The fastest way to get from point “A” to point “B” is to have a plan. The fastest way to earn one million dollars or more in real estate investing is to have a plan. The fastest way to go broke…the fastest way to lose a lot of money…the fastest way to be forced out of the investing business is not to plan. Especially during a looming RECESSION … yes, we said it.
If you don’t make a plan now, this new recession will rip you out of your investing interests during 2020.
DON’T SAY RECESSION
Just don’t say “recession” around any economists, politicians, or your creditors. We also hear you shouldn’t say the word “recession” in front of your bathroom mirror 3 times in the dark.
Many successful investors found themselves working very hard in their investing business but not really getting anywhere. Only after they started sitting down once a day to plan their activities did they start making real progress in their investing business.
Nothing substantial in life is completed without some sort of plan. When ships cross the ocean they “chart a course.” What they are doing is planning. Across all of our oceans are buoys, those red, floating devices. If you’ve ever been in a harbor or seen a harbor scene in a movie, you’ve seen a buoy. Some of them have bells attached so you don’t hit them at night.
“A highly leveraged business sector could amplify any economic downturn as companies are forced to lay off workers...” the Federal Reserve chair, Jerome Powell, said in a May speech.
“RED, RIGHT, RETURNING”
Buoys are the ocean’s traffic signals. They are all numbered. And there is a universal ocean law, followed by all captains whenever they return to a harbor. It’s the three R’s: “Red, Right, Returning”. Any captain will tell you when you are returning to a harbor, the Red buoys should be on your Right. This the way you plan your entry.
When you are going from point “A” to point “B” across the ocean, you chart out a series of buoys that you will set your “road map” for your journey. Since they are numbered, you know when you are at the right buoy. A simple journey from Falmouth, MA, to Martha’s Vineyard, though only seven miles, may require that you chart the passing of 15 buoys. It’s like playing connect-the-dots across the ocean. As you go from buoy to buoy, you successfully navigate your journey to your destination.
WITHOUT A RUDDER
Plan your real estate investing with the same philosophy. To get from where you are now to one million dollars, you have to plan to perform certain activities and meet certain milestones (buoys) to connect the dots, to get to your goal.
Without your goal constantly in mind, you will drift aimlessly and unprofitably, like a sailboat without a rudder, until you begin to plan properly.
After you start planning consistently, you will realize that any time your business starts getting chaotic, you’ll pause and realize that you’ve gotten away from your planning.
RIDING OUT THE STORM
One way to weather the storm during this type of chaos is to have multi-family rental properties that are going to provide a steady stream of income during the turbulence of the markets.
The fastest way to get order back into your business is to begin planning again. You did make rental properties part of your plan, right?
BUILDING HABITS INTO A BUSINESS PLAN
If your business or life is chaotic now, start planning. When you begin the planning process, you won’t suddenly wake up tomorrow and start planning every day for the rest of your life. Certainly, if you start shoring up for a recession today, your plan can become actions, and when this ugly beast rears its head --- it is already slain.
But alas, we are all human and we begin by planning a little, reaping the rewards, getting away from it, becoming chaotic again, then going back and planning a little more. It’s just human nature.
However, each time you get away from planning and then go back again, you are taking a giant subconscious leap forward to successfully embedding planning into your business and your life.
Great plans take habitual thinking, strategy, and execution. Start your planning habit today. So, you won’t wake up to a financial nightmare. Instead, you can rest easy knowing you have prepared for eventualities.
FYI---We have a FREE videoturial that teaches the critical skill of recognizing when the market phase is changing so you change your investment strategy so you continue to do well investing (this is the number one mistake investors make)