Sometimes the biggest goals we have for ourselves seem like the most unachievable. They’re more like dreams that could come true in another lifetime, but not something we expect to actualize in the next 5, 10, or 20 years. And because the idea is so lofty, it’s daunting to even put a plan into motion. Where would you even start?
Let’s say your dream is to own your very own home. The idea of never having to change your address again is liberating, isn’t it? Nevermind the fact that you’d be building equity to further solidify other goals. But where would you start? What’s the first step?
We often bring in industry experts to offer insights into the real estate market for our Associates. On a recent visit, Mark Given, a prominent real estate speaker and trainer, offered some fantastic insight as to how one could truly make their long-term goals come to fruition. Here’s the plan:
Decide what you want.
Determine a plan.
Estimate the cost.
Commit to paying the price.
How does this apply to you owning a home in the next 5, 10, or 20 years? Let’s break it down! For the sake of this exercise, let’s assume you’d like to buy something in the next 5 years.
Mark’s first step is to determine what you want. Because you know that you want to own your own home, you’re already 25% done!
The second step: determine a plan. Depending on your situation, you might need to save up for a down payment, or perhaps, increase your credit score. If you’re not exactly sure what your plan should be, start by speaking with a mortgage lender - they’ll be able to analyze your situation and offer actionable items to get you closer to your goals.
Now it’s time to estimate the cost. Depending on what you came up with for Step 2, this could be a variety of things. Let’s pretend you’d like to save $10,000 for a down payment. $10,000 divided by 60 months is approximately $166.67 a month.
Now here’s the best part, how might you save $166.67 a month? Maybe eat out less? Take on a fun, part-time job? The choice is yours but the key is to stick to it and not let it waiver! And this is exactly what step four means, you have to commit to paying the price.
As you can see from the above example, it’s not impossible. With the right plan, you can absolutely make it happen - you just have to decide what exactly you want! No matter the path, the amount of time it might take, or the journey that transpires to get there, it is all worth it because it is your dream. After all, as Mark Given said, “joy is knowing some of your best days are ahead.”