Being an entrepreneur is not easy. The first person you have to fight against is yourself.
When I was in the corporate world, the first thing I did when I got to the office was to log onto Facebook. After I started at real estate investing, I spent one third of my time on Realtor.ca looking for properties. I also spent one third of my time having coffee breaks with my colleagues and the last third of my time on my real work.
I wasn’t a good employee.
I didn’t have to put a dollar value on my time. I was given a dollar value on my time. I showed up at a specific time and did all the work assigned and I would earn the money as agreed.
When I started out on my own, the biggest challenge has been to put a value on my time. I needed to fight off the urge to log onto Facebook and learn to increase my efficiency. Otherwise, I will not get anything done.
Everyday I hear about clients’ goals. One of my clients’ goals is to buy one property per year until they reach the age of 50. This couple already has over 10 properties under their belt and the wife just completed her Masters degree in the last year or so.
These clients drive from Sarnia, Winsor to St Catharines once a month to inspect all their properties. They have great jobs (and job security too). And yet, they are so determined to achieve their real estate goals.
Another couple combined earn over half a million in salary. They have two young kids and they are out doing renos. Even without doing real estate investing, this couple would be in a very comfortable financial situation in their lives. They don’t need to get out of their comfort zone and squeeze out their evenings and weekends on dusty basements. Somehow they manage to complete a couple of projects during the year.
They inspire me. They make me wonder if I can buy one property per year. If they can find time to do it, I sure can organize my life better and take my business to the next level.
So I hired a coach, Ryan Hindmarsh, to teach me time management, how to stay focused and how to achieve my goals.
The cool thing about this program is not just about making more money or taking my business to the next level. It’s also about focusing on balancing my life. We are asked to do the Wheels of Life and see where we think we are at with our lives now. The more well rounded your Wheels of Life is, the happier you are.
2016 is around the corner. We tend to set new goals at the beginning of the year. Many years in a row, I had goals of losing 10lbs and I found myself failing every year.
This year, I am going to set a different fitness goal. I am going to do five pull ups by the middle of 2016. I am ashamed to share this with you but I cannot even do one single pull up at this moment.
I have 6 months to work on it though. (If you have any tips on doing pull ups, please, by all means send them along!)
I have been back to Crossfit 3 times a week now for the last three weeks. It’s not easy to squeeze out the time, especially with two young kids. And I am starting a program specific to doing pull up this week to help me get there!
I am still adjusting my morning routine as well, getting up earlier before the kids do and working after the kids are sleeping to compensate on the time spent on exercising during lunch hour.
These goals are all a work in progress.
The key is to start somewhere and keep working at them.
I even started a tracking chart on my favourite program, Microsoft Excel, to track all my goals.
Ryan and I meet every two weeks to go over my progress. I review my goals every day.
My ultimate motivation is to be my kids’ role model. Robin is at the age where she mimics everything we do. We put away the dishes, she puts away the dishes. We clean up the table, she cleans up the table. The most effective way of teaching our kids is to demonstrate by example.
Maybe it’s cheesy to some people, but setting up big goals, sticking with them, and achieving them is my way of demonstrating to Robin & Bruce that if they want something in their lives, they don’t just get them immediately. They have to keep working at them and they will eventually get there.
Everyone has to start somewhere. Real estate investment or pull up, you gotta start somewhere!
Well, until next time, let’s set some goals for next year and review your results next December together!
Happy Canadian Real Estate Investing.
Cherry Chan, CPA, CA
Your Real Estate Accountant
