How To Set Investment Goals And Reward Yourself

As an investor, it is important to set goals. But when using credit to reward yourself, how do you know when you really do deserve a reward, versus …

As an investor, it is important to set goals. But when using credit to reward yourself, how do you know when you really do deserve a reward, versus when you’re tricking yourself into deeper debt and further away from your goals? By avoiding extremes in rewards and by making a reward guide of what you can have and when, you’re on the way to living your goals without feeling deprived.

1. Don’t let current appetites steal from your future feasts

If you flip properties you may be lucky enough to see your profits quickly after your initial investment. However, as a real estate investor with a long-hold mentality, it may take longer before you see the fruit of your labors. It can be hard to wait to realize your profits, and sometimes you may be tempted to reward yourself before the deal is really done.

A common mistake is to take extra equity out of your property and use it as ‘mad money’. Some say it is best to put funds into other investments and use them as leverage. However, you are cheating yourself in the long run if  your equity pays bills for your big screen TV or impromptu vacations.

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Of course we invest to have a better life, more things and—ultimately—more time. Instead of drip-draining your profits, try to make milestones that keep you motivated and rewarded. Treat yourself to a nice dinner when you’re able to increase rents, or allot a small percent of the total income to a “Fun Fund” that you intentionally dip into once a year. But be reasonable with your demands on the property.

2. Don’t Cheat Yourself

Ever hear the story of the man who scrimped and saved to buy the house of his dreams? He denied himself every pleasure only to drop dead just after closing the deal on his beautiful new home. Perhaps you haven’t heard that exact story but it’s likely you’ve heard something similar. We all know you can’t take it with you. So are your investments ripe to pluck? Is it is when you reach a certain number of houses? Is it when you can sell for a certain R.O.I. or when passive income from rent finally out earns your living expenses? It’s completely up to you, but when that golden moment comes, celebrate it like you always planned to.

3. Plan It Out

Sit down, if you haven’t done so already and write your goals. They may be weekly, monthly or for any period you like. Decide what you want to happen when your reach them and what happens if you don’t. Do your goals roll over into the next month or do you reevaluate and rewrite them completely? In my case, every property purchase warrants a nice dinner out. Every year we go on a special trip to celebrate our achievements. What will you do? Perhaps when your investments are ready to be harvested you’ll buy your dream home abroad, or sale to the Antarctic?

A key system is to plan a reward for each milestone you reach in your goal setting creation plan, whether they are long-term or short-term goals they need to be rewarded to keep your motivation high and to maintain your productivity. The journey to your success is just as important as the destination, and each step needs to be recognized as a testament to your dedication.

Now, make a list of everything you have to celebrate and commit to rewarding yourself at every milestone.

 

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