What does success mean to you? In your mind, what is financial freedom? For some people, financial freedom is a lifestyle where they can charter a yacht or a jet anytime they want. For others, it just means being able to live a comfortable life without going to work every day.
Basically, if you can live off of what you have now without clocking in at work in the morning, and you can provide everything your family needs and wants, I think you’re pretty successful. But, as you start and grow your real estate business, you need to make a point of taking a close look at your definition of success every now and then. I like to look at our goals for our business at the beginning of each year. That way, I can get a really good feel for how much we’ve grown, where we’re going, and where we want to head next.
When You’re Just Starting Out
In the beginning, before our daughter Taylor was born, Tarek and I knew we wanted to have a family. We also knew we needed to figure out how to make a living in real estate. In those first couple of years, our definition of success was basically keeping our house and making sure that we had food on the table.
The thing is, though, we knew that we were working with a short-term definition. Our long-term definition looked a lot more like the financial freedom lifestyle we live today with two happy kids, a great house, lots of great deals coming in, and plenty of time to spend together.
As You Start to Get Established
Once you’ve made a few deals, and you’re starting to build a reputation with investors, contractors, and wholesalers in your area, it’s time to reassess where you are with your goals and your definition of success.
In the beginning, you might’ve been glad to just make it through any flip with a profit, but now you need to start thinking about flipping multiple houses at once, hiring more people to help you run your business, and other ways to make money without taking up more of your time. At this point, your definition of success might be making more money while cutting down on the time you spend working on your real estate business.
Looking Into the Future
But why stop there? Whether you plan on having more kids, moving to a bigger house, or taking more vacations, the real estate business can support your financial freedom lifestyle if you have the right definition for success. So, as you grow your business, I highly recommend sitting down and really getting specific about what success means to you now, what it will mean in a year, what it will mean in five or ten years and even into your retirement.
With updated and adaptable short-term and long-term definitions of a financial freedom lifestyle, you’ll have a better understanding of your goals for yourself, your business, and your family. With that understanding, you’ll see the concrete things you need to do to grow your business and keep it moving forward into the future as your needs and wants change. Having a good definition of success now will get you started, but don’t let it hold you down in the future. Let it grow and change, and keep tabs on it while it does. So what is financial freedom to you?