The Formula For Getting What You Want In Life
When I was a young man, I set a goal of being a millionaire by the time I was 30 years old—and I did. The problem was that I immediately lost all that money. I had flaws in my plan, flaws that taught me some valuable lessons.
The lessons I learned from my experiences, successes, and failures allowed me to adjust my plan so that I could become financially free again by the time I was 47 years old.
The point is that I never changed my plan. I simply adjusted the strategies I used to execute it. I improved on it more and more. Sticking to my plan helped me to achieve my goals.
Often in life, when our plan doesn’t turn out, we abandon it altogether. That is the wrong approach. Rather, a failed plan first requires an assessment of what went wrong. More often than not, the plan needs some adjustments, not to be abandoned.
But before you can do any of this, you, of course, need to know your plan. So, how do you discover your own plan?
1. Take Your Time
Good plans rarely happen overnight. To find the right plan for you, you need to think long and hard about your life, what you want from it, and where you want to go. This can take days, weeks, and sometimes months. Take the time to discover and define what is really important for you in life.
During this time, don’t talk with others until you know what you want. All too often, people either innocently or intentionally impose their ideals on others instead of respecting what others want for themselves. This is your time to define what you want for you.
2. Find a Coach
Once you know what you want in life, find a coach that you can trust. This should be someone who has successfully done what you want to achieve. Ask them to provide their qualifications and interview several people. It will be an eye-opening experience for you.
Your coach is there to guide you when you develop your plan and to ensure you stick to it. A coach isn’t there to coddle you; your coach is there to push you when you don’t want to be pushed and correct you when you need it.
3. Find a Mentor
Mentors are those who have experience and are more accomplished at doing the things you want to do. There are lots of different types of mentors, including investment, business, fitness, and personal mentors.
My good friend Ken is one of my investment mentors. He owns one of the largest investment property companies in the Southwest and is a very successful investor. What I love about Ken is that he and I will get together to discuss a potential deal and spend quite a bit of time analyzing the pros and cons. Every time, I come away feeling high as a kite because I know so much more than when I went into the meeting.
Many people ask how to find a mentor. I don’t have a magic formula for this. Most of the time it happens by happenstance. What is most important, however, is that you need to have your eyes and your mind open. As the old proverb goes, “When the student is ready, the teacher will appear.”
4.Set Realistic Goals
Lots of people abandon a plan, not because the plan is bad, but because the goals were not realistic.
Identify goals in a way that reflects what you want in life. Lots of people say, “I want to be a millionaire!” Don’t do that. That’s a cold, stale and lofty goal and one that is easily dismissed, especially when you’re having a hard time making your first $10,000.
Set goals that are real to you: “I want to have enough passive income to cover my family’s expenses so I don’t have to worry about money and I can spend all my time with my children.” That’s better! Figure out how much passive income you need to achieve it and put a plan in place.
If you make your goals more personal, you’ll have a better chance of sticking to your plan to achieve your ultimate goal.
Don’t just sit on one goal and think that’s it. Start with small, realistic goals then improve or add to those goals as your financial education and experience increase. It’s best to learn how to walk before you run a marathon.
Don’t get discouraged if you make mistakes. Having realistic goals doesn’t mean you’ll win one hundred percent of the time. Mistakes are part of the process of learning from and achieving your goals.
5. Get a Team
Business and investing are team sports. As your plan evolves, you will need team members who can assist you in achieving your dreams. Members of your team might include a banker, accountant, lawyer, broker, bookkeeper, insurance agent, and/or a successful mentor.
Each of these team members will need to be vetted by you. Don’t just take anyone onto your team; instead, find the right player for each position.
When you have assembled your team, meet with them often. I held meetings with my team over lunch for many years. I learned a lot about business, investing, and the process of making money through these meetings.
6. Join a Group
By this I don’t mean groups that pool money to invest, rather I’m speaking of support groups that are education-focused.
For these types of groups, set your standards high. Invite only people who are serious about their financial education and who are willing to learn and take action. You’re looking for like-minded and open-minded women who are willing to explore new ideas and opportunities.
The main point is this: surround yourself with people (and this is true in all areas of your life) who will cheer you on, who will be honest with you, and who will encourage you to keep going, during the ups and downs, to achieve your goals, specifically your financial goals.
7.Mind Your Business
Whatever your plan, always remember the words of rich dad, “Regardless of whether you work for someone else or for yourself, if you want to be rich, you’ve got to mind your own business.”
Don’t be distracted by side projects. Yes, it may earn you an extra buck but it just ate up your time; time that could’ve gotten you closer to your goal. If it doesn’t move you in the right direction in relation to your plan, don’t do it.
In minding your own business, you will be more in tune with the market’s feedback and you’ll be able to adjust your plan accordingly. Be diligent and keep going one step at a time. Do that and you’ll have a great chance at getting everything you want in life.
So if you’re serious about achieving your goals, large or small, start by getting in the right frame of mind and learning how to overcome your mental roadblocks.
Editor, Rich Dad Poor Dad Daily