Episode 043 - STRR - Your Success Path: It's Time to Make a PlanJun 11, 2021
How do you create your own Success Path? Define exactly what success means to you and then draw the map that will take you from where you are now to exactly where you would like to be. Create the milestones and the stepping stones in between that will get you there. You will know exactly what steps to take and when to take them. We go over those steps this week.
Plus, contest details are inside this episode! Enter to win BIG!! Go and Grow!
Transcript of this Episode:
Hi, this is Michelle, the master of money mindset, and you are listening to B and B dash boss.
And in today's episode, we're going to be doing a short-term rental revenue replay because it's Friday. And on Friday is I take the day off and you get to listen to one of the short-term rental revenue, best of episodes. This episode is completely going with the theme that we're going for the month of June.
And this is our success path and creating the journey that we are about to embark on. And this episode is going to teach you how to do that. So I want you to. Take copious notes and just go out there and get this done because this is a part of the journey that we're all doing this month to get another property under our belt, at least one rental property.
And if you don't have money, that is not an excuse because we're going to be doing rental arbitrage, and I'm going to be teaching you from the get-go, how to get this done, how to get it done, and get going on this because. We need to put some money in your pocket. God knows what's going to happen to this economy.
We have no clue. It is a crazy, crazy world out there. This episode is going to help. So take a listen and I'll talk to you at the end. So everyone knows was that there's a bunch of data out there about goal setting and some of this data is really old and you've probably heard it since the time you were in high school, that of the entire population.
About 83% of people have no goals. They don't set any goals. 83%. I don't know. I see that as kind of a high number. I honestly have a hard time believing that. But that's what they say. So we're just going to go with it, but have the rest of the people out there, 14% of them have goals that they just keep those goals in their head they're unwritten goals, and they achieve 10% more than the people with no goals whatsoever.
But then there's 3% of people who write down their goals and of those people, they are 30% more likely to achieve and experience their goals than anyone else. So the more you write down your goals and go for your goals, the more likely you are to achieve them. There are a ton of books and courses out there about how to set goals, what types of goals there are.
Then some people use different acronyms to describe them. So there are smart goals that are specific, measurable, attainable, relevant, and timely. There are also stupid goals. Sacrifice something you have to give up a little bit of your time. Let's say four. Something else. So there's a little bit of sacrifice involved.
T is either time or team, I think, depending on who's you look at, but then the U is uplifting. The P is planning. I is for inspired and the D is for deadline. I like Brendon Burchard. He has dumb goals, which are poor. Brendan, Brendan has dumb goals, which are dream-driven, uplifting method, friendly, and behavioral driven.
So, um, he loves rituals and I, I love her jewels. I've written articles about rituals. That was my favorite thing. I think. That I've ever learned from any of my mentors was Brendan talked about rituals and just setting up daily habits that we do every day. And he calls them rituals. That's where the B and his dumb goals are the behaviors that you do every single day.
Also one of my favorites comes from another mentor of mine, James Wedmore, on his mind, your business podcast. And in episode 1 79, he talks about smart goals versus stupid goals. So if you want to just head over to his and listen to that later on, I mean, that would be really great. I love having both written and visual goals, like a dream board or some people call them a vision board, whatever it is, where you put the pictures of everything on there.
Those are great to have. And I like throwing in affirmations and visualizations as well, because I know that your brain can't tell the difference between what you're visualizing and what is a true memory of yours. So I wrote down a few cool little facts for you about the studies that they did on athletes and weight training athletes who visualized increased their strength.
13.5%. And basketball players improve their shooting skills. 23% by visualizing long jumpers performed better. 45% of the time when they visualized. So visualizing is incredibly, incredibly powerful, but one thing is really clear. It's not enough to just think about your goals, right? Obviously you should be dwelling on the goals that you have and constantly thinking about them, but it's not enough to do just that.
And it's not enough to just write things down. Writing down is very, very important and everybody should do it. I mean, especially with a stat that said 3% of the people do 30 times better because they write their goals down. So that's important, but it's not enough that you do only that you have to take massive, massive action.
I got that a long time ago. When I graduated from mastery university with Tony Robbins, that was way back in the eighties that I graduated from them. But I remember when Tony talked about it, he said, whatever you do, you have to take massive action. Anytime you read a book, take action on it. Anytime you listen to a course or a podcast, or anytime you're learning anything.
Turn around and put that plan into action right away. And it's super important that you do that, that if you're listening in the car, I understand that you can't write this down or take any notes on it, but when you get home, I want you to write it down because this one is something you're going to need to write down.
We're going to create a plan and it's going to be a pathway, literally, really? I understand that you can see it in your mind, but when you see it on paper, it kind of cements it in. Write all this stuff down. Start writing down your pathway. Okay. Start writing it down and then get ready to take massive action on it.
I also like to do many, many things to get my goals moving. One of those things is meditating where you allow your mind to just kind of flow and wander. Obviously there are some people who teach you to clear your mind. I am a little bit ADT so I can not clear my mind. My mind is a constant pup up, up, up, up, up, up, up, up, up, there are very few things that slow my mind down.
You can also create these awesome mantras. You know, that I am rich beyond my wildest dreams. I am. I am. I am. That was like one of my favorite goal-setting books from a long time ago. I believe that is the exact title. I am rich beyond my wildest dreams. I am, I am, I am. It was like an amazing book that taught you how to goal set, but I loved it.
You can create your own mantras that you start to say, as soon as you wake up and as you're falling asleep, that kind of puts you in that mode. Right? Affirmations and mantras are amazing. And all of your goals too, that you're dreaming of these things should not be easily obtained. What I mean is you should always be stepping outside of your comfort zone.
It's really important to move forward. And you're never going to move forward in an easy way. Something's going to scare you at least a little bit. So you should always be competing with yourself, setting little goals for yourself to keep you moving forward. We're going to do this today by creating this success path, visualize a game like the board game game of life.
Right? So there's a beginning. And in the end you were born and then you grow up and you might go to college or you might just go right to work. And then you get married along the way and have kids or not. And then you can buy insurance or you don't, and you end up either in the poor house or you end up in that mansion on the hill.
Right. But there's a beginning and an end and a path all along the way. That's your success path. Where you are now is going to be the beginning of that path. We're not going to go way back to when you were born, we're going to start it now and where you are now and where you want to be. We'll be at the end.
So right now, let's just say as an example, you have no money coming in from any kind of residual income and no properties. But at the end of this path, you're going to have lots of money and a lot of rental properties that you owned. But right now we're going to have that beginning with no money, no properties, and the end with lots of money and lots of properties, and then a big path along the way.
Now the path can be straight or the path can be curved. It's your path. You design it. But today we're going to focus on this written path. And this visual path for you who are driving, who are going to write it down later. Okay. So remember if you are driving, you're going to take immediate action when you get done.
And you're going to write all of this down. Okay. Let's create your path. We're going to say at money goals right now, everything also has like other goals go with them and I'll kind of touch on that. Yeah. But we are all in different areas, right? We all have different needs. We all have different wants. We all have different dreams and desires and the cost of living.
In Arizona is way lower than it is in our neighboring state of California, which is the people's Republic of California as we like to call it. But where you live and all the people that there are, I mean, everybody has different wants and needs. So you have to be the one who sets up your success, your definition of success, because somebody who's making a hundred thousand in the state of Arizona can live pretty well.
But if you're living up in San Francisco and you're making a hundred thousand a year, my friend told me, cause we were just up there and he lives there. And he said, do you realize that people who make a hundred thousand a year here are actually poverty level? I thought that was incredible because depending on where you are, you can live very well on a hundred thousand dollars.
So you have to find and define your own definition of wealth and how much you want to make. A second thing I want to kind of cover is. You know, finding a comfy cost of living and then a pleasant income for living, and then just blow that up and have the Warren buffet dial of living. So let's find all three of those for yourself.
Find your comfortable cost of living. Think about that. Now, what would make you comfortable right now? In the current home, you have the current car you have that you're driving, or if you're not driving a car, you know, the current forms of transportation, wherever you are, what income, don't worry about how you're going to make it.
Never worry about the house. Mike Dooley always calls him the dreaded house. I love that. We're not going to worry about how we're just going to worry about the income number. Okay. What number would just make you currently very comfortable? Think about that. And then. Write that number down. And then for you driving, you're going to do that later, but that's going to be like a milestone for you long that path, that current path.
Now remember, we're sending it along that path that, because in this path we're talking about residual income and we're starting with zero. So that money that you're making now, if you're right there right now, you're making that in a different way. Right? You're you know, you might have a job or you might have a career that is creating that income for you, but we're going to make that milestone a with a residual income.
That's why it's along that path. Okay. Now the second milestone is going to be a really pleasant. Income even better than the one you have now. So you're going to have a nice house that you're really, really comfortable in. If you're not there now don't worry, but you want to have nice cars that are. You know, they run really well and they're not constantly being fixed.
And you've got one for both you and your significant other, and maybe for your kids or whatever. You want to have pleasant vacations that you get to go on a few times a year, you have extra money that you're putting in savings or you're giving to charity. Right? So this income is a little bit better.
You've got money that you're giving. Money that you're saving for the future and you're making a really good living. And so this is a very pleasant, very pleasant income. What would that income look like to you right now? And what would that number be? I want you to think about that. Feel it, I love feeling when I'm thinking about things and dreaming about them.
I kind of like setting myself in that place and just kind of going. What would it feel like if I had this kind of house, this kind of car, this kind of vacation, kind of the event. All right. Write that number down. What income would that be? And those of you driving, you know, you're going to do it later, but kind of visualize the number in your head and put it a little farther along that path.
That's going to be milestone milestone B. Okay. Now let's go for milestone C. We're going to blow it up. Okay. We're going to blow it up. And I want you to think bill gates blowing it up. What is a dream income for you? Like, you know, that it would be a millionaire and I want you to really, really aim for the stars.
Right? If you aim for the stars and you shoot, you will definitely hit the moon. Because the stars are farther out. So just aim high, really think of a beautiful mansion. And maybe, I know maybe you don't want to live in a mansion. Maybe you don't want a yacht or something, but just aim high and let's aim for a big number just for a second.
Put yourself in your little MTB mode where you're watching cribs or something. And you're like, yeah, that would be nice. I would not want to live that way, but, but. Just put it out there. Okay. Now think of that number, write it down if you can. All right. So now we're going to draw our path, right? We've got our beginning at zero, our ending lots and lots of money, right in the millionaire mansion.
Right. And the path along the way, we're going to have these milestones. Okay. Milestone a. Milestone B and milestones. C all right. Now, when you think of a, we said that was our current or a little bit above, right? It was a comfy, a comfy way of living a milestone. B was a really pleasant income, something that got us enough money to go on vacations way of living a nice house, actually be able to save and give money easily.
Right. So that was a very comfortable living. And then. Milestone C was where we really just blew it up. And that was the Warren buffet money that we were thinking about. Okay. So now we've got these milestones and you're going to draw those out and I'm just going to make up a number, just for example, steak, because, you know, we need a number to look at, as we're doing this, we're going to start at zero.
That was our beginning. And then we're going to make milestone a a hundred thousand dollars a year. And we're going to make milestone B $350,000 a year. And we're going to make milestone C $4 million a year. Okay. Now yours can be bigger or smaller. It doesn't really matter because this is your path. The path that you're looking at, the path that you're seeing right now is your path.
It belongs to you. No one else. And no one else is going to judge it. It is as big as you want, or as small as you like for you as perfect. It's not too big, not too small because you are Goldilocks. So you get to decide what's too hot and what's too cold for you. Right? So look at your path and you set your numbers.
The numbers I'm going to use, like I said, are just examples. Now we set those milestones and those milestones are steps along your path. And right now we're going to go and look at those steps, dollar wise, we're going to set a dollar amount to them. And like I said, I gave examples of, you know, milestone a being a hundred thousand B3, 50 and, or was 4 million.
So if I'm starting on those path and I give those numbers, those milestones numbers. I'm also going to look in between them and I'm going to start setting lit, stepping stones, little things that are going to get me to those big milestones. Right? So if milestone a is a hundred thousand and start was a zero, then I'm going to put three little paths in the middle of that.
And those passes are going to be equal to 25,000 a year. 50,000 a year, 75,000 a year. And then obviously the next step will get me to my milestone a of a hundred thousand a year. Right. So we're going to understand that those are just tiny, little stepping stones that get us to these big milestones. And again, we're only talking dollar rise right now.
I'll go more into detail later with other steps. But right now we're just setting up our path and seeing what it looks like. This allows us to focus on these little steps now understand too, that 25,000 a year multiplied by two will get me 50,000 a year and 75,000 a year is just 25 multiplied by three.
Right. And then when I multiply that 25 by four, I'll get my milestone of a hundred thousand a year. So breaking it up into little steps like that allows me to know and realize that I just have to multiply it. And I can just right now, focus on that first tiny step, that first stepping stone of $25,000.
And that's what we're going to do. Now twenty-five thousand dollars divided by 12 months. Right? Cause we are going to make 25,000 a year at first. That's our first little stepping stone. If you divide it by 12, you get 2080 $3 and 33 cents. And then it just goes 3, 3, 3, 3, 3. So you put, you know, the line over, it just shows that it goes on forever, but let's just round it up to 2100 a month.
And I know that in short-term rentals, that one good property. Will make me 2100 a month easily, or you can have four little properties. Like the ones we just picked up in Tucson. Those don't make nearly as much money, but one good property will make you 2100 a month. Do you understand how one good property can make you $25,000 a year?
So what do you think that you have to do in order to make $50,000 a year? You just have to duplicate that property, right? You just have to find another one like it and duplicate it. If you duplicate that property twice, then you have $50,000 a year. You've got two properties that equals 53 properties.
We'll give you 75,000 a year for properties. We'll give you a hundred thousand dollars a year. You'll read your first milestone with four properties. If you're setting your goal at that income level of 2100. Now, what of your properties are smaller? What if you're only making $500 a property, then four properties will give you income of the $25,000 and then you just multiply everything by four.
Right? So instead of two giving you $50,000 a year, you'll have eight. Just multiply it by four. And instead of three properties making you $75,000 a year, you'll need 12 properties of $500 of just over $500. Right. So just multiply those numbers. If you're coming up in your area with something else, you just, it's all math.
That's all it is. But you're setting financial goals. Right? Okay. Now let's talk about action wise, the steps to achieving those. So let's go back. Back to the beginning, looking at our path and see action wise, what we have to do in order to achieve our hundred thousand goal. Right. So go back, look at the path in your mind, you see between the zero and the first milestone of a hundred thousand.
You've got your three steps. Remember? One is $25,000 income. One is 50 and one is 75. So see them in your mind or on your paper now, what are you going to have to do in order to obtain that first property? That's going to make you the $2,100 a month. What are you going to have to do? Action wise, not money wise.
Action wise. Well, there are real steps that are involved to any startup. And I covered those all in episode number four, but I'm going to go over them with you right now again. Okay. Remember they all started with an S I hope you listened to that episode. It was a good episode search for the property secure stage set up sink and sell systematized shampoo, rinse and repeat.
Right. Those were the steps. And if you, you don't know exactly what those mean, go back and listen to episode number four and you'll get it exactly what I'm talking about. But basically those are going to be the steps you have to take in order to achieve that $25,000 and the shampoo rinse and repeat is basically telling you now do it again, clean it up and do it again and do it again.
And then do it again and do it again. Why? Because every time you get one property done, don't just sit back and relax. The more properties you get, the easier actually this business becomes, you're never really doing it alone. Like at first, when you first start investing, it seems, it seems like an overwhelming amount of work, but the more that you get, the more people you put on your team, the more money you'll make.
So you'll never be alone. And once you get over three or four properties, you can actually make your business easier, systematize it better and automate it better with all kinds of tools that we're going to go over here for you. But the more properties you have, the more money you'll make. And you're just going to duplicate those steps over and over and over again.
So remember one property at 2100 a month will make $25,000 a year. Right? So how many times are we going to have to search secure stage, set up sync cell systematize, and then shampoo and some repeat. How many times are we going to have to do that? Well, one time for 2100 a month, which is the first step two times for 50,003 times for 75,004 times for a hundred thousand.
Making that much money. Remember there are going to be properties that make more and properties that make less, but let's just say that all of them made us $2,100 right now. Right. So how many times would we have to do that in order to make $350,000? 14 times, 14 times, and then to make $1 million? Well, that's just 10 times your a hundred thousand, right?
So instead of four times, 40 times, 40 times we'll make you a million dollars. And if you do it 160 times, I know that sounds like a lot, but it's really not. I know it sounds like even the first dozen properties I got, I remember thinking that. I'll never get 12 properties. And once I got 12 properties, I was like, oh, well, what about 20 properties?
Like the more you get under your belt, the easier it becomes. It really does. And I can't stress that enough. So don't start freaking out about numbers and definitely don't start freaking out about how you're going to do this. Okay. You're going to do it a little bit at a time. It's just like learning to walk.
Right. You just got to get up and do it. Take those few steps. And if you're walking. From LA to New York. You don't sit there and talk about in your head. Oh my gosh, it's going to be millions and millions and millions of steps. You set your first goal about walking to, you know, Phoenix, and then you're going to walk to Oklahoma.
And then you're going to like, you're going to set like little paths along the way and break it up, break it up, break it up. And, and if you focus on just what you have to do right now, it will not seem. As overwhelming as it seems at first, 160 is absolutely duplicatable. And you're talking about millionaire people like, um, Robert Kiyosaki, they have hundreds and hundreds of rental units that they rent out.
And some of those units only make $50 a unit. And those of the units that they own, you are talking about a property that you don't even know home. So it's, this is totally doable. Totally doable, completely doable. And along this path, I'm also going to teach you how to take the properties from being properties that you just rent and adding to your portfolio of properties that you own.
So that at the end, you'll not only be building your monthly income and your cashflow every month, but you're actually going to be building your wealth as well. Okay, so along the way, we're going to be doing all of this, but this is just to wrap your mind around the milestones and your success path. Okay.
So that is the success path. And that is actually part of our action items. This week is getting your success path done. So sometime this weekend, you must complete these things. You must complete your success path. Even if you don't make it pretty and you just draw it out and have it in writing, that's fine, but I want you to make it real.
I want you to make it. Almost like a dream board, like a vision board kind of thing, so that you can look at it and literally visualize the journey that you are beginning. Right? So I want you to see it all before you. And by the end of this weekend, that has to be done. Monday's episode is going to be brand new.
I would definitely appreciate it. If you could subscribe to our podcast and leave us a five-star review on iTunes, that would really help us out. Like I said, I'd appreciate it. But I want you to go out there and get this done this weekend. Have a great weekend. God, bless you. Go and grow.
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