Just wondering how everyone goes about setting targets for themselves.
I figure setting goals for myself to be very important as it will push me to remain on course for a particular outcome.
I have personally done well over the past 3 years but with a bit more purpose i could have done ALOT more investing in that time and reaped the rewards.
Im a bricklayer by trade and doing the Builders registration course at the moment which im enjoying, out at Chadstone.
I intend to be involved in Property development in the future and its obviously a big bonus to be building them myself to keep.
I expect where i intend to build units etc to be a solid area for investment and the units i build to be pretty much cashflow neutral or there abouts.(may sell the odd 1 to balance portfolio if need be)
Now as the title suggests i expect to grow my net wealth by 20%pa over the next 5 years at least.
I have 1 development ready to go and after excellent growth while waiting for DA, 20% this year will not be a problem.
Currently looking at another site for purchase to be developed next year considering DA takes 9-15 months.
Im aiming to have only 1 development per year at this early stage,though depending on size may do 2 if ready to go another.
In regards to costs and controlling them im very confident of 25% profit on development.
Aside from building them, doing the brickwork saves me about 5-6k that i dont need to pay to anyone so i look at that money being a buffer for unexpected expenses.
So my question is-does anyone set goals in % terms like i intend to do?
-how do others go about setting goals?
-does anyone think my goals are unrealistic?
PS-i always enjoy other peoples posts re their particular developments so i thought it was time i did.
I figure setting goals for myself to be very important as it will push me to remain on course for a particular outcome.
I have personally done well over the past 3 years but with a bit more purpose i could have done ALOT more investing in that time and reaped the rewards.
Im a bricklayer by trade and doing the Builders registration course at the moment which im enjoying, out at Chadstone.
I intend to be involved in Property development in the future and its obviously a big bonus to be building them myself to keep.
I expect where i intend to build units etc to be a solid area for investment and the units i build to be pretty much cashflow neutral or there abouts.(may sell the odd 1 to balance portfolio if need be)
Now as the title suggests i expect to grow my net wealth by 20%pa over the next 5 years at least.
I have 1 development ready to go and after excellent growth while waiting for DA, 20% this year will not be a problem.
Currently looking at another site for purchase to be developed next year considering DA takes 9-15 months.
Im aiming to have only 1 development per year at this early stage,though depending on size may do 2 if ready to go another.
In regards to costs and controlling them im very confident of 25% profit on development.
Aside from building them, doing the brickwork saves me about 5-6k that i dont need to pay to anyone so i look at that money being a buffer for unexpected expenses.
So my question is-does anyone set goals in % terms like i intend to do?
-how do others go about setting goals?
-does anyone think my goals are unrealistic?
PS-i always enjoy other peoples posts re their particular developments so i thought it was time i did.
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