Goal Setting, Your Blueprint for Success

Life by Design

Jessilyn and Brian Persson discuss the next step in the Riches, Relationships, and Real Estate journey: setting goals. Success comes from setting clear, specific goals rather than lofty ideas or vague dreams. By defining step-by-step objectives, you can progress toward your larger ambitions. If your goal is to be rich, break it down into a specific figure and reverse-engineer the steps needed to achieve it. Through their own journey, Jessilyn and Brian have identified three key takeaways for goal-setting success:

1. Start with the end in mind
2. Ensure goals are SMART (Specific, Measurable, Achievable, Relevant, Time-bound)
3. Take action

Jessilyn and Brian explain what a SMART goal is, providing examples from their steadily growing business and real estate portfolio. They demonstrate how each step of a SMART goal should be tightly focused on the individual actions leading to overarching success. Their experience and knowledge offer detailed insights, laying out a blueprint for investing success that anyone can follow. They understand the journey ahead for potential real estate investors and are here to help.

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Transcript

Jessilyn Persson: [00:00:09] Welcome to the Life by Design podcast with your hosts Jessilyn and Brian Persson. We support couples in achieving their wealth goals by sharing our journey of overcoming barriers to build our financial empire.

Brian Persson: [00:00:20] With our extensive personal experience and increasing demand from couples seeking alignment to invest confidently in real estate, we created the Riches, Relationships and Real Estate program to help you achieve your goals.

Jessilyn Persson: [00:00:33] Today's topic is setting goals for success. So why have goals? It's so you can strive towards something and have something to measure against.

Brian Persson: [00:00:45] Mhm. It's like if you were on a map and you didn't know where you were and you didn't know where you were going, that would be the same thing as not having a goal. But if you have a goal, then you can locate yourself on the map, you can locate where you're going, and then you'll also know exactly how much materials or gas or money or whatever it might take to get to where the other destination is. Otherwise, you're just wandering around aimlessly.

Jessilyn Persson: [00:01:15] Yeah. It's like you're risking living life by default.

Brian Persson: [00:01:18] Yeah, yeah, I think a lot of people have goals, air quotes, goals. But the goals are really just kind of hopes, dreams, maybe a little bit of intention or some skills that they have and they're moving towards something, but it's not really defined. And that's a life by default. It's kind of happening to you instead of you happening to life, you being intentional about your life.

Jessilyn Persson: [00:01:46] Yes. And so takeaway number one is to start with the end in mind.

Brian Persson: [00:01:52] What was your start, initially?

Jessilyn Persson: [00:01:56] I, when I got the first set of keys on our first rental property, I decided I wanted to buy a new property every two years.

Brian Persson: [00:02:04] Yeah, yeah. And the initial start was just I think real estate is a good idea.

Jessilyn Persson: [00:02:09] Yeah.

Brian Persson: [00:02:09] And I want to buy real estate. So your end goal at the beginning of it all was just to buy real estate. That was literally the end goal. But there was nothing very tangible about it other than the fact that you wanted to buy real estate. So how do you start with the end in mind when you don't really even know what the end is?

Jessilyn Persson: [00:02:32] Yeah. Yeah.

Brian Persson: [00:02:33] So over the years, we had to get clearer about it. And the second clarification that you had on real estate was, again, what was it?

Jessilyn Persson: [00:02:41] One property every two years.

Brian Persson: [00:02:44] Yeah. And now we're aiming for 25 suited properties and 12.5 million net worth and potentially 12,500 monthly income, although given property prices and rental rates, that's probably going to be a lot more over the years.

Jessilyn Persson: [00:03:01] Yeah, that's passive income.

Brian Persson: [00:03:04] Passive income, yeah.

Jessilyn Persson: [00:03:04] Just from the real estate portfolio.

Brian Persson: [00:03:06] Yeah. So that's our end. And by having that end and knowing where we're going, just like you were on the map, you can measure exactly how many kilometers you are or how many dollars you need to invest in real estate, and you can actually work your way back through the, for us, the 25 properties back down to like, what does it look like for you to start at zero properties and how do you build that up?

Jessilyn Persson: [00:03:34] Yeah, absolutely. And if you know your end goal and your timeline, you know how many you need to buy a year. If you know how many need to buy a year, you need to know how much money you need to have down for an investment or your joint venture partners for the investment side. What you need to have aligned to have your mortgages to be able to qualify. So it's just getting a plan that you can put in place based on what your end goal is. Now we refer, of course, a lot to real estate because that's our end goal, that's our game. But I mean, even when we partnered for a large company legacy, we knew out of the gate the end goal there was to sell it. This wasn't a company we were investing in and building to work in and maintain long-term. It was meant to be a shorter-term project, shorter-term being like a more like five years. Like build it, make it big, and sell it.

Brian Persson: [00:04:26] Yeah, it was supposed to be shorter term. It is taking a little bit longer as most business does. I think that's a habit of every business owner out there is to plan for less time than it actually takes. But in this particular case, there was actually a few different end goals for that company. There was we wanted to get the experience of being in a company and investing in a company as sort of private capital investors or angel investors. The people who we were investing with were also very, very well known in the real estate space here in Canada. And one of the goals was actually to get the experience in coaching and sort of shoulder rubbing of some very high-profile people that we knew. So like, for example, it was a very easy way for us to get into ...