graeme says.
I have not met Graeme and I could be wrong but I do not think that Graeme believes that the property cycle does not actually exist.
If you read his line, “So to me, there is no such thing as a property cycle”, he is saying, that he personally does not focus on the cycle.
He is investing for the long-term and the decision to buy or not to buy is based on his personal circumstances – not the circumstances of the outside world.
What an empowering statement. How many investors have I talked to that said, “They were waiting for the crash since the 2000’s and had no idea that the market had actually bottomed in 2009”.
Let fear overcome you and you will not do anything.
This is the problem I believe Graeme is addressing.
Source: Wealth Centre.com.au
The Importance of the Property Cycle
Our readers will likely know the huge importance of the property cycle to me.
Because I had studied the cycle for many years, and fellow investors will attest to this, I knew we had peaked in 2007 and that we had bottomed in 2009.
This gave me incredible confidence among the fear.
Also, because of my portfolio size now, I could still be toast, if I get things wrong.
But for most investors with one or two properties, do you really have another 10 years to wait to buy that one property in the next recession?
If you earn good money and you buy wisely, market timing simply does not matter.
Trading in the Right Zone of the Property Cycle
As Graeme points out, an exception is trading which works well in a depressed or rising market but is terrible in a falling market.
Also, I would like to add that full-time investors will look to offload inferior properties at the top of the market and aggressively purchase quality properties at the bottom.
But it is very difficult to time the bottom of the market.
And if you are not in the game, or have at least studied the likes of Phil Anderson, Fred Harrison, W.D Gann, or other famous cycle economists, how would you know anyway … the news? … definitely, don’t rely on that.
Fear and Greed
So, in my opinion, Graeme saying, very wisely, “There is no property cycle” is not the same as him saying, “The property cycle does not exist”.
The fact, that there is an economic (property) cycle that has major peaks every 19 or so years, minor peaks half way and has foreknowable occurrences along the way is frankly, undeniable.
And whats more, I would add that it is critical for full-time investors to understand these cycles – that is if they want to confidently leverage into great wealth and not go broke.
As always, it is the twin perils of fear and greed that limit investors.
Get greedy at the top of the market by buying too many low-quality properties, then if interest rates rise, a source of income is lost and mortgage payments can’t be met, losses will be suffered.
Just study the years, 1989, 1999, 2009 and every recessionary period prior to understanding what happens.
So if the property cycle is causing you to be fearful then as Graeme rightly says, take your mind off it totally and forget it even exists.
But if you believe like me that knowing the cycle is likely to empower you to overcome fear in times of doom and gloom and to control greed in times of excess then get educated on it.
I believe that it will make you far wealthier and it might even save your neck.