The Importance of having a Financial Goal.

If you go around the street ask and ask anyone if they want to become rich, they would probably think you’re nuts. The typical reply you’ll get is “Are you insane? Of course I want to be rich.”

If that happens, I’ll usually drive them Insane by asking another question. “Do you have a financial plan or a goal?” Most people will zone out and shake their head. I have plenty of my peers telling me, we can’t assume what happen. Some funny people will say strike the lottery or they’re not fated to be rich.

I believe those are the typical answers for these questions. As a matter of fact, research tells us that only 5% have financial goal. Who were those 5%? Well definitely the 5% wealthy people.

The rest of the 95% only have a dream or wish list in their head nothing more. And if they try to think more they’ll assume that they’re thinking too much and being unrealistic.

However I think being realistic about having a dream is all about having a “Real” plan which also means an a applicable financial plan.

Having your own financial plan is crucial. That’s why most people who are rich and successful have a plan. It tells them what to do every day and make their dreams become a reality in a certain amount of time.

When it comes to getting rich with property investing, your plan is probably the most important thing that you need to take care off. If you don’t have a financial plan for your property investment, you’ll not be getting anywhere.

That’s exciting but how am I going come out with a property investment financial plan?

It’s simple and let me show you one.

Let say you’re 30yrs old and you’re tired of being a part of the majority. You wanted to become rich and retire a millionaire by forty. If you propose to the 95% of the people I was talking about they’ll probably think that you’re too ambitious and you’re going fail miserably. 

Well, let me tell you something, you can make it happen even before you turn 35.

Goal: 5 years to worth 1 million.

1 property cost about 200k. (Sounds reasonable)

Buy 5 properties and you’ll collect a million Ringgit in net worth.

Time allocation for your financial plan.

Sounds easy? Far from it! If you want to buy one “good” property in a year you’ll probably have to search 30 before you found one.

Alright 30 properties to search, I’ll make myself one property per week every week. What’s next? You still have 22 weeks of weekend to yourself. Wait that’s not it! There’re 2 of the key factors to success are having knowledge and connection. Well let’s take 2 seminars to attend a year (for connection), which would take up 2 weeks out of the 22 weeks and the rest of it? Read books for the rest of the week if you can.

Resources Planing 

Great! Now that we have the allocate time correctly, the next thing to worry about is “MONEY”

Let’s say on average the first property that you target as a beginner is RM 100, 000. You’ll need to save around 15k. This would be RM15k/12, RM1250 per month. RM1250 Ringgit divide by both spouse RM625 cut from the salary or income.

Wait! RM625 per month is huge!

Well, let me simplify your task a little bit. Earlier I said successful people know what to do every day to be successful. So let’s break it down into everyday task for you. RM 625/30 = RM 20.83/day.

Conclusion.

5 things for 5 years to do and turn millionaire.

Worth a million Ringgit isn’t difficult anymore isn’t it? Just do these 5 things for 5 years and you’ll be a millionaire.

1. Save RM 21 everyday.
2. GO house hunting every week.
3. Attend seminars twice a year.
4. Read self help books and investment books during free time
5. Sacrifice pointless entertainment (to tons of saving money) and TV time (to save tons of time.)

If you wish to learn more about property investment and get the latest market report be sure to attend the most anticipated invest event in 2013. The Property Investment Convention 2013 which is organized by Wealth Mastery Academy.