27th June, 2013 BACK TO ALL PODCASTS

Rob B credits them with changing his life, and without exception, every successful person we know has them.

What are they? Goals, of course. And we don’t know how we had the restraint to go put off a whole session about goal setting to Episode 15 – because they really are fundamental to any great success.

After all, as Seneca said:

“If a man does not know to what port he is steering, no wind is favourable to him.”

We talked about the importance of setting goals, and making sure those goals are SMART:

Specific
Measurable
Achievable
Realistic
Timed

We also shared our own personal goal-setting systems, breaking them down into a step-by-step process, and talked about the importance of accountability and habits along the way.

There’s less property in this episode than any we’ve done before, but we’d cite it as a must-listen for anyone who’s trying to achieve more than the average person.

Resource of the week

Another classic book this week: How To Win Friends And Influence People by Dale Carnegie.

You’ve probably heard of the book before, but the title might have put you off. Our purpose this week was to change your mind – “influence” doesn’t have to be sleazy, and because property is such a people business, reading this book can’t fail to make you more successful.

This week’s news

Turns out the Prince of Wales has been listening to The Property Podcast…maybe. At any rate, he’s been expanding his property portfolio, including spending 38m on a commercial building in Milton Keynes.

We also talked about a new book that we’re going to be featured in, Rob B teased us with news of a new podcast, and we shared some disturbing news about our buddy Ric…

This week’s mentions

If you’ve grabbed this episode quickly, you might be in time to catch the Property Podcast Live episode tonight – that’s Thursday 27th June at 7pm. Find out if there are any spaces left by going to thepropertypodcast.com/live.

Tell us what you thought of the show!

What systems do you have for setting goals?

Do you have any goals you want to publicly share to get some accountability from the Property Podcast community at large?

Just let us know by leaving a comment below!

If you enjoy The Property Podcast, please leave us a review on iTunes

Reviews are really important in helping other people to find the show, so by way of thanks we read out every single review we receive.

If you’d like to hear your name on the show, leave us a review on iTunes here. Not sure how to do it? This video shows you how to review and subscribe.

Full transcript

Ric:                                         Welcome to The Property Podcast, the home of news and debate about building long term wealth from property investment for beginners and experts alike.  And now, for your hosts, a host so indispensible we packed a spare, it’s Rob and Rob.

Rob B:                                   Welcome to The Property Podcast Episode 15 where thousands of investors join us every single week to learn more about property and listen to the old bad joke.  Joining me every single week is Rob, the property geek, Dix. Welcome Rob.  How are you?

Rob D:                                   I am really well.  I am having a good time in Berlin where I am based at the moment.  I better not say anymore because we’ve got so much to get through this week, absolutely loads.  We’re going to be giving you and insight this week into how we set goals when it comes to property.  We always talk about how important goals are.

But this week, we’re going to get really deep into how we do it and why you should be doing the same.  We can talk forever about this but we’re going to try and keep into a nice, snappy 20-25 minutes for you.

And then, at the end as always we’re going to be sharing our resource of the week which is another great book this week.

Rob B:                                   But before we get going, we’ve got plenty to park in as Rob said.  We will not neglect our iTunes reviews because once again, you have delivered.  Thank you so much to the following people.

First of, we have therudeman and he says, “Hey, Rob and Rob.  I live in South Africa.  I’m just starting to invest in property last year.  Since I’ve listened to your podcast, the property bug has bitten me and I’m keener than ever to get started and create some long term wealth for myself.  Keep up the awesome work. You guys are great.  Thank you.  Therudeman”

James [0:01:34] says, “Excellent source of news, tips and resources for the property investor.  Really well presented and helping me ensure that I’m making a great start to property investment.  It’s less daunting and more exciting.”  Thank you.

[0:01:34] says, “Great podcast, informative and honest.”  Short but sweet.  Thank you [0:01:50]

And UKmondo says, “Excellent podcast.  Very useful information and easy to understand.”

Well, thank you very much.  As always, we love it when you leave us reviews and we will read every single one out.  So, thank you and please continue to support us.  We do appreciate it.

Rob D:                                   Great to hear that.  I’ll never get bored of hearing you guys doing reviews.  But for the ultimate in our listener interaction, it’s happening tonight, Rob.

Rob B:                                   It is.  I’m excited.  Tonight, because today when we release this podcast it’s the 27th of June.  At 7 PM, if you downloaded this on Day 1 you can join us tonight us to join us in a special live episode where our listeners will be able to ask us questions live, we’ll be recording it live and you can interact with us.  Ask as many questions you want whether it’s about – you know some of the bad jokes in the past or hopefully property related.  And you can jot all your questions and then learn loads from us.  And you can catch us on the hop, difficult questions are welcomed.  We’ll cover as many as possible.

Rob D:                                   We will be answering everything we can possibly can.  Anything we don’t know the answer to, we’ll do our best to track down someone who does and point you in the right direction.  We’re just going to help the best way we can and we are scared but very excited as well.  So, that’s tonight at 7:00.

To find out how to get access, all you need to do is go to thepropertypodcast.com/live and there’ll be a link on there over to the online webinar service where you can just sign up and listen in live along with all your fellow listeners.

That’s going to be pretty scary.

Rob B:                                   Just a little.

Rob D:                                   Just a little.  But let’s get moving on, Rob, to what we’ve been doing this week.  There’s something disturbing in the show notes.  I’ve been trying not to ask you about.

Rob B:                                   I’m sorry Rob.  But as we speak – we both speak to a lot of our podcast listeners.  I’ve had a lot of feedback, “Love the show guys” and they’re really positive.  But that cheesy, American guy, a nice person, “love the show. Great and learned lots but that guy at the beginning…”  So, it might be time to let Ric go.  I’m sorry Ric if you’re listening.

What we’re going to do, you’ll hear Ric a few more times but we’re going to get a few more other people to record the intro for us and then we’re going to email the people in our mailing list, a selection, and we’ll let them vote.  And then, the winner will be announced shortly.  If you’re interested in voting along with everyone else, make sure you get in the mailing list.  We will be doing it in the next couple of weeks so you still got time.  We got to get the recordings together.  So, get in the mailing list.  Sign up and you can part of the votes.  It’s a little bit of fun to choose who will be our new introducer to the show.  That’s an intimidating job.  There’s lots of people listening, Rob.

Rob D:                                   It sure is not an easy gig.  But I’m excited about the audition process.  It’s going to be the new X Factor.  Maybe we should make it spin out for 12 weeks for something and eliminate someone every week or maybe not.  That’s probably terrible idea.

Rob B:                                   No.  We wouldn’t get away with it.

Rob D:                                   That’s true.  That’s going to be over and done with.  Also, this week, we’re going to be in a book, aren’t we?

Rob B:                                   We are.  Not a biography, not yet.  We’re not quite there.  However, someone has been kind enough to get in touch and we can’t give the details yet. He’s asked us to keep it private.  But it’s a marketing book.  Again, if I give you the offer, it’s probably going to give it away.  It’s a little bit secretive but all will be revealed.  But it’s basically one of the best selling marketing books on social media, I can probably say that.  He’s contacted us to use the Property Podcast as a case study because as you have been so fantastic and loyal as listeners, we’ve got thousands of you now and it’s been a real success story.  It’s really mind blowing that someone’s actually come to us, found us.  We’ve not come to him.  He wants to case study the podcast, find out more about it and use it as a story in his book which is really good.  I’m really excited about this, Rob.

Rob D:                                   And we do only have our listeners to thank for this because otherwise we’d just be two idiots talking to each other every week.  But it’s because of all the great reviews we’ve had and everything that’s kind of propelled us of the chance and got this guy to find us.  And the fact that we’re a case study of how to do something in properties is just amazing.

Rob B:                                   Great role models we are.  And also, in my week Rob, sort of last thing for me to mention is I’ve been working on sort of two big projects for the second half of this year.  The first one I can now exclusively reveal to our listeners that there’s going to be another Property Podcast, not the – well, you’re the one, the property geek and this one is enough.  But there’s a gap, I feel, for a news, a property news.  So, Property News Radio is being born.  It’s being born so it’s not quite gone out yet.  But I just want to let everyone know it’s coming and it’s going to be a very short podcast about 15 minutes every week about what’s happening in the papers, what’s happening in the economy, looking at the stories and then applying them to property investment and what we can learn from them.

It’s really just for busy people who haven’t got time to troll through the blogs and newspapers to find out what’s going on in the property market.  And so you can listen in every week no more than 15 minutes.  I’ll throw over the news, get some views and then hopefully by the end of it you’ll be updated and a lot better for it.

So, that’s coming very soon.  And I’ll reveal more as the weeks come on.  But the first episodes should be recorded in the very near future.

Rob D:                                   That sounds great.  I’ll be listening number one to that because you’d normally view, the dig outs, the news story for this show.  You always do a really good job or unearthing interesting things.  And I’m a podcast addict and I never have enough time, I never quite get around to reading the papers or seeing what all the property stuff is going on that I should know about.  So, that’s going to be perfect me to get it all in one 15-minute burst.  That sounds great!  I’m looking forward to that.

Rob B:                                   So, Rob I’ve been busy but I know you have too and you’ve been meeting one of our listeners I believe.

Rob D:                                   I have a listener who I have been trying to email back and forth a little bit.  Then he found out I was going to be in Berlin, he invited me down to [0:07:15] he’s been investing over the last few years.  We just spent the day together looking at some of his investments and having a chat.  And it’s just fascinating to see how the market works in Germany.

There’s so many things about the way property investment works that sounds great compared to how we do it.  Their price is per square metre which makes it really easy to compare investments; they can finance them at lower rates for longer fixed rates.  And it’s really, really interesting.  They’re obviously down sides as well.  But it’s great to see the contrast and realize over weird things about our system that we take for granted.

So, yeah, I don’t know if you’ll want me to say his name on the show because he might have wanted to remain anonymous.  But I had a really, really fun day.

Anyway, we should get moving on to the news of this week Rob has dredged up for us.

Rob B:                                   Well, as you sort of built up the sewer news story I dig up, not so serious this week.  The royal family are avid property investors too.  And I wouldn’t be surprised Rob if the Prince of Wales has been listening to the podcast because lo and behold, he’s been investing.

Rob D:                                   He has.  You know what, I think the Prince of Wales has been reading Property Drives because my good friend, Jonathan Glock is always singing the praises of Milton Keynes.  And now, the news is – I don’t know how to say it.  Is it the Duchee?  I don’t know how to say it.  But Prince Charles is, the estate anyway, has been 38 million on industrial building in Milton Keynes.  It’s some kind of warehouse and [0:08:34] was pleased about because if it was little, I would just feel really wrong somehow.  His property investments are going really well.  His estate is up to 15 percent since 2008 apparently.

Rob B:                                   Yeah, he’s basically paid 100 million worth of property investments apparently according to the article.  So, we’ll link to it in the show notes of course which you’ll be able to find at thepropertypodcast/15.  But we’re not quite up to Prince Charles’ level but we’re glad that he’s on board with our beliefs as well that you should invest in properties.  So, it’s encouraging Rob.

Rob D:                                   Alright, shall we move on to our topic of the week then?

Rob B:                                   Let’s do it.

Rob D:                                   This might seem like a weird one for a podcast that’s supposed to be about property investment and yet we’re giving a whole episode over to “goals”.  But we really believe that goals depend everything in property and beyond.  Rob, I know that you’re into your classical history so I dug out a quite from [0:09:18] that I really like because it’s so simple and it’s, “If a man does not know to what port he’s stirring, no wind is favourable to him.”

Rob B:                                   I like it.

Rob D:                                   I think it really sums it up because until you know the destination you can’t possibly know how to set your sails to catch the wind that will take you there.

I was literally having this conversation with a friend the other day.  He was trying to decide whether he’s going to take on a work contract for the next few months that he’s not very excited about.  And so he said, “You know, the thing is I don’t think it’s going to get me closer to where I want to be.”  So, I asked, “Okay, so where do you want to be?”  And he said, “Well, I don’t really know.”  So, that’s a bit of red flag there.  If you don’t know the ultimate aim, you can’t evaluate whether any given opportunity that comes your way and in our particular context, we could be talking about a particular investment approach.  You don’t know whether that’s going to get you closer to your goal or further from it.

What we’re going to try and do is bat you over the head a bit on why you should set goals, how to set goals that actually work and then we’re each going to talk about our own methods for setting goals in our own lives.

Rob have you got anything else to add about why setting goals is so important?

Rob B:                                   Anybody who calls me up for R&P Property will know that I’m incredibly passionate about setting goals.  I don’t even talk about the property investment until we’ve established what your goals are and how you’re going to achieve it by the strategy you set up.

The majority of people which surprise me don’t actually set goals or don’t set property goals.  But if you set goals in other areas of your life, then you should do it for property.  There’s a huge reason why.  How do you measure success?  How do you know that you’re achieving, you’re doing well if you don’t have a goal to use as a benchmark and a destination to try and get to.

If you don’t have a goal, then you can lose focus, you can get de-motivated because you don’t really know why you’re doing it.  Initial enthusiasm may make you start in property investment but quite often a lot of people contact me not just by beginners but we’ve done a couple of property investments because they just kind of get stuck and don’t really know where they’re going.  That’s where we sort of start again and go back to the drawing board and say, “Well, what is this all about?  Why do you want to invest in property?”  And when you know the “why”, you can set a goal.

So, I’m a hugely behind setting goals.  I think it’s a massive part of anybody’s success.  There’s ways you can go about it.  You can just fro sort of wishy washy goal out there or you can set something that’s called a “smart goal”.

We’re going to run pretty quickly what a smart goal is.  And Rob’s going to give a direct example of what a smart goal could look like.

SMART stands for specific. Okay, so “what is my goal” that needs to be “I like to lose weight” or “I’d like to lose 5 kilograms”.  That’s specific.

Measurable, again, measurable “kilograms” is measurable.  So, you can know exactly what you’re trying to achieve.

Achievable, 5 kilograms is a lot more achievable than 5 stones for most people.  That maybe an achievable goal.

Realistic, again similar “Am I realistically going to achieve this in a timely fashion.

Time, how long do you want to do this?  There’s no point in saying “I want to lose 5 kilograms” and leave an open window to when you’re going to achieve that.  You may want to say, “I want to lose 5 kilograms in 4 months.”  And that might be your goal.

Don’t worry.  This isn’t going to turn into a weight loss podcast.  That was just – using it as a very basic example.  But Rob, you’re going to apply this property.

Rob D:                                   It came up recently with an investor I was speaking to.  She’s originally from New Zealand.  She’s got a flight booked to New Zealand in nine months time.  And when she got there, she’s going to be staying in New Zealand for about a year or so and she didn’t want to be working at all while she was there.  So, her goal was to have made enough money in the next nine months to support her lifestyle so she doesn’t have to work at all when she’s back in New Zealand visiting her family.

I thought that was a really great example because that’s very specific.  She’s flying out on a certain date.  The flight has already booked and she knows the precise amount of money that she needs to have to support her lifestyle both for time scale and the amount of money are specific.  It’s measurable.  You can track your progress over the months.  And as you see the amount of money go up, it’s achievable.  There’s nothing standing her way really.  It’s realistic.  I’m sure we’ll talk about how difficult goals should be later on.  But it’s really a hard thing for her to do but it’s realistic.  And it’s timed; obviously it’s really a hard deadline.  The flight is booked.   You’ll get to that day and you can either go “Yup, I hit my goal” or “No, I haven’t”

I thought that was a clear example because it’s got that time on it. And I have the same thing when I was leaving my job and do this whole travel thing.  So, alright, I’m going to book my flight to this date and work back from there and I know what I need to do.  And that suggests all kinds of sub goals like saving money at certain rates and possessions and everything else.  So, we’ll come on o all of that a bit later.

But I think her example was a really good one.

Rob B:                                   What we’re going to do now is now we understand what SMART is; specific, measurable, achievable, realistic and timed.  What we’re going to do is we’re actually going to talk through how we setup our own goals, what we do, how we apply them in our own lives and hopefully, you can maybe take away bits of what we both do and apply it to your own life and become more productive.  Because actually, setting goals will help you become more productive and more focused.

Rob, do you want to take us through goal setting in your life?  What you do, how you set your systems or how it all works?

Rob D:                                   Well, you might have to cut me off if I go forever because I can really talk a long time about that.  Although, I blog all the time, I’ve not ever written specifically about goal setting.  So, I really struggle to unpack it all into a process.  But I’ve been thinking about that ahead of this recording.

And it starts out without having much to do with property phase of it but stick with me because it gets there.

The first step that I have to put in place was figuring out a deeper purpose which sounds a bit hippie or whatever.  This doesn’t have to be expressed as a SMART goal but I think it’s really helpful to know what drives you.  Because for me, if my goal was just an arbitrary number like an amount of money, it’ll be really hard for me to stay motivated because I don’t know what that goal represents to me.  My purpose has nothing to do with property, it’s about giving people the knowledge and the confidence to take control of their lives because I never want anyone to feel powerless or have to pretend to be someone they’re not because I have been there and it wasn’t much fun.  So, everything I do somehow ties into that deeper purpose.

The next step is having a two-year goal that relates to that purpose.  For me, two years is good amount of time because I can imagine it.  I can remember really clearly what I was doing two years ago.  And that time scale seems short enough to keep me moving.  If I said, five years then it’s like, “Well, what does it matter if I let things slide for a couple of weeks.  Five years is really a long time.  I can make that time up.”  But also, the time is short enough to make big changes after this two-year goal and that’s a big one for me because I often struggle with focus.  I always want to be trying new things and going off in different directions.  And my two-year goal allows me to go, “Alright, heads down for the next two years I’m doing this.  And when I get there, when I hit my goal, I can look at other options.”

This is where the property comes into it for me.  Because at the moment, my goal relates to a certain monthly income figure that I want to reach and that’s not an arbitrary number.  Still I have chosen that number because it’s enough that even if I have no other sources of income, I’ll be fine.  I’ll still be living nicely.  I’ll still be putting plenty of money into savings and so on.  So, if I hit this goal, it will give me the freedom to pursue interesting options without money being a consideration.  That’s what I really value.

Are you with me so far?  Is anyone still listening?

Rob B:                                   No, I’m smiling.  Smiling because I can hear a lot of similarities between what I do as well.  We’re going to come to that part.  We have actually discussed how we set our goals before this podcast.  So, I’ve been enjoying this as well.  So, please continue.

Rob D:                                   I’m glad that nobody contradicts me in a minute.

So, step two is, for me, is coming up with your two-year goal.  And then, step three is simplifying the actions.  That’s working out the concrete steps that I need to take.  There’s a real power in having simplicity in this state especially when it relates to property because it’s so easy to be overwhelmed by numbers and options, over analyze everything and lose focus.

Someone who I spoke to the other day had an entire plan on a tiny scrap of paper on his desk.  And he carried that plan with him in his wallet at all times and really could memorize it anyway because it’s so short.  And it is meant that every time he had to make a decision, it was just simple yes or no based on what it said on that scrap of paper.

You can crunch the numbers and say, “Okay, I need to buy a property every six months that gives me a leverage return of investment of 30 percent.”  Now, obviously there’s going to be other factors in there like the type of risk you’re taking on and time cost and everything.  But that could be the basic numeric criteria.  That means you know exactly what you need to be looking for and you can analyze any deal just by looking at that one number and saying yes or no.

Step three is simplifying the concrete actions that you need to take.

Step four ties into that and that is my weekly goals because one goal can seem massively huge so sub goals are a way of actually breaking everything down into something you can take action on.  Who do you need to meet, who do you need to learn, what needs to be put in place?  Again, because I find it so hard to keep focused and not get distracted so I prefer to go weekly.  It breaks down that overall goal into weekly steps so I’m never stuck with this big, scary thing.

I talked briefly earlier about when we’re living to have this whole nomadic lifestyle we’ve got now.  From the big goal of “We’re living on this day”, that was a SMART goal. And from that came weekly goals, “This week I need to meet three agents about leasing out my flat” or “I need to contact three people to get all the evidence I need to arrange for my VISA”.  So, they’re the weekly goals.

And then, the final step for me is daily goals.   This is where I drive my wife crazy because I just get so obsessed about doing what my daily goals before doing anything else.  Every night, I plan out three goals for the next day.  And I just think, “If I accomplish these three things, will I be happy when the day went?”  I obsessively do those three things first and I’ve tried really hard not to do anything else until I’ve done those three things.  Then after they’re done, everything else is a bonus.  I can take the rest of the day off or I can work on something a bit more speculative or get onto general admin.

That’s how I kind of break things down from the great, big overall purpose into the two-year plan, into the weekly plan, into the daily goals.

Then, if I haven’t talked enough already, I’ve kind of a bonus point which is about turning goals into habits.  I’ve talked about previously about how will power is a really scarce resource.  And I don’t think I’ve got very much of it to start with.  But if you can turn a goal into a habit, then you totally remove the need for willpower.

A good example of this is I wanted to write a book and all I did was get into the habit of waking up and writing a thousand words each day.  So, I’d get up and do some exercise and soon as I got back and showered, I’d sit down over cup of coffee and write a thousand words.  Within a week, that was an automatic habit.  It wasn’t an effort to do it.  It just happens. There was no debate about it.  If you do that 60 times, you pretty much got a book.

There’s a book called The Power of Habit which I really recommend that goes into a lot of this a lot more.  Habits are really powerful stuff.  They can be used for good or bad so it makes sense to harness for good and to make achieving your goals automatic basically.

Okay, deep breath.  That is my process for setting goals.

Rob B:                                   I love this.  I promise you, we didn’t talk about our goals before this episode.  So, that was the first time I’ve heard how Rob sets his goals up as well.

As you’re going to hear we do a few things differently but it’s amazing how similar we have actually taken our approaches.  It’s sort of something I self-developed and I don’t know how you came across your method, Rob.  But this is sort of trial and error of what I found not working and tweak things. And what I’m about to go through is where I’ve ended up.  And I’m sure there’re still things I can improve on.  But it’s really interesting to find out how you set your goals up.  It’s just so scary that it’s so similar.

So, I’m going through mine and you’ll see what I mean.  And again, stop me when I go and but I really enjoy that Rob.  It’s really interesting to see what you do and I think there’re a lot of actual points that people can take away.

Rob D:                                   Yeah, I hope so.  Okay, I’m looking forward to hearing this.

Rob B:                                   I start my goal process in a similar process. Where you look at life purpose, I actually put life goals.  It’s a big, big goal that I want to achieve.  And I try to get them together and give myself the challenge of 100 goals together.  And I didn’t do this over hours or days.  I did it over months.  It’s still ongoing.  It’s not 100 yet.  I think I’m on 80 something.  To guide me with the goals is to split them into core areas, sort of the family, charity, adventure, travel and wealth/business.  So, that’s R&P Property team, the R&P Property and other things.

So, my long term goals and gave myself categories to help me compile them and put them together.  There are sort of categories I look up.  I listed all my lifetime goals, then I broke it down to smaller chunks.  Not two years but three years.  I get a three year book.  What I do is a bought a new notebook and I just come into my second one so I have been doing this thing for six years now.  I’m in the last year of my second one.

At the beginning of the book, I write down some inspirational stuff to keep me focused and then I put together my three-year goal plan.  Now, they’re big goals.  At this point, what it say a tip of this point would be when you set your three-year goals, look at where comfort zone is and then [0:22:39].  Here’s the edge of my comfort zone, I could achieve all these in three years and then just push yourself just outside of it not in a miles way. Just think, “What do I think is the maximum possible?”  And then, push yourself a little bit more.  You’ll be surprised at how much you can achieve in three years.

I remember my first three-year goal book and I completed a vast majority of it.  Now, when I put those goals down for the first time, I have to admit I probably didn’t believe it.  But at the end of it, it seemed “why didn’t I go for more?”

That’s probably the first tip I could give you is when you’re setting your longer term goals, look at your comfort zone and then just push beyond that a little.

So, I put my three-year goals down.  And then, I go to Year 1.  Year 2 and Year 3 stays blank so we’ll get to Year 2, Year 3.  But what I do in Year is write down big goals for that year related to the three-year goals.  So, if one of my big goals was to run a marathon, I haven’t run a marathon before, Year 1 might be “run a half marathon”.  It’s a big goal, something that’s a good achievement if I haven’t done that before.  But it’s also taking me towards my bigger three-year goal of a marathon.  Just an easy example of how it would work.  And I’d list all my Year 1 goals and then if I was starting this in January and by the way, you don’t have to start in January, you can start now.  Let’s just say we’re starting in July.  Month 1 July, I would write down smaller goals relating to Year 1.  I’m no longer looking at Year 3, I’m now looking at Year 1.  I’m going, “Okay, what can I break down further that I can achieve this month?”  I’ll just keep it to running because it’s something I enjoy.  If it was a half marathon, then it maybe “Look for some running shoes”.  It could be as simple as that for Month 1.  Month 1 doesn’t mean “complete the half marathon”.  It could be “look for running shoes online”, “look at reviews”, “look for an event to which half marathon events”, and “buy a book on training plans”.

Now, that may not seem a lot.  But if I do all that in that month, then I’m well further down the line onto achieving that bigger, long term goal.  Saying you want to run a marathon may seem intimidating to you.  But saying you want to look at which trainers you’re going to buy, look at half marathon events and buy a training book isn’t so intimidating.  It’s just breaking it down to smaller chunks.

And then, from monthly I go to weekly.  This is where Trailer comes in, our resource of the week previously used before.  I put my weekly goals in Trailer because that’s where really my life is organized.  If you have not looked at Trailer, go and look at it trailer.com.

And I keep on track of smaller chunks there weekly and keep on focused on what I’m doing.  What I would say is I don’t go daily.  I’m not as thorough as Rob.  But weekly I find is enough.

Life goals, every three years.  I have a notebook that I go through and that’s my three year goals which are obviously related to my life goals and then break it down to yearly.  Then, I go monthly.  And then, I go back to Trailer.

It’s interesting Rob that you mentioned about habits and will power.  What I found at times during my first three-year cycle was the part where I disappear and withdraw for months and I have to get back on track and feel guilty and so on.  What I’ve done in the last year 18 months is I’ve joined what I call an accountability group.  It’s myself and a couple of people I respect highly.  I won’t name them in case they want to remain anonymous.  I speak with them once a week.  We do a Skype chat for 30 minutes.  And we just run through our goals for that week, the goals that we’ve done and the goals that are coming up.  By telling people I’m going to go out and achieve something, it makes me far more focused.  Sometimes I’d get to two days before and I go and think, “I haven’t done this.”  And the accountability, I could possibly look like a loser because I’ve not done anything on my list.  Then, that’s me to find time to make sure I hit the goals.

And I’ll [0:26:23] now because I know it’s a bit of a ramble.  I hope that makes sense because I really want this to come across as passionately as I believe in it.  I have to say goal setting really did change my life.  And I know we didn’t go to my property but again, I’ll relate back the final points.  I did the exact same thing with property.  And I list what I want my portfolio to be worth at the end of those three years.  That’s how I do it with property.  If I say, “I want my portfolio to be worth x by the end of the three years.”  There’re a lot of properties some people side point, some people go out and list the amount of properties.  The amount of properties doesn’t really matter.  It’s the value of their portfolio that’s far more important.  I want my portfolio to be worth x.  Then Year 1 I’ll give myself a smaller target of what I want it to be worth.  And then, January maybe “save x amount towards a deposit” or “take out my savings” or “research a property investment” or “highlight what my next investment is going to be”.  It depends on which month it is and what the goal is going to be.  And then weekly we’ll be breaking that monthly goal.

That’s how you can relate it to property.  That’s how I set my goals out.  I hope it makes sense.  But Rob, if you can bring clarity to what I’ve said, feel free.

Rob D:                                   That actually makes a lot of sense to me.  I’m really glad you mentioned accountability.  I think that’s really important.  It’s really great to hear that we’ve both kind of have a similar thing going on and that you’ve kind of got a big goal. And then each in our own way break it down and say you’re constantly checking with your own track.  It’s not like you get a couple of years down a tracker and, “Yeah, I haven’t actually started that yet.”  Constantly, every month you’ve got a new little goal so you can keep track of your process and you know if you just keep doing it month after month after month, then you’re going to get there.

I’m also really glad that you mentioned going outside your comfort zone.  I know you as someone who sets really big, audacious goals.  When we’re starting this podcast you were saying, “Oh yeah, we’re going to do this and this…”  I was, “Oh, okay.”  We not only achieved those things that you were talking about but we’ve exceeded them.  It’s really powerful going outside what you’re comfortable with and going beyond what you think is possible because if you settle for something less, then we might have end up not making so much effort or not approaching it in such a certain way.  We got this big goal and that’s where we’re going for.  And even if we haven’t got there, we still would have got a long way.  I think that’s a great point to take away, setting up really goals that you’re a bit scared off almost.  But then, breaking it down in a way then having the accountability the way that it seems really achievable as you’re doing it.

The final point that I’d make to wrap the whole thing up is that I’m working on this new book now where I’m interviewing some really successful people.  Every single one of them has got goals, all of them.  They can tell me exactly what their goals were and they can tell me how they progress towards then and now they can look back and say, “Yeah, that’s how I did it.”  Their success wasn’t an accident, it’s what I’m trying to say.  I think that’s really powerful when you consider that most people don’t have goals either written down or in their own mind and every single one of these successful people does.  So, that really tells you something.

Rob B:                                   I have to – just at what you said, the most successful people I’ve met in and out of property are people who set big goals and works towards them.  So, yeah just like what you said that I really do think that if you don’t set goals, set a goal to start getting them.

It changed my life.  I’m not getting too dramatic here.  It really did change my life when I started setting goals.  From where I was before I started setting goals to where I am now are two very different places.

Rob D:                                   I hope that everyone enjoyed that.  I really enjoyed thinking about it and to prepare to do it.  So, if you did get anything out of it or if you’ve got any questions about the processes that we use, then you can just leave us a comment.  Go over to the show notes at thepropertypodcast.com/15.  You can leave us a comment in there, you can leave us a voicemail if you want to get your voice on the show. Or you can email us through there as well.  We’re really happy to answer any questions.  I’d really like to hear what your goals are.  If you want to commit to anything in public, you can do that.  I’m just really interested in what other people’s goals are.

Let’s get moving on then to the resource of the week.  And we’ve got another great book for you this week.  It’s another classic book and it’s a book that you might have heard of.  But as Rob’s about to say, there could be a reason why you haven’t read it.  It’s by Dale Carnegie and it’s called “How to Win Friends and Influence People”.

Rob B:                                   If you haven’t heard of this book, someone may be screwing your face because of that title.  For that reason the title of the book, it stopped me reading it for about 12 months.  I should have read it 12 months earlier than I actually did because the title put me off “How to Win Friends and Influence People” don’t appeal to me.  It’s a shame because it’s probably the only negative point about the whole book is the title because from page 1, it’s gold.  I can see why it’s called “How to Win Friends and Influence People”, it’s in a good way.  It’s about becoming a better person and interacting with people and becoming the best possible conversationalist that you can.

Why does it relate to property?  Well, property is an industry where you work with people all day long whether it’s speaking to your lateral agent, whether you’re speaking to solicitors or your tenants or potential property sources of property company, the market brokers, the list goes on.  So, you’re always talking to people.  By reading this book, you’ll get the most out of your conversations.  It sounds like a dramatic episode but it is a game changer.  It’s a life changing book for a lot of people.

Go and read that book if you haven’t already.  And if you have read it and it has been a few years, pick it back up because you know how good it is.

Rob D:                                   Now, we’ve talked about it I might have to revisit it actually.  It’s one of those books where I read it quite a few years ago before I got into the habit of – I was really obsessed with making notes about things.  But if I’m highlighting it now, the whole book would just be in yellow highlights.  The whole thing would be clipped o Kindle just because everything is just like, “Yeah, of course.”  It was really obvious when you really and you can see why it works.  But people don’t do it.  And I wish everyone would read this book because it would make conversations so much better.

Like you said, it’s a whole influence thing.  People hear how to influence people and you think there’s something shady about that.  You’re manipulating them in some way but it’s not.  You can have influence over someone and you can influence them in a really positive way.  And that’s what the book is all about.  It’s kind of about living by example, I suppose.  But yeah, fantastic book.

Rob B:                                   That’s all for our resource of the week. But before you go, a couple of points.  First off, if you’re listening to this on 1st or the 27th because every Thursday morning we release this, go to thepropertypodcast.com/live to join us tonight for a live recording where you can ask us as many property questions as you like.  We’ll try to answer as many as possible.  Loads of other people have already signed up so get to that URL, sign up and join us this evening for those questions.

And then, next week Rob we’ve got a very special episode.

Rob D:                                   We have and just the title by the resource of the week, we’re going to call it “Dale Carnegie Approach to Property Investment”.  It’s basically a framework to solving the property problems that you’ve got.  We’re going to be talking about that framework and we’re going to be talking about examples of how you can use it to solve these problems.  And we’ve got a guest expert Mark Alexander from Property 118 on board to help us with that as well.

Rob B:                                   Okay, this is probably our longest ever episode.  But actually Rob I’m not [0:33:23] but this is probably the most enjoyable for me so far.  I hope it has come across as we really want it to because this episode could have the most impact on your property investment endeavours.  By setting goals you can really go and achieve something special in property.  It’s a basic skill to master.  But you’ve master it, it can really make a difference. I hope that’s come across. We’ve really enjoyed this.  Or I’m speaking for myself, I know I have.  We look forward to the special episode next week which as we said is put together by Mark Alexander from Property 118.  But until then, we look forward to speaking to some of you tonight.  Otherwise, we will join you next week for that special episode.

Rob D:                                   See you next week.

Rob B:                                   Super.  Bye, bye.

Ric:                                         Thank you for listening to The Property Podcast.  Don’t forget to check out the show notes and join the mailing list at Thepropertypodcast.com